News and Events

In order to help small businesses during COVID-19 shutdowns and economic uncertainty, Congress created the Paycheck Protection Program (PPP) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 25, 2020. The CARES Act allowed for $349 billion to be given to small businesses for loans. However, as businesses still faced uncertainty, the federal government […]

Congress passed the Paycheck Protection Flexibility Act and President Donald Trump is expected to sign the bill into law.  The bill changes many provisions of the Payroll Protection Program (PPP) and extends the timing deadlines originally set in place.  The timing changes benefit the borrower by extending the eight week period to 24 weeks and […]

We have missed all of you and hope everyone is safe and doing well during this unusual time of the COVID-19 pandemic! On Monday, June 1, 2020, we will be re-opening our offices by appointment only. We are taking proper precautions to minimize the spread of COVID-19. Your safety is our top priority! Please review […]

The Internal Revenue Service (IRS) has recently published many useful and informative COVID-19 Tax Tips. Here are some recent topics: COVID Tax Tip 2020-55 – What People Really Want to Know About Economic Impact Payments. This tip shares information the IRS feels will answer the top questions people are asking. COVID Tax Tip 2020-56 – […]

Typically, the rules surrounding Section 125 Cafeteria Plans prohibit changes to employee benefit plans throughout the year, except for employee life-changing events like divorce, marriage, birth of a child, and so forth. The impact from the coronavirus has brought about many questions regarding the flexibility of cafeteria plans due to the closings of so many daycares, […]

The United States Small Business Administration (SBA), in consultation with the Department of the Treasury, released an application form Friday for Paycheck Protection Program (PPP) loan forgiveness along with instructions for completing the form.   While the application is the first step in continuing compliance with the program, the application still leaves issues unresolved.   […]

Many small businesses have been waiting for clarification of the announcement two weeks ago by Treasury Secretary, Steve Mnuchin, that the Small Business Administration (SBA) would review any Paycheck Protection Program (PPP) loans made in amounts exceeding $2 million. Additionally, that announcement stated that all businesses must certify their need for the funds.    Just […]

Your business might not have received a government loan but could still benefit from assistance due to the impact of COVID-19.  Qualifying businesses affected by COVID-19 may be eligible to receive these tax credits.  The Employee Retention Credit provides a 50% credit of up to $10,000 in wages.  The Paid Sick Leave and the Family […]

Are you still waiting to receive your Economic Impact Payment? The Treasury and Internal Revenue Service (IRS) are strongly encouraging people to visit the Get My Payment site by noon Wednesday, May 13 to help speed up the process for delivery of this payment to you.   Please visit the IRS News page to read […]

The Paycheck Protection Program (PPP) was designed to aid small businesses with loans to continue payroll and cover some overhead costs during the COVID-19 crisis. If a small business uses the loan monies for eligible expenses, all or part of the loan can be forgiven, which is quite an alluring facet.    On April 30, 2020, […]