This H2R CPA webinar was presented live on April 6 & 7, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary Join our online session to learn about the employee paid leave requirements under the Families First Coronavirus Response Act and related tax and … Read more
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) allocates nearly $350 billion to a new lending program through the Small Business Administration (SBA), aimed at helping employers cover their payrolls during the coronavirus (COVID-19) pandemic. The loans under the Paycheck Protection Program (PPP) are subject to 100% forgiveness if certain criteria are satisfied, … Read more
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result … Read more
The U.S. Treasury Department has released guidance and the loan application for the much anticipated Paycheck Protection Program. Applications will start to be accepted, for most applicants, on Friday, April 3, 2020. Prospective applicants will need to review the application and start gathering the required information as soon as possible. It is important to note … Read more
To help mitigate the financial and health crises related to the coronavirus (COVID-19), on Friday, March 27, 2020, President Trump signed into law the largest economic relief package in modern U.S. history. The $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is intended to shore up the country on multiple fronts and … Read more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) represents the third phase of Congress’s legislative efforts to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. In addition to providing relief to individuals and mustering forces to shore up the medical response, the CARES Act includes numerous provisions intended … Read more
The following provisions of the CARES Act may be of particular interest. Paycheck protection program The Act increases eligibility for certain small businesses and nonprofit organizations. During the covered period of February 15, 2020 and ending on June 30, 2020, any business or nonprofit, generally, which employs not more than 500 employees shall be eligible … Read more
The ability to access capital and maintain cash flow is essential for all business, especially in these difficult times. The soon to be passed CARES Act has provided for various lending facilities in hopes to allow businesses quicker access to available funds. However, the Act still needs to be passed and then the various government … Read more
After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been reached on a massive stimulus bill to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. As of this writing, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has … Read more
In Notice 2020-18, the Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing Coronavirus Disease 2019 (COVID-19) emergency. Below are answers to frequently asked questions related to the relief provided in the Notice. These questions and answers will be updated periodically … Read more