COVID-19 Leave Sharing Program Extended to December 31, 2021

On June 30, 2021, the IRS retroactively extended the COVID-19 leave sharing program, which allows employers to donate employees’ unused PTO to charitable organizations. In exchange, employers can take charitable or business expense deductions.

Paid Leave for Employees Impacted by COVID-19 in 2021

Some employers can give paid leave to employees impacted by COVID in 2021 and claim a payroll tax credit per the American Rescue Plan Act.

SBA Formally Withdraws Loan Necessity Questionnaire

Small Business Administration, in light of lawsuit, notifies PPP lenders that loan necessity questionnaire is withdrawn.

Guidance Issued for Employers Claiming the Employee Retention Credit

Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.

Senate Passes Extension of Paycheck Protection Program to May 31

PPP extension clears Senate. Program to be extended to May 31, with 30 days provided after May 31 for SBA to process pending applications.

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.

2021-05-06T15:16:27-04:00May 5, 2020|Categories: COVID Federal & State Updates, PBMares COVID-19 Insights|

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.

2020-10-05T10:42:31-04:00May 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.

Webinar Recording: Navigating the Crisis: Essential Next Steps

View recording and slides from our COVD-19 Series webinar, Navigating the Crisis: Essential Next Steps. In this presentation, our team provides the mission-critical next steps you must take to gain your footing in this uncertain environment.

2021-06-03T12:53:18-04:00April 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.

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