The Economic Aid Act, which became law on December 27, 2020, made PPP loans fully forgivable regardless of EIDL grants received. Now, the SBA has issued guidance and new forgiveness forms removing the need for an EIDL reduction.
The Economic Aid Act, included in the 2021 Appropriations Act expanded the Paycheck Protection Program (“PPP”) to include second draw loans for hard-hit small businesses. Here's what you need to know to take advantage of this program.
On December 21, 2020, Congress unveiled agreement on a $900 billion coronavirus relief deal. The bill has several business and individual provisions included – but what do they mean for you?
The Tax Cuts and Jobs Act significantly reduced the number of taxpayers who itemize deductions (meaning those who actually see a tax benefit for donations made) beginning with the 2018 tax year.
The IRS recently issued guidance that will impact taxable income and tax liabilities for the majority of businesses who received PPP loans.
Yesterday, on October 28, Governor Northam announced an expansion of eligibility criteria for the Rebuild VA Grant, a grant program in place for small businesses and non-profits affected by COVID-19.
Over the past six months, we have seen nearly $2.7 Trillion in combined COVID-19 relief funding from Congress via the Families First, CARES, and PPP and Health Care Enhancement Act; however, many significant items remain unaddressed.
On August 8, 2020, President Trump issued a Presidential Memorandum allowing for the deferral of employee social security payroll tax obligations due to COVID-19.
On August 8, 2020, President Trump issued Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.
In May, the Democrat-led House of Representatives passed the $3 trillion Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act.