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COVID-19 Credits, PPP Fund Returns, and Other Important Information
Due to the recent guidelines published by the IRS regarding the PPP loan, many organizations are considering returning the funds they have received. If an organization decides that they will be giving the money back to the banks, there are several credits that are available for organizations to take advantage of right now. Here are some details on the payroll credits available & details on Form 7200:
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IRS Urges Taxpayers to Use "Get My Payment" by Wednesday to Expedite Payment
With a variety of steps underway to speed Economic Impact Payments, the Treasury Department and the Internal Revenue Service urged people to use Get My Payment by noon Wednesday, May 13, for a chance to get a quicker delivery.
Read More »Why the Economic Impact Payment Amount Could Be Different Than Anticipated
The IRS and Treasury have successfully delivered nearly 130 million Economic Impact Payments to Americans in less than a month, and more are on the way. Some Americans may have received a payment amount different than what they expected. Payment amounts vary based on income, filing status and family size.
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Restore Illinois: A Public Health Approach to Safely Reopen Our State
From the beginning of the novel coronavirus pandemic, Illinois’ response has been guided by data, science, and public health experts. Relying on the experts, Governor Pritzker took decisive action to slow the spread of COVID-19 and save as many lives as possible including...
Read More »PPP Safe Harbor Extended to May 14, 2020
A key aspect of the CARES Act relief package is the now-well-known Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA). As many are aware, the PPP loan application requires, among other things, that applicants certify that the “current economic uncertainty makes this loan request necessary to support the ongoing operations of...
Read More »ALERT: PPP Borrowers Can Return Funds by May 7 Without Penalty
During the last week, the Paycheck Protection Program (PPP) has been the focus of national media reports, the Secretary of the Treasury, the U.S. Small Business Administration (SBA) and even the President of the United States. This alert summarizes the “good faith” certifications required by the PPP loan program and addresses and explains recent...
Read More »IRS Guidance Denies Deduction for Forgiven Expenses Under the Paycheck Protection Program
The IRS on Thursday released guidance under Notice 2020-32 stating that Companies that qualify for loan forgiveness under the Paycheck Protection Program (PPP) will not be able to deduct the wages or other businesses expenses they paid for using...
Read More »New SBA Guidance on Payment Protection Program
On April 24, President Trump signed into law new legislation that provided an additional $310 billion in funding for the Paycheck Protection Program (PPP). Now effective, banks started accepting applications for the program. While the additional funding may bring hope to some businesses who were left out of the first tranche of PPP funds, guidance released by the Small Business Administration (SBA) and Department of Treasury...
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Additional Funds for Small Businesses: Details of the Just-passed $484 Billion Interim Stimulus Plan
Congress and the Trump administration have struck a deal on another piece of legislation, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief...
Read More »The CARES Act: Providing Immediate Relief from Payments on Certain Existing SBA Loans
The Coronavirus Aid, Relief, and Economic Security (CARES) Act has provided relief to many businesses, employees and other stakeholders. One provision benefiting small businesses that has not received as much attention as the high-profile Paycheck Protection Program is Section 1112, which is titled “Subsidy for Certain Loan Payments.” While the Paycheck Protection...
Read More »You Applied for the Paycheck Protection Program with Your Bank, and Your Request for Funds Was Granted — Now What?
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The Paycheck Protection Program (“PPP”) is an integral part of the CARES Act and currently provides almost $349 billion to eligible businesses, nonprofit organizations, and veteran organizations.
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Stimulus Package: Emerging Tax and Regulations Alert for April 13
The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional relief, outlined in...
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The CARES Act: Stimulus Package - Small Business Payment Protection Program Overview
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities...
Read More »Stimulus Package: How Much Can You Expect?
Stimulus checks intended to ease the economic impact of the coronavirus pandemic will soon be on their way. Under the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, most Americans will get one-time direct cash payments of up to $1,200 and couples will get up to $2,400. Families will get an additional $500 per child...
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The CARES Act: Business Provisions
The largest benefit available in the CARES Act for small businesses is the Paycheck Protection Program. Qualifying Small Businesses are eligible for emergency loans for business interruption because of COVID-19. Loans will be allowed to be used for payroll costs for domestic based employees, mortgage or rent payments, utility payments, and...
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