The U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), is announcing $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. Under this Phase 3 General Distribution allocation, providers that have already received Provider Relief Fund payments will be invited to apply for additional funding that considers financial losses and changes in operating expenses caused by th
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State of Ohio Designates $125M of CARES Act funding to Small Business Relief Grants

Governor Mike DeWine recently announced the allocation of $125 million of federal CARES Act funding to provide $10,000 grants to aid small businesses hurt by the current crisis. Additional funding was also announced for bars and restaurants, higher education, and nonprofits and arts organizations.
The Small Business Relief Grant is designed to assist Ohio businesses that have been har
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On October 8, the SBA released Form 3580S, a simpler loan forgiveness application for PPP loans of $50,000 or less.

According to Secretary Steven T. Mnuchin, “The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs. Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the c Read More >>

On October 2, the SBA released a Procedural Notice regarding PPP Loans regarding transfer guidelines.

For purposes of the PPP, a “change of ownership” will be considered to have occurred when:

(1) at least 20 percent of the common stock or other ownership interest of a PPP borrower (including a publicly-traded entity) is sold or otherwise transferred, whether in one or more transactions, 1 including to an affiliate or an existing owner of the entity

(2) the PPP borrower sell Read More >>

Even with questions still lingering, many “covered periods” are coming to a close for PPP loan recipients, and business owners are looking for guidance on the forgiveness process. What are the next steps?
The Journal of Accountancy said it best, “The PPP was born in a flash — the U.S. Small Business Administration and Treasury launched the program in only a week — and forged in a flurry of interim final rules and frequently asked questions. That guidance often raised mo
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COVID-19 has left few things unscathed this year, the IRS included.

In March, the IRS temporarily closed offices due to the public health emergency and announced the postponement of the filing deadline from April 15 to July 15. In addition, lawmakers then tasked the agency with distributing millions of stimulus checks at the beginning of April.

With all of those factors in mind, it’s not surprising that they are a bit behind this year. Here’s what you need to know:

Pending C Read More >>

UPDATED: The deadline for dentists to apply is now August 3.
Dentists are now eligible to apply for financial assistance through the CARES Act Provider Relief Fund.
On July 10, 2020, the Department of Health and Human Services (HHS) announced a change to the Medicaid and Children’s Health Insurance Program (CHIP) Provider Relief Fund. Before the change, only dentists who billed and received payment from Medicaid and CHIP were eligible for relief funds. Now, dentists that
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A lot has happened so far in 2020, and changes to RMDs are no different.

RMD Basics

A required minimum distribution (RMD) is the amount of money that must be withdrawn from a traditional IRA, SEP, or SIMPLE individual retirement account (IRA) by owners and qualified retirement plan participants of retirement age.

For 2020, RMDs apply to anyone who was at least age 70 ½ years old by the end of 2019 (for future years, the SECURE Act increased the RMD beginning age to 72). Typically, Read More >>

The SBA released two new applications for PPP forgiveness, as the follow-up to the PPP Flexibility Act that recently passed in Congress. The SBA developed a simplified application, the EZ application, which is three pages, and the regular application is now five pages. To use the EZ application, you must meet one of the below criteria:
  1. you are a self-employed, independent contractor or sole proprietor and have no employees or
  2.  you did not reduce the wages of your employees by
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Now that the official forgiveness application has been released, here’s what you need to know about the application process and what documentation you’ll need. As a reminder, borrowers will need to complete this application at the close of their 8-week period.

The following components are outlined in the application: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP
Schedule A Worksheet; and (4) the (optional) PPP Borrower Demo Read More >>