The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers who wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14...
Read MoreAs states continue to offer tax return filing, payment deferrals and other assistance measures in light of the COVID-19 pandemic, we take a closer look at New York.Learn more about relief efforts identified in other states in which our firm is located in our easy-to-use spreadsheet trackerNew...
Read MoreOn the heels of the announcement regarding the Interim Stimulus Plan — which amends the CARES Act and offers more funding for both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program — the SBA issued new guidance on April 24, 2020, clarifying certain...
Read MoreThe Coronavirus Aid, Relief, and Economic Security (CARES) Act allows eligible employers to delay payments of employer payroll taxes for the duration of 2020. However, employers that receive an SBA Paycheck Protection Program 7(a) loan are ineligible for this deferral if and when that loan is...
Read MoreOn April 9, 2020, the Treasury released Notice 2020-23, further expanding the tax filing and payment relief previously provided to taxpayers in Notices 2020-18 and Notice 2020-20. The most discussed portion of Notice 2020-23 may be the postponement of estimated tax payments due on or after April...
Read More** This blog was updated on 6/8/20 as a result of new guidance from the Federal Reserve and the Treasury ** On April 9, 2020, the Federal Reserve introduced the Main Street Lending Program, aimed at providing expanded relief for small and medium sized businesses as part of the CARES Act. This...
Read MoreRead "CARES Act Offers 14 Areas of Potential Tax Relief for Taxpayers"While the Paycheck Protection Program included in the CARES Act is geared toward loan forgiveness for small businesses, there are also alternative standards that may allow companies with more than 500 eligible...
Read MoreIn an effort to provide employers with additional liquidity, IRS Notice 2020-22 relieves certain employers from penalties associated with not depositing employment taxes — allowing them to retain cash that otherwise would have been used for withheld income taxes, FICA taxes and railroad...
Read MoreOn March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) providing significant relief to those impacted by the pandemic. Below is a summary of the major tax provisions within the Act.1. SBA 7(a) Forgivable Loan Expanded (Payroll Protection...
Read More** This blog was updated on 4/16/20 to reflect May IRS minimum interest rates ** Prior to a few weeks ago, the economy was humming along for most industry sectors; businesses were growing revenue and earnings; and market multiples were strong. Due to the global COVID-19 pandemic, the past few...
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