Entrepreneurs are no strangers to the challenges of getting a business off the ground. Still, the coronavirus (COVID-19) pandemic presents an extreme – even, existential – challenge. As the situation continues to evolve, many startup companies face a very uncertain future. This article shares five strategies to help funded startup companies survive the coronavirus (COVID-19) crisis.
The Coronavirus Aid, Relief and Economic Security Act (CARES Act)), signed into law on March 27, includes two SBA lending programs for small and medium-size businesses to obtain substantial disaster relief relating to COVID-19. These include the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program, which was expanded under the CARES Act. Given the favorable terms of these two SBA loan programs (described in this post), eligible small businesses who have been impacted by the COVID-19 pandemic should strongly consider taking advantage of these loan programs. ALL CPAs is here to help and can help guide you through selecting the right loan and the application process.
President Trump signed into law the $2 trillion coronavirus stimulus bill (the Coronavirus Aid, Relief and Economic Security Act (CARES Act)) on March 27. The CARES Act delivers assistance to workplaces and employees alike; provides benefits that are intended to deliver cash into the hands of businesses and individuals; and contains an array of additional tax provisions.
ALL CPAs shares details about low-interest, federal disaster working capital loans offered by the Small Business Administration (SBA) to combat the COVID-19 crisis and provide relief to small businesses.
Massachusetts today announced the extension of the Individual Income Tax Filing and tax payment Deadline to July 15. This now aligns with the federal extension.
On March 25, 2020, the U.S. Senate passed the Coronavirus Aid, Relief and Economic Security Act (CARES Act), a massive $2 trillion bill with an array of significant tax-saving provisions that impact both individuals and businesses and hopefully create needed cash flow. The CARES Act also could affect prior tax years.
On the heels of recent guidance regarding the deferral of federal income tax payments, the IRS issued new Notice 2020-18 and Release 2020-57 on March 20 which update rules on COVID-19 (coronavirus)-related tax filing and issues surrounding payment. Details of each one are included below.
Setting aside partisanship as the coronavirus (COVID-19) outbreak continues to evolve, the U.S. Senate on March 18 passed the House Coronavirus Bill (H.R. 6201 – The Families First Coronavirus Response Act) on a 90-8 vote. The Act was subsequently signed into law by President Trump. It is the second package from Congress that addresses the COVID-19 pandemic. Currently, Congress and the Trump administration are working on “phase three” to further stem the impact of the outbreak on families and the U.S. economy.
Treasury Secretary Steven Mnuchin announced Friday, March 20th, 2020 that the IRS will extend the federal tax filing deadline to July 15th.
Both the U.S. Federal Government and the Massachusetts State Government have put forth Small Bussiness Association (SBA) assistance programs for businesses dealing with the impact of COVID-19. Below is information on both programs. If you have any questions on eligibility please do not hesitate to contact your ALL advisor.
LGA, LLP and ALL CPAs proudly announce a merger, effective November 1, 2021. The firm will operate under the LGA brand and maintain offices in Woburn, MA, Chestnut Hill, MA, and Salem, NH. Read the press release to learn more.
