Congress Approves Extension to Apply for PPP Funds

On Wednesday, July 1, the House passed Senate Bill S.4416 by unanimous consent.  The bill, which extends the timeline to apply for PPP funds through August 8, 2020, is headed to the President’s desk for signature.

2020-07-02T11:32:14-04:00July 2, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

Expanded Relief to Plan Participants for Coronavirus-Related Distributions

On June 19, 2020, the IRS issued Notice 2020-50 that expands the categories of individuals eligible for plan distributions and plan loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

2020-06-29T11:21:29-04:00June 29, 2020|Categories: PBMares COVID-19 Insights, Retirement|Tags: , |

New Guidance on When to Apply for PPP Loan Forgiveness, Owner-Employees, and Excepted Employees

New guidance released on June 22, 2020, provides businesses with information on when they are able to apply for loan forgiveness, caps on employee-owner compensation, and some clarification on excepted employees in FTE calculations.

2020-06-26T11:03:46-04:00June 26, 2020|Categories: PBMares COVID-19 Insights|Tags: , |

New PPP Loan Forgiveness Applications Released

On Tuesday, June 16th,  Treasury and the SBA released updated PPP loan forgiveness applications, including an alternative EZ application that is designed to simplify the process for those who meet certain criteria.

2020-06-19T17:19:27-04:00June 18, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , , |

PPP Flexibility Act Payroll Guidance

The SBA recently released guidance on two major issues in the PPP Flexibility Act. The first addresses the PPP Flexibility Act's adoption of a 24-week covered period, in lieu of an 8-week covered period, regarding payroll.

2020-06-17T14:20:11-04:00June 17, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , , |

Didn’t Receive a PPP Loan? Employee Retention Credit and Other CARES Benefits Available

If your business didn’t qualify for or secure a PPP loan, there are several other tax benefits provided by the CARES Act.  Here we’re going to take a closer look at some of the most advantageous programs available.

2020-05-27T12:19:37-04:00May 26, 2020|Categories: COVID-19 Business Resources, PBMares COVID-19 Insights|Tags: , , |

PPP Loan Forgiveness Application Released: What Documents Businesses Should Maintain

As a large portion of PPP loans have been disbursed and more funds on their way to businesses in need, SBA and Treasury have now turned their attention to the forgiveness portion of the PPP program.

PPP Loan Forgiveness Application Released: What Do Business Owners Need to Know?

On Friday evening, May 15, the SBA released the much-anticipated PPP Forgiveness Application.  Though we still await a new Interim Final Ruling relating to forgiveness, the application provides answers to some of our most frequent questions.

Are You Struggling With Your PPP Loan?

This webinar recording covers Paycheck Protection Program (PPP) loan forgiveness and loan management, helping you navigate the ever-changing rules and regulations of this CARES Act financial provision.