On June 16, 2020, the SBA released an updated instruction guide and application form for PPP Loan Forgiveness. These updates mirror the changes made by the PPP Flexibility Act, signed into law on June 5th. On Monday, June 22, they also released a additional revisions to the PPP Loan Forgiveness (which already reflect most of […]
Forgiveness for the Paycheck Protection Program Loan (PPP Loan) now has an application with detailed instructions. The SBA and the Department of the Treasury have come together to release a form with detailed instructions and an application for forgiveness. Please note that the application and instructions will be subject to further regulation and guidance. Please […]
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748) was signed into law on Friday, March 27th, 2020. The act is meant to provide economic relief nationwide with a $2 trillion stimulus package. Titles I, II, III, and IV of the Act (Keeping American Workers Paid and Employed Act,; Assistance for American […]
If you have been wondering when your Economic Impact Payment is arriving, you are not alone! The IRS has been sending payments through direct deposit over the last few weeks, while distribution of checks will begin this week. Where Can I Check My Payment Status or Add Bank Information? On the IRS Economic Impact Payments […]
On May 7, 2020, New York Governor Cuomo issued an extension on the mortgage and rent moratorium to August 20, 2020. The extension states: The following addition was made: All information and quotes were provided by the following resources: https://www.governor.ny.gov/sites/governor.ny.gov/files/atoms/files/EO202.28.pdf https://www.crainsnewyork.com/real-estate/eviction-moratorium-extended-cuomo-also-offers-help-landlords https://www.amny.com/coronavirus/cuomo-extends-eviction-ban-through-august-helping-cash-strapped-new-york-renters/
Please find the following contribution from Dott. Cacciavillan, of Asso Studio, in Vicenza; Dott. Gilberto Gelosa, Dott. Maurizio Bottoni, Dott.ssa Daniela Purghe, and Dott. Stefano Lecchi, of Interconsulting Studio Associato, in Milan; and Massimo Bertoni, Commercialista, in Bologna; all of whom are business consultants (commercialisti) we are associated with; regarding the new Decree by the Italian government in response to financial assistance for businesses affected by […]
Please find the following article on Force Majeure provided by the legal firm, Valla & Associates: Majda BarazzuttiApril 6, 2020 Force Majeure Newsletter The COVID-19 pandemic has affected our economy in an unprecedented manner. The flow of commerce has suddenly slowed down, if not come to a complete halt, due to the epidemic in China, […]
Am I eligible? IF you employ 500 of fewer employees and are You are eligible. Certain businesses with more than 500 employees can still qualify, depending on the industry. What about loan forgiveness? The Treasury states “that loans are fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely […]
Section 2302 The CARES Act, Delay of Payment of Employer Payroll Taxes, allows employers who wish to defer the payment of the 6.2% employer social security taxes that would be paid through December 31, 2020 [1]. The first half of the taxes due would be deferred to December 31, 2021, while the second half of […]
Section 2301 of the CARES Act, the Employee Retention Tax Credit was designed to help businesses who are closed, partially closed, or are dealing with substantial revenue losses due to COVID-19. If you received a Paycheck Protection Loan, you are not eligible for a tax credit [1]. Eligibility Private Employers, including non-profits, regardless of size, […]