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 »

Does someone who has died qualify for the Economic Impact Payment?

The bottom line: No. A Payment made to someone who died before receipt of the Payment should be returned to the IRS. The IRS is requiring anyone who received a payment for a deceased person to return the entire Payment. Unless the Payment was made to joint filers and one spouse had not died before… Read more »

SBA extends the PPP repayment deadline for self-certification

The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020. Companies that repay their loans by that date preempt the possibility of… Read more »

Important Guidance & Requirements on Paycheck Protection Program

[ Updated May 14, 2020 | 9:12am ] There has been some clarity issued by the Small Business Administration (SBA) concerning the Paycheck Protection Program (PPP) around the requirement of borrowers to demonstrate need. It is important to remind borrowers that it is borrowers’ sole responsibility to determine and certify their eligibility to receive a… Read more »

What are the key distinctions between layoffs and furloughs?

As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide whether to downsize their workforces to lower payroll costs and stabilize cash flow. If your company is contemplating such a move, you’ll likely want to consider the choice within the choice: that is, should you lay… Read more »

Changes to Unemployment Benefits from COVID-19

With many businesses forced to layoff employees as a result of the COVID-19 pandemic, states are quickly enacting changes to Unemployment Benefits. We’ve compiled a list of changes to unemployment benefits for Virginia, Washington, D.C., Maryland and West Virginia. *please note, specific questions about your unemployment status or process should be directed to the state… Read more »

Beware: Coronavirus may affect financial reporting

The coronavirus (COVID-19) outbreak — officially a pandemic as of March 11 — has prompted global health concerns. But you also may be worried about how it will affect your business and its financial statements for 2019 and beyond. Close up on financial reporting The duration and full effects of the COVID-19 outbreak are yet unknown, but… Read more »

Fake COVID-19 treatments and other new fraud schemes

Like the coronavirus (COVID-19) pathogen itself, incidents of COVID-19 fraud are surging and financial losses are piling up. The Federal Trade Commission (FTC) reports that the number of 2020 COVID-19-related complaints doubled in just one recent week. As of March 31, losses attributed to the outbreak stood at $5.9 million. Here are some of the… Read more »

The CARES Act Employee Retention Tax Credit

Answers to Questions about the CARES Act Employee Retention Tax Credit The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with… Read more »