The Paycheck Protection Program (PPP) Loans are helping many businesses keep their workforce employed during the COVID-19 crisis. Earlier this week, congress provided the SBA with an additional $320 billion for the PPP Loan program to backstop the initial $349...
Initial guidance in the legislation indicates that a borrower should submit to their lender an application to request loan forgiveness and supply the lender with the following documentation relating to the covered period: Documentation verifying the number of FTE and...
In addition to the permitted use of Paycheck Protection Program (PPP) funds, a sole proprietor may use PPP funds for owner compensation replacement per the following guidelines below: Owner compensation replacement for a sole proprietor is defined as 2019 Schedule C...
COVID-19 has presented challenges that many businesses and organizations never contemplated. Bookkeeping and accounting functions,while working remotely, may be one of the many critical tasks you’re struggling to figure out. In this time of crisis, keeping your...
Many businesses that have been severely impacted by coronavirus (COVID-19) will qualify for two new employer tax credits – the Credit for Sick and Family Leave and the Employee Retention Credit, both a result of the new CARES Act. McConnell & Jones is keeping a...
These grants provide an emergency advance of up to $10,000 to small businesses and nonprofits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request...
The CARES Act includes business tax relief including employee retention credits, delayed payroll payments, increased business interest deductibility, and accelerated recovery of alternative minimum tax credits among other forms of relief. The following paragraphs...
According to some estimates, nearly 60 percent of U.S. workers have been or are still working from home as a result of the pandemic. Several clients have asked about the deductibility of home office expenses. Unfortunately for most work from home (WFH) workers, your...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted March 27, established the Paycheck Protection Program (PPP), which allowed employers to acquire a loan to cover payroll costs and certain non-payroll costs to help their businesses endure reduced...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted March 27, established the Paycheck Protection Program (PPP), which allowed employers to acquire a loan to cover payroll costs and certain non-payroll costs to help their businesses endure reduced...