Companies & Employers
This COVID-19 Business Resources page is dedicated to providing useful resources, helpful links, and the latest news to help companies and employers navigate through the financial and general challenges and questions resulting from the Coronavirus.
- Internal Revenue Service (IRS) Coronavirus Tax Relief for Businesses and Tax-Exempt Entities
U.S. Chamber of Commerce COVID-19 Resources and Guidance
- Coronavirus Small Business Survival Guide: All the U.S. Chamber's Content in One Place
- Guide to Small Business Emergency Loans (PPP)
- Guide to Small Business Economic Injury Disaster Loans (EIDL)
- Guide to Employee Retention Tax Credit (ERTC)
- Guide to Temporary Paid Leave and Family Medical Leave (FMLA)
- Required FFCRA Display Poster of Employee Rights effective April 1, 2020
OSHA and COVID-19
January 26, 2021
New law extends COVID tax credit for employers who keep workers on payroll
The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees on the payroll. More Information.
December 30, 2020
Latest Update on PPP Loan Forgiveneness
Now that the President has signed the long-awaited stimulus package passed by Congress last week, CPA Todd Gunn shares some significant changes impacting the PPP loan program in this blog post. Significant updates include no tax on PPP loans, expanded eligible expenses for forgiveness, more flexibility for borrowers following clarification of the covered period, streamlined forgiveness application expanded for borrowers up to $150,000, and new round of PPP loans available to businesses.
November 20, 2020
Timing of Tax Impact Related to PPP Loan Forgiveness
The IRS issued Revenue Ruling 2020-27 on November 18th, giving much needed clarity to the timing of the tax impact related to PPP loan forgiveness. CPA Todd Gunn provides the following information relating to this latest update in this blog post.
August 31, 2020
August 24th Interim Final Rule and August 2020 FAQs on PPP Loan Forgiveness
Another Interim Final Rule was issued regarding the Paycheck Protection Program last week that addresses the threshold for the limitations on owner-employee compensation, along with guidance on rent & mortgage interest paid to a related party. There was also a FAQ on loan forgiveness issued earlier in August that covers multiple topics, some of which have already been covered in prior Interim Final Rules and the loan forgiveness application instructions. CPA Todd Gunn covers the key take-aways from both in this blog post.
June 25, 2020
June 22 PPP Developments, Ruling and Updated PPP Loan Forgiveness Application Forms
Last week, the SBA published the revised PPP Loan Forgiveness Application, Form 3508. This new version has been trimmed down to 5 pages and has given some additional insight on how certain aspects of changing to the 24 week covered period will impact the forgiven amount. The SBA also released a shortened version of the PPP Loan Forgiveness Application, Form 3508EZ, that can be used if certain criteria are met. In addition, another Interim Final Rule was issued last week and an additional Interim Final Rule was released on Monday, updating the rules again. A few key pieces of information from the new forms and interim final rule are explained by CPA Todd Gunn in this blog post.
June 17, 2020
SBA reopens Economic Injury Disaster Loan (EIDL) program to all small businesses effective June 15, 2020
The Small Business Administration (SBA) re-opens Economic Injury Disaster Loan (EIDL) program to all small businesses effective June 15, 2020. EIDL applications already submitted before the portal shut down on April 15 will continue to be processed on a first-come, first-served basis. SBA also began accepting new EIDL and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses on June 15. Visit the SBA website to learn more about eligibility and to apply. The EIDL comes with the chance to apply for a cash advance of up to $10,000. While the loans call for repayment, the cash advances need not be repaid, even for applicants who ultimately don't receive a loan. While the loans are tax-free, the tax status of the advances remains unclear. Further information can be found in this June 16th Jacksonville Business Journal Article.
June 16, 2020
Did You Miss Our PPP Loan Forgiveness Live Webinar? Watch the Recording
Have you received or applied for the Paycheck Protection Program and want to ensure you maximize loan forgiveness? On June 10, 2020, CPAs Todd Gunn and Dwin Horne hosted a live webinar on Paycheck Protection Program (PPP) Loan Forgiveness regarding the latest guidance from the SBA in regards to expenses qualifying for forgiveness and potential limiations, exploring the loan forgiveness application and getting PPP questions answered. Visit our blog to watch the recorded PPP Loan Forgiveness webinar and to read the Questions and Answers.
June 4, 2020
Latest PPP Key Changes as of June 3rd: Congress Agrees on Favorable Changes to Paycheck Protection Loans
On June 3rd the Senate voted to approve the changes to the PPP Loan program that the House passed earlier this week. The bill is now expected to be signed by President Trump. A few of the key changes are covered in this blog post.
May 26, 2020
May 22 PPP Final Interim Rules Provide Further Guidance And Some Surprises
This Forbes article does a good job summarizing the latest changes to PPP rules made 5/22. The Conclusion: “Early to bed, Early to rise, Spend PPP money in the 8 weeks for payroll, rent, interest and utilities, and what is left after June 30 can be used to advertise.” And, we particularly liked the closing statement: “In the meantime, please be very kind to CPA’s, who have both tax filing and now PPP loan deadlines to attend to as best they can.”
May 15, 2020
Tools to Help You Calculate Potential Forgiveness of Your PPP Loan
We offer the following tools from payroll services provider, ADP, and the American Institute of Certified Public Accountants (AICPA): ADP PPP Loan Forgiveness Estimator and AICPA Calculator (Excel file). We encourage you to begin using to test different scenarios as you utilize the funds to the fullest extent of forgiveness. Please feel free to call or email us if you wish to discuss with one of our tax experts and learn more about our reasonable engagement options to help you with the process.
May 13, 2020
May 8, 2020
Amidst the shifting sands of PPP, the U.S. Small Business Administration and U.S. Department of the Treasury have created more requirements you need to know. Still, ambiguity remains over who is even eligible to receive the PPP loan. Above is a link to the SBA FAQ’s, updated May 6. We draw your attention to #31, 37 and 39, addressing adequate sources of liquidity, forgiveness and review of need.
April 30, 2020
We continue working hard to gain an in-depth understanding of PPP and provide clarity where confusion exists. Although much of this latest Q&A from the Treasury Department addresses lender questions, the SBA states there will be no challenges if these guidelines are followed. We want to bring particular attention to Q31 and the ability to return funds by May 7th if companies now realize they don’t meet the new definition of required need.
April 24, 2020
April 23, 2020
April 16, 2020
April 8, 2020
March 31, 2020
March 25, 2020