The U.S. Small Business Administration (SBA) posted a new webpage titled Cross Program Eligibility on SBA Coronavirus Relief Options on their sba.gov website. The webpage includes this chart, which summarizes the criteria that must be met by applicants when considering the following Coronavirus … [Read more...] about SBA Posts Guidance on Eligibility for Different Relief Options
Updated March 12, 2021 The CARES Act originally created the Employee Retention Tax Credit (ERTC) when it was enacted into law in March 2020. The ERTC is designed to encourage businesses to keep employees on their payroll by providing a refundable tax credit against certain employment taxes equal … [Read more...] about Employee Retention Credit Extended and Expanded
After months of negotiations, the U.S. House of Representatives and the U.S. Senate voted last night to approve a new stimulus package, as part of a larger $2.3 trillion appropriations bill to fund the Federal Government for fiscal year 2021. The new stimulus package will provide much-needed relief … [Read more...] about Congress Approves New Coronavirus Stimulus Package
Stay up-to-date on all the changes that took place during 2020 with our year-end accounting and tax update webinars, plus a special Covid-19-related update webinar. Register below! Covid-19 Year-End Update Year-end update on PPP, the latest on loan forgiveness, and other Covid-19 … [Read more...] about Register Today for December Webinars!
Updates December 1, 2020 | The U.S. Small Business Administration (SBA) released detailed PPP and EIDL borrower information for all loans pursuant to a court order, after a Federal judge lifted the temporary stay it granted the SBA in November, after the agency lost a FOIA case brought by various … [Read more...] about Federal Judge Orders SBA to Release Detailed Borrower Information
On November 18, 2020, the U.S. Treasury Department and Internal Revenue Service ("IRS") issued new guidance clarifying the income tax treatment of expenses, when a Paycheck Protection Program ("PPP") loan has not been forgiven by the end of 2020. This guidance provides additional clarification … [Read more...] about IRS Issues New Guidance on Non-deductibility of PPP-related Expenses