The coronavirus pandemic has forced American businesses to adapt quickly to a radically new economic and operating landscape. If your company sells, manufactures, delivers, distributes or otherwise facilitates goods considered “essential” you may need to operate at full (or overtime) capacity. On the other hand, manufacturers whose goods aren’t deemed essential may be forced to…
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already been filed. One retroactive provision can, in some cases, go all the way back to…
To help curb layoffs during the Coronavirus pandemic, Congress has created a new federal income tax credit for employers that keep workers on their payrolls. You can’t use both the credit a Paycheck Protection Program loan, but if you missed out on a loan and are working to maintain your staffing levels, the new Employee…
The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer’s share of social security taxes. These FAQs from the IRS lay out the rules for employers on which portion of the social security taxes they can defer, when they have to be paid and…
The federal government is now offering several loans to help businesses through the Coronavirus pandemic, including a new loan just announced April 9. Which loan is right for your business? Learn more about three available options below.
Many small business owners are working furiously to try to qualify for the new Paycheck Protection Program loans that were part of the Coronavirus stimulus, or CARES Act. The Paycheck Protection Program provides small businesses with loans meant to help support payroll during the period February 15, 2020 through June 30, 2020 through 100 percent…
Late yesterday, the Department of Treasury released the first information on the SBA loan program related to the CARES Act. We have promised to keep you updated as things take place. We understand from SBA lenders that there is still a lot of work to do and guidance needed from the Dept of Treasury. On…
The massive $2 trillion federal stimulus package, referred to as the CARES Act (Coronavirus Aide, Relief, and Economic Security Act), was signed by the President on Friday. Along with a slew of tax provisions, the Act includes a major new loan initiative for small businesses. Included in the CARES Act, the small business initiative – called the Keeping American Workers Paid and Employed…
Employers are scrambling to find ways to help their employees who are impacted by the novel coronavirus. Help is available. Now that the COVID-19 has been declared a national emergency, Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.” Below are…
The novel Coronavirus is changing the business landscape at lightning speed. While governments continue to work to blunt the negative impacts, there is already one new provision designed to help employers assist workers needing to take leave for either health or family care reasons. The Families First Coronavirus Response Act, signed into law last week,…
