Paycheck Protection Program FAQs

The historic $2.2 Trillion CARES Act was signed into law late-afternoon on Friday, March 27.  Just one week later, on Friday, April 3, banks began accepting Paycheck Protection Program (“PPP”) applications for businesses with employees.

2020-05-05T15:16:45-04:00May 5, 2020|Categories: COVID Federal & State Updates, PBMares COVID-19 Insights|Tags: |

Payments Made with Forgivable PPP Funds are Not Deductible Under Current Guidance

On Thursday evening, April 30, 2020, the IRS released guidance advising taxpayers that expenses paid using Paycheck Protection Loan proceeds will not be tax-deductible.

2020-05-05T13:50:03-04:00May 1, 2020|Categories: COVID Federal & State Updates, PBMares COVID-19 Insights|Tags: |

Still Hoping for PPP or EIDL Funds? There May Be More on the Way!

On Tuesday, April 21, the Paycheck Protection Program and Health Care Enhancement Act was announced. This legislation is aimed at providing a new round of funding to small-business measures, which had appropriations lapse last week.

Navigating the Crisis: Essential Next Steps

Please join us for the last webinar in our COVD-19 Series, Navigating the Crisis: Essential Next Steps. In this webinar, our team will provide the mission-critical next steps you must take to gain your footing in this uncertain environment.

2020-04-23T14:05:57-04:00April 18, 2020|Categories: COVID Federal & State Updates, PBMares COVID-19 Insights|

IRS Extends Timeline to Invest in Qualified Opportunity Funds

Source: RSM US LLP.  PBMares is a member of RSM US Alliance.  Notice 2020-23 automatically extends the timeline for investing in a Qualified Opportunity Fund (QOF) in light of the COVID-19 public health emergency.

CARES Act and the Construction Industry: Relief for Federal and Private Contractors

The CARES Act contains several financial relief provisions to help construction contractors and other companies stay afloat during the coronavirus crisis.

Business Benefits Available, Courtesy of the CARES Act

The historic $2.2 Trillion CARES Act provides several business tax benefits, some of which can quickly provide cash flow.

Forgivable Small Business Loans – How the $2 Trillion Stimulus Bill Can Help You

As business owners struggle with the effects of the coronavirus epidemic, Congress is on the precipice of enacting landmark legislation aimed at keeping the economy afloat over the next several months.

Plan Options for COVID-19 Impacted Businesses

The government’s response to COVID-19 has left many facing forced closure or seismic changes to sales and expense forecasts. This new reality has left business owners looking for ways to bolster working capital while reducing fixed and other costs

IRS Issues Tax Extension Guidance for Taxpayers

On March 13, 2020, the President of the United States issued an emergency declaration under the Stafford Disaster Relief and Emergency Assistance Act in response to the ongoing Coronavirus Disease pandemic.