Under the CARES Act, individuals have the benefit of additional administrative funding and expanded unemployment insurance. While these benefits can provide much needed support to individuals who have been affected by the pandemic, it also poses a variety of questions for employers.

Expanded Benefits

The CARES Act expands the scope of individuals who are eligible for unemployment benefits, including those who are “furloughed” or otherwise unemployed as a direct res Read More >>

In addition to funding opportunities provided by the SBA, business can also take advantage of the following tax credits aimed at helping businesses through these tough times.

Employee Retention Credit

The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. The credit applies to qualified wages paid after March 12, 2020, and before January 1, 2021. Wages taken into account are not limi Read More >>

Over the past couple of weeks, our team has helped many clients apply for the Paycheck Protection Program and some have started to receive funding. On April 16, the SBA announced it is no longer accepting applications because all of the approved $349 billion had been distributed. But as of today, April 24, President Donald Trump has signed the fourth coronavirus relief bill into law, allocating an additional $320 billion for the PPP.

While we await additional guidance from t Read More >>

The CARES Act was signed into law on March 27, and swiftly distributed all $350 billion of funding allocated to the Paycheck Protection Program within a couple short weeks. With many small businesses left without funding, the second round of relief is critical to keep many small businesses afloat.

More relief is on the way. Today, President Donald Trump signed the fourth coronavirus relief bill into law. The bill includes expanded funding for small businesses and hospital Read More >>

The IRS announced over the weekend that they started direct depositing the first wave of Economic Impact Payments (stimulus checks) to those who qualify. A treasury spokesperson said that up to 70 million people will receive their payments via direct deposit by today, Wednesday, April 15th.

The Economic Impact Payments provides a $1,200 refundable tax credit for individuals and $2,400 for joint taxpayers. Individuals cannot be a dependent of another taxpayer and must h Read More >>

COVID-19 has sparked many changes nationally and caused a large amount of uncertainty. Our mission as trusted advisors is to provide our clients with the proper resources to make the best decisions for their company. One of the most frightening issues during any recession revolves around an individual’s plan to retire and the balance of their 401(k). On March 27th, 2020 the government issued the CARES Act in efforts to aid those financially impacted by this pandemic. Here’ Read More >>

You’ve talked to your banker, you’ve submitted your Paycheck Protection Program (PPP) application and you’re awaiting funding. But that’s not where your work ends. What happens once the funds are received? There’s much to consider once you receive the funds and proper documentation will be critical to ensure your loan is forgiven.

When can I expect funding?  And what if I haven’t filed for a PPP loan yet?

As we’ve seen throughout the PPP process, most banks have their own pro Read More >>

 

The COVID-19 pandemic continues to present new challenges for small businesses and relief programs continue to pose new questions. What am I eligible for? When should I apply? When can I expect funds? If you are an independent contractor, or a gig worker, here’s what you need to know.

The Paycheck Protection Program (PPP) provides $349 billion in forgivable loans to help small businesses stay afloat during the COVID-19 crisis. You are eligible for a PPP loan if you are Read More >>