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COVID-19 RESOURCES

New tax laws that affect businesses

The Consolidated Appropriations Act, 2021 (the CAA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CAA, 2021 include–along with spending and other non-tax provisions and tax provisions primarily affecting individuals–the numerous business tax provisions briefly summarized below. The provisions are found in two of…
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What does the additional 2020 Stimulus Check mean for you?

You’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples) issued earlier in 2020. Here’s…
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2020 COVID relief bill provisions affecting individual taxpayers

Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the “Act” or COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), both of which are part of the Consolidated Appropriations Act, 2021. RECOVERY REBATE/ECONOMIC…
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Main Street Lending Program

It is an understatement to say that businesses and individuals all over the world have been affected by Covid-19. This has caused considerable financial stress on many businesses forcing them to seek creative ways to stay afloat during this volatile time. Small to medium-sized businesses are a crucial part of our economy and are responsible…
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Revised PPP loan forgiveness applications released.

The U.S. Small Business Administration (SBA), along with Treasury, released Wednesday, June 17th, 2020, a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans. Revised PPP Loan Forgiveness Application (https://content.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20%28Revised%206.16.2020%29.pdf)and instructions (https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Instructions_1.pdf) EZ PPP Loan Forgiveness Application (https://content.sba.gov/sites/default/files/2020-06/PPP%20Forgiveness%20Application%203508EZ%20%28%20Revised%2006.16.2020%29.pdf)and instructions (https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-EZ-Instructions.pdf) The…
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PPP Flexibility Act UPDATE

The Senate unanimously passed H.R.7010, the Paycheck Protection Program Flexibility Act of 2020, and the President immediately signed it into law.   This new Act allows more flexibility for borrowers taking advantage of PPP funds.  It basically extends the time period for businesses to use the funds and changes the ratio for payroll to other fixed…
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