PPP Loan Forgiveness Process Eased For Borrowers of $50,000 or Less

On October 8th, 2020 the U.S. Small Business Administration (SBA) released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. The SBA is hoping this simpler forgiveness process will help the countries smallest businesses who were impacted by COVID-19 by removing some of the red tape around forgiveness. The… Read more »

PPP Loan Forgiveness: Should I wait to apply?

Many organizations were fortunate to have received a much-needed financial lifeline earlier this year in the form of a Paycheck Protection Program (PPP) loan.  The PPP loan roll-out was a coordinated effort between the United States Small Business Administration (SBA) and participating financial lending institutions.  The PPP loan program skyrocketed in popularity as lawmakers included… Read more »

The IRS issues guidance on the executive action deferring payroll taxes

On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance in Notice 2020-65 was issued to implement President Trump’s executive action signed in early August. The guidance is brief, and… Read more »

An Update on the PPP

The Coronavirus Aid, Relief and Economic Security Act (CARES Act), which launched in April 2020, established the Paycheck Protection Program (PPP) to help employers cover payroll during the ongoing COVID-19 pandemic. Since the programs release employers and advisors (including YHB) have been tirelessly keeping up with the constant release of new guidance, including the introduction… Read more »

Provider Relief Fund Available for Healthcare Providers

The Department of Health and Human Services (HHS) has released information regarding additional relief for Dentists and other healthcare providers. You are now eligible to apply for federal funding through the Provider Relief Fund, created in response to the COVID-19 pandemic. The deadline to apply for funds is Friday, July 24th.  Visit the Enhanced Provider Relief Fund… Read more »

IRS guidance provides RMD rollover relief

The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the 10% early distribution penalty for CRDs… Read more »

PPP Borrowers Get Concessions, Additional Guidance on Forgiveness

Paycheck Protection Program Flexibility Act of 2020 The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law. The new law follows the May 22, 2020, release of an… Read more »

COVID-19 Related Tax Credits

Due to Covid-19, many businesses in our communities are facing extremely difficult situations. Whether you’re seeking support for paid leave or are facing a cash flow issue, there are many credits and tax savings opportunities that can benefit your business.  Included in this article is information on many of the newly released tax credits offered… Read more »

PPP Loan Forgiveness Application

On Friday, May 15, 2020 the Small Business Administration (SBA) and the Department of the Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions for the application. Applying for Loan Forgiveness To apply for forgiveness of your Paycheck Protection Program (PPP) loan, Borrowers should complete this application and submit it to your… Read more »

SBA Clarifies Good-Faith Certification

The Treasury Department and the Small Business Administration have been slowly providing additional clarity to the massive Paycheck Protection Program via their Frequently Asked Questions PDF. On May 13, 2020 a new FAQ was added to help bring some insight concerning the good-faith certification. FAQ #46 – One we’ve been waiting for FAQ #46 answers… Read more »