Deploying precision government accounting systems
You have probably heard by now that the new law passed is almost 5,600 pages and covers funding the government as well as many tax provisions. This post is meant to cover Unemployment, recovery rebates, the Payroll Protection Program, Economic Injury Disaster Loans, and payroll sick and family leave. Subscribe to our newsletter so you …
What You Need to Know About the Consolidated Appropriations Act 2021Read More
This is a summary of the portions that relate to PPP and EIDL Funding. $300 billion to Small Business Administration Funding to allow to allow the hardest-hit small businesses to receive a second forgivable Paycheck Protection Program (PPP) loan. Eligibility would be limited to small businesses with 300 or fewer employees that have sustained a …
On August 24, the SBA issued their latest Interim Final Rule on PPP loan forgiveness. The rule covered three areas. The first has to do with owners of a business that have less than 5% ownership. The second and third areas pertain to rent expense. The clarifications under rent expense address situations when a company …
On Wednesday, June 17th, the SBA released a revised loan forgiveness application and EZ application for the forgiveness of PPP loans. Additionally, the SBA issued revised guidance on the owner’s compensation and its good news! Owner’s Compensation Eligible for Forgiveness Most of the changes reflected in the revised application for PPP forgiveness were made to …
SBA Increases Owner’s Compensation Available for PPP ForgivenessRead More
The SBA published 2 Interim Final Rules on Paycheck Protection Program (PPP) Loan Forgiveness on Friday, May 22. While there will most likely be updates and additional clarification, they help us to understand how loan forgiveness will work. Both Rules Are Effective Immediately The rules both state the importance of this guidance being issued immediately. …
Many employers that fought very hard to obtain Payroll Protection Program (PPP) funds because obtaining these funds was not an easy process. Some of you are finding that when you offer to rehire laid-off employees, some employees are turning down your rehire offers. The largest issue is that many workers are bringing in more money …
The SBA Addresses Loan Forgiveness When Laid Off Employees Refuse to Come Back to WorkRead More
Here are five reasons why you might not have received your money yet: 1. You didn’t get a federal tax refund in 2018 or 2019 Even if you filed your 2018 or 2019 taxes electronically, that doesn’t mean the IRS can direct-deposit the money into your bank account. You must have also received a refund …
Five Reasons Why You Might Not Have Received Your Stimulus Money YetRead More
Does the deadline postponement apply to return filing and payments? Yes. Both the filing and payment deadlines have been automatically postponed from April 15, 2020, to July 15, 2020, for individuals, trusts, estates, corporations, or any type of unincorporated business entity. Interest and penalties will begin to accrue after July 15. Do taxpayers need to file any additional …
