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,…
Clarifications of FAQs for the SBA Paycheck Protection Program Application
Clarifications of FAQs for the SBA Paycheck Protection Program Application Please be advised that the Small Business Administration (SBA), in consultation with the Department of the Treasury, has provided additional guidance to address borrower and lender questions concerning the implementation…
New Info Published Last Night on the SBA Loan Program
Please be advised that additional provisions and clarifications were published last night regarding the Paycheck Protection Program that I thought you may have an interest in.
PAYROLL PROTECTION PROGRAM – The time to act is NOW!
Paycheck Protection Program Application & Information On Friday, March 27, 2020, the President signed the Cares Act into law. As a part of the act, it included funding of $349 billion of partially forgivable small business loans. Yesterday afternoon, March…
COVID-19 BUSINESS PROVISIONS
COVID-19 BUSINESS PROVISIONS IRS Extends Filing and Payment Deadline The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This…
SBA offering loans to small businesses hit hard by COVID-19
Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes…
Small businesses: Stay clear of a severe payroll tax penalty
One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on…
Employers: Be aware (or beware) of a harsh payroll tax penalty
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a…