Share Below is a summary of some of the key tax and lending provisions of interest to individuals and businesses in the CARES Act, which was signed into law today, March 27, 2020 by the President. It had overwhelming bipartisan support in the Senate and in the House. Download Our Guide: CARES Act at a…
Share Preparing and recording payroll is one of the most crucial tasks for an accounting department. It directly impacts the livelihood of every one of the company’s employees. Therefore, everyone in the company scrutinizes payroll. These tasks vary from pulling employee time clock data, gathering information for direct deposits and withholdings and simply receiving payroll…
Share The novel coronavirus (COVID-19) has led businesses to curtail operations significantly either voluntarily or because of state, county and municipal shelter-in-place orders. President Trump’s declaration of a national emergency on March 13 offers a path for company-sponsored foundations to assist employees incurring pandemic-related financial hardships. As a result of the national emergency declaration, employer-sponsored…
The CARES Act currently awaiting House approval contains several bankruptcy-related provisions that should provide relief to businesses seeking bankruptcy protection. In early 2020, a new Subchapter to Chapter 11, known as Sub Chapter V, became effective. Under this the new code section, small business debtors could file under Chapter 11 to reorganize and get a…
Share The IRS announced yesterday that it is temporarily adjusting its processes to help people and businesses during the current COVID-19 pandemic. The relief covers a variety of issues from easing payment guidelines to postponing compliance actions. In the words of IRS Commissioner Chuck Rettig: “The new IRS People First Initiative provides immediate relief to…
Share The U.S. Senate has approved a $2.2 trillion economic stimulus package to combat the economic effects of the COVID-19 virus. The Senate vote was 96-0. The House is expected to vote on the bill on Friday, March 27, 2020. Some broad perspective on the size of this package: for Fiscal Year 2019, tax revenue…
Share Updated: March 25, 2020 On March 24, 2020, the Labor Department issued a news release, 2 facts sheets, and Q&As with information for employers and employees about how each can take advantage of the paid leave provisions that were enacted on March 18th as part of the Families First Coronavirus Response Act.On March 20th,…
Share Due to the overwhelming need for assistance, the SBA website may be difficult to access at this time. Feel free to download the following forms for home or sole proprietor loan applications and complete as directed. SBA Form 5C – Download, print loan application and complete. IRS Form 4506-T – Download, print form and…
Share Due to the overwhelming need for assistance, the SBA website may be difficult to access at this time. Feel free to download the following forms for businesses and complete as directed. SBA Form 5 Loan Application – Download, print loan application and complete SBA 159D – Fee Disclosure Form and Compensation Agreement SBA Form…
Share How are the new disaster relief funds different from standard SBA loans? The SBA offers financing under its 7(a) loan program. There are several different programs under the 7(a) loan program. The standard 7(a) program (CARES ACT) Maximum loan amount of $5million. (up to $10,000,000) Interest rates are negotiated between the borrower and lender…