by Jeff Wolstoncroft, CPA The following is a summary of the Paycheck Protection Program (PPP) Interim Final Rule on Loan Forgiveness (5/22/2020): Payroll costs are on a cash basis on the front end of the 8 weeks and accrual basis for the final pay of the 8 weeks, for forgiveness. Meaning the payrolls paid during … Read more
This H2R CPA webinar was presented live on May 15, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary People often lean on their local nonprofits during challenging times, but how do nonprofits serve those who need it most when their operations have been upended? … Read more
The SBA has provided some guidance regarding the requirement for borrowers to certify their economic need for a PPP loan. If the loan amount is under $2m, then the loan will fall under safe harbor and will not need to be certified. The SBA has stated that it will not be able to review these … Read more
This H2R CPA webinar was presented live on May 8, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary As a business owner, you may have already started the process of selling your business or you may have considered taking your company to market in … Read more
This H2R CPA webinar was presented live on May 7, 2020. The webinar recording can be accessed here. A PDF of the webinar presentation can be accessed here. Webinar Summary The clock is ticking for those businesses lucky enough to have received a Paycheck Protection Program (PPP) loan. You have 8 weeks to use 75% of … Read more
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether a worker is an … Read more
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 and Economic … Read more
“The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in good financial standing before the onset of the COVID-19 pandemic.” Read More
“You can now apply for PUA, expanded eligibility for individuals who have traditionally been ineligible for unemployment benefits (e.g. self-employed workers, independent contractors, gig workers).” Read More
“The IRS is committed to helping you get your Economic Impact Payment as soon as possible. The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.” Learn more here.