On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic. The action only defers the taxes, which means they’ll have to be paid in the future.…
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance…
Important changes have been made to the Paycheck Protection Program (PPP) and are awaiting the signature of the President: On May 28, 2020, the House of Representatives passed the following important changes to the Paycheck Protection Program: The covered period of the loan is changed from 8 weeks to the earlier of: 24 weeks following…
Below you will find two important updates regarding PPP Loans. Please contact us if you have any questions. Q: Will SBA review individual PPP loan files? A: Yes. SBA reminded all borrowers of an important certification required to obtain a PPP loan. To further ensure PPP loans are limited to eligible borrowers in need, the…
Paycheck Protection Program: The “CARES Act” establishes a new loan under the SBA called the “Paycheck Protection Program (PPP).” The loan amount will be 250% of your business’s average monthly payroll costs over the previous 12 months and can be used for payroll and certain occupancy costs. At the end of the loan’s covered period,…
