COVID-19

NEWS! NEWS! NEWS! Some bad, some good …

This afternoon, the Senate passed HR7010, which we discussed in last week’s update. This is what we understand to be true, though it is not exhaustive. The so-called covered period has been extended from 8 weeks following the origination of the PPP loans to 24 weeks,...

BLAST-WORTHY NEWS

It’s been a week or so since our last blast, so some of this might be old news. That said, the devil is in the detail, and we have done our best to make sense of this. As always, though, I caution you to work...

Phase IV Stimulus

The House is expected to vote today on the HEROES Act, a massive coronavirus-relief bill that would modify the PPP program in ways that should be attractive to business owners, regardless of party affiliation. While this is far from a done deal and is unlikely...

More to Chew On

Just a couple of new things of interest. Earlier today, the SBA answered another question (#47), this one concerning the certification issues that were addressed in their answers to questions 31, 37, and 43 in their last release. The SBA’s answer was good news for many...

PPP Loan Forgiveness Examples and Calculations

Please see the following helpful spreadsheets and calculations. Preparing for Forgiveness - List of Documents PPP Loan Forgiveness Payroll Calculation PPP Loan Forgiveness Health Insurance Calculation PPP Loan Forgiveness Summary As always, these will vary depending on your business information.  Please check with us or your trusted advisor should you...

Some Clarification and Updates on PPP Forgiveness

Many of you have been funded with the PPP and are now faced with questions of properly using the loan and preparing for forgiveness. Previously, we have shared some of our thoughts and would like to reaffirm most of them to you … with a...

Paycheck Protection Program (PPP) Forgiveness Recommendations

The Paycheck Protection Program comes with a little bit of good news and a little bit of bad news.  The good news is that the loan is eligible for forgiveness and that any amount you receive is non-taxable.  The bad news is that it will...

A Few More Updates for You to Consider

No frantic notifications here today—just an update and a few items that are on our radar. As always, our standard disclaimer exists: seek counsel for your specific situation. In the words of our partner Eric Swenson, “One size fits one”.  1. The Senate passed a bill that...

More PPP Loan Details

The government finally issued a bit more guidance on PPP loans for owners who report business income on their Schedule C or on LLC tax returns. This update contains some highlights. Note that these are not exhaustive but do give some guidance. And, as always, consult...

CARES and FFCRA Update (April 10)

As we look to the fourth week of our safer-at-home shutdown, the professional community continues to discuss new information regarding the Families First Coronavirus Recovery Act (FFCRA) and the CARES Act. Though our firm has primarily been focused on the Payroll Protection Program (PPP), we...

Fact Sheet

Here is a brief fact sheet, released from the government.   CLICK HERE to read for yourself....

This just in…

Just when you think you have it all understood, the SBA issues an update with answers to frequently asked questions … and things change. In the SBA’s set of FAQs dated April 6, Q&A #7 clarifies the $100,000-per -employee limitation. It states that the $100,000...

Latest Updates

A lot is changing fast. Here are a few updates from Jim and Tony since their podcast with Joe. Some banks are accepting applications for PPP loans, but independent contractors will have to wait until April 10. As of April 3, many banks had not...

PPP Loan Update

NEW INFORMATION  -  JUST RELEASED The PPP loan process for small businesses and sole proprietors is set to open tomorrow, April 3, but very few banks are actually ready to process applications at this time (and we have been in touch with many). First thing to note...

CARES Act Podcast – Genius Network

Tony Rose was honored to be a guest on the Genius Network podcast with Joe Polish and Jim Dew discussing the CARES Act and how it applies to businesses. Listen here:   Genius Network Podcast This podcast covers many of the questions we have received about the CARES...

Paycheck Protection Program

Among the many relief provisions passed by Congress in recent days, are loans focusing on small business....

CARES ACT UPDATE – Get Prepared Now

We spent the weekend getting our arms around H.R. 748, the CARES Act. Our summaries and conclusions are included herein. You might need to contact us, or whomever your advisors are, for more particulars and specifics to your situation. This update includes information about three programs,...

The CARES ACT – Updated

The CARES Act was signed into law on March 27. Though not exhaustive, there are things that strike us as worthy of mentioning.   There is much more in the bill itself, so you might want to take a glance through it.  It is something like 800...

TAX LAW UPDATES

The new notice 2020-18 expanded who can take advantage of not paying until July 15. It seems everyone without limitation, even corps are able to delay payments of income tax until then. Note that the 1st quarter estimates are included in this deferral until July 15th....