EIDL Grants No Longer Reduce PPP Forgiveness

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.

PPP Round 2 – What You Need to Know

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.

2021-03-08T10:14:06-05:00January 8, 2021|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

Coronavirus Response and Relief – What it Means for You

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?

2020-12-22T15:58:27-05:00December 22, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: |

A New Way to Deduct Your #GivingTuesday Donations

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. 

2020-11-30T11:05:43-05:00November 30, 2020|Categories: Not-for-Profit, Tax: Individual|Tags: , , |

PPP Update: New Guidance That Will Change 2020 Taxable Liabilities

The IRS recently issued guidance that will impact taxable income and tax liabilities for the majority of businesses who received PPP loans.

2020-11-30T15:37:04-05:00November 19, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

Congress: What We’re Watching

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.

2020-09-09T17:41:35-04:00September 9, 2020|Categories: PBMares COVID-19 Insights, Tax: Business, Tax: Individual|Tags: |

How the Payroll Tax Deferral Works for Employers

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.

2020-09-30T15:14:32-04:00September 1, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

What’s in the Potential Next Round of Coronavirus Legislation? Comparing HEROES and HEALS

In May, the Democrat-led House of Representatives passed the $3 trillion Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act. 

2020-07-29T11:06:08-04:00July 28, 2020|Categories: PBMares COVID-19 Insights|Tags: |
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