New SBA Guidance on PPP Loan Eligibility and Safe Harbor Extended to May 18
New SBA guidance was issed on PPP loan eligibility and the safe harbor to return PPP loans has been extended to May 14.
Required Minimum Distributions (RMDs) Waived for 2020 through CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act which was signed into law on March 27, 2020, waives required minimum distributions (RMD) for 2020. With a few exceptions, the suspension applies to accounts of both original owners and those who inherited accounts.
House Passes Additional $310B in Funding for Paycheck Protection Program
On April 23, 2020, the U.S. Congress passed a $484 billion relief bill to provide additional stimulus and support for businesses as well as additional funds for hospitals and COVID-19 testing. The majority of the funds, $310 billion, are designated to provide additional funding for the Paycheck Protection Program (PPP) that ran out of funds in only two weeks.
CARES Act: IRS Issues Guidance on Deferral of Employer Social Security Taxes
The recently enacted $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains a provision which permits employers to defer the employer share of social security taxes, as well as certain railroad retirement taxes. Now, the IRS has issued additional guidance clarifying this.
The CARES Act: Elections Under Business Interest Limitation Rules Amended By IRS
The $2 trillion CARES Act contains an array of tax provisions designed to increase deductions that are available to businesses, and by doing so, generate cash flow during the coronavirus (COVID-19) crisis. The information in this blog highlights recent changes related to the Business Interest Limitation under IRC section 163(j).
Main Street Lending Program Targets Relief for Small and Midsize Businesses
Responding to the needs of U.S. businesses amid the evolving coronavirus (COVID-19) pandemic, the Federal Reserve Board announced details on the Main Street Lending Program, which will deliver four-year loans with deferred principal and interest payments to small and midsize businesses with up to 10,000 employees and/or less than $2.5 billion in revenue.
Pandemic Unemployment Assistance in MA Now Available for Self-Employed Individuals
Self-employed individuals in MA impacted by COVID-19 are now able to file for Pandemic Unemployment Assistance (PUA).
Getting Employees Back in the Loop
Extended absences can create special problems when employees finally return to work. They can feel out of touch with both the company and their colleagues. Being aware of those problems can help ease the transition. Read this article for tips on how to regulate the pace of the employee's transition back to the workplace and help him or her feel part of the team again.
IRS Warns Against Coronavirus Related Scams
The IRS urges taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft.
CARES Act Provides Relief to Nonprofits During COVID-19 Crisis
ALL CPAS describes the provisions of the CARES Act that directly apply to relief for nonprofits.
