In early August, President Trump signed an executive order declaring a payroll tax holiday. On Friday last week, the Internal Revenue Service issued guidance to address some of the logistical issues related to deferring payroll taxes. Per IRS Notice 2020-65, employers may opt out of withholding social security taxes... Read more
The coronavirus pandemic has introduced uncertainty into every facet of our lives. We are concerned about the health and safety of our families and friends, and many of us are grappling with significant business issues such as cancelled orders, slow collections of accounts receivable, layoffs, supply chain interruptions and... Read more
The Small Business Administration (SBA) and Treasury Department published a new Frequently Asked Questions (FAQ) document on August 4, 2020 to address some of the processes and calculations Paycheck Protection Program (PPP) borrowers should use to determine how much of their PPP loan is forgivable. According to the Journal... Read more
Borrowers who received a Paycheck Protection Program (PPP) loan can apply for loan forgiveness before their covered period expires, according to new guidance released by the Small Business Administration (SBA) this week. Previous guidance gave new PPP borrowers 24 weeks to use their PPP loans and gave borrowers with... Read more
This week, the Small Business Administration (SBA) released a revised Paycheck Protection Program (PPP) loan forgiveness application and a new EZ application for PPP loan forgiveness along with instructions for the revised and EZ forms. The applications include changes that became law in early June when the Paycheck Protection... Read more
NOTE: In early June, new legislation was enacted that extends the time period during which PPP loans may be used and the percentage of the loan that must be used for payroll. We continue to promote the following recommendations, in general, and encourage you to also refer to more... Read more
