Last week, the SBA announced plans to open a “PPP direct forgiveness” portal which will allow borrowers to apply for PPP loan forgiveness directly, eliminating the need to go through their lenders. The new portal, which opens this Wednesday, August 4, is limited to loans up to $150,000, only from participating lenders. The SBA will…
As we head into May, a number of new COVID-19 relief efforts are slated to take effect shortly, including a pair of eagerly anticipated measures targeting two of the hardest hit sectors of the American economy: restaurants and live entertainment venues. Here’s the latest: Restaurant Revitalization Fund (RRF) The SBA has posted sample application forms…
There’s a feeling of cautious optimism on the COVID-19 front and for good reason. While vaccination rates rise and infections decline across the country, Congress continues to do its part to help the small business community put the pandemic in the rear view mirror. Their latest move is a big one. Yesterday, the Senate voted…
On Wednesday, the IRS and Treasury Department announced that the 2020 federal income tax filing due date for individual taxpayers has been extended from April 15, 2021 to May 17, 2021. Governor Pritzker followed suit yesterday, announcing that Illinois would extend its state income tax filing deadline to May 17 as well, and many other…
On Thursday afternoon, President Biden signed into law the American Rescue Plan Act 2021 (ARPA), the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. The massive 628-page bill includes $1.9 trillion in funding for individuals, businesses, and state and local governments….
In an effort to extend PPP benefits to self-employed individuals, gig workers and other non-employer businesses, the SBA last week announced a revised loan calculation formula that will mean larger forgivable loan amounts for many such applicants. Under the new rules, self-employed businesses who filed a Schedule C in 2019 or 2020 may now calculate…
Identity theft has always been a pressing issue, and has become more prevalent with the rise of digital transactions over the past two decades. In the past year, the Coronavirus pandemic has produced an environment ripe for identity theft and fraudulent claims. For individuals, it’s important to note that you can be a target of…
In a further effort to streamline the PPP program for small businesses, the SBA has just released a revised 3508S form to be used to apply for forgiveness of PPP loans under $150,000. The revised form, which is linked below, removes the requirement to provide supporting documentation at the time of forgiveness of the qualified…
Among the provisions of the Consolidated Appropriations Act, the COVID relief package signed into law last month, are key changes to the Employment Retention Credit. As the ERC offers significant benefits to so many of our small business clients, Weiss CPA and tax expert Jeremy Morgan put together the following “Top 10” list of points…
This week, eligible small businesses can begin applying for new PPP loans funded by the Consolidated Appropriations Act, the COVID relief package signed into law last month. Beginning Monday, January 11, companies eligible for “first draw” PPP loans – that is, those who qualified under the original CARES Act but did not receive a loan…
Yesterday, our friends at BDO (Weiss is a BDO Alliance Network Member) published a comprehensive summary of the latest coronavirus emergency relief package included in the Consolidated Appropriations Act passed by Congress on December 21st. The brief includes details on PPP, including deductibility, forgiveness and the next round of eligibility, as well as ERC, FFCRA,…
Last night, Congress passed the Consolidated Appropriations Act, a massive bill that includes $900 billion in new COVID relief and $1.4 trillion to fund the federal government through the end of September of 2021. The long-awaited measure, which President Trump is expected to sign into law in the coming days, includes targeted funding for individuals…
Last Wednesday, the U.S. Treasury and IRS issued new guidance to clarify the tax deductibility of business expenses that are paid for with PPP loans. These expenses include payroll costs, certain employee health benefits, mortgage interest, rent, utilities and interest on other debt. Revenue Ruling 2020-27 indicates that PPP loan recipients may not deduct these…
The U.S. Treasury has just released its newest version of the PPP loan forgiveness application which greatly simplifies the process for borrowers with loans of $50,000 or less. The new application (Form 3508S) is a two-sided single page form with no calculations required. Borrowers are still required to certify that the PPP funds were spent…
On Friday, August 28, the IRS issued Notice 2020-65 for employers to provide guidance regarding the August 8 employee payroll tax deferral Executive Memorandum from President Trump, but questions remain. Below are the key points from the three page guidance: The employee tax deferral period begins September 1, 2020 and ends December 31, 2020. The…
Last week, the IRS issued new guidance regarding loan forgiveness under the Paycheck Protection Program (PPP) that significantly impacts certain businesses in calculating their loan forgiveness costs. Some examples include: Owner-employees with less than a 5 percent ownership stake in a C- or S- Corporation are not subject to the owner-employee compensation rule, which caps…
On Wednesday evening, the Senate unanimously passed the much-anticipated Payroll Protection Plan Flexibility Act and sent it to the White House for President Trump’s signature. The primary purpose of the bill is to give business owners more time and flexibility to use loan money obtained through the original PPP and still qualify for loan forgiveness….
Last week, the U.S. Treasury Department released extensive new guidance regarding loan forgiveness for businesses participating in the Paycheck Protection Program (PPP). Much of the guidance focused on the application process and instructions for completing the on-line form. In this article, we offer some important clarifications to specific points in the loan forgiveness application and…
March 23 – If your business has been impacted by the COVID-19 crisis, you may well be eligible for a disaster loan from the U.S. Small Administration. Applying for one is a relatively simple process; for a step by step guide to the process or specific instructions on how to complete an application, click on…
Last week the IRS issued a reminder to businesses affected by the COVID-19 pandemic about three new credits available to them through the CARES Act. These include tax credits for employee retention, paid sick leave, and family leave, and are available to employers of any size, including tax-exempt organizations, provided they meet eligibility requirements. We…
A key section of the CARES Act is devoted to special provisions for retirement plans and IRAs, particularly regarding distribution options, rollover rules, and early withdrawal penalties. New IRS guidance about these provisions is expected shortly and will be covered here in our Coronavirus News & Information Center. In the meantime, we’ve included a link…
Yesterday, the House overwhelmingly approved a $484 billion coronavirus relief bill and sent it to the White House, where President Trump signed it into law this morning. As expected, the legislation primarily targets small businesses and hospitals that have been devastated by the ongoing pandemic. Included: $310 billion in new funds for the Paycheck Protection…
Guidance concerning the Paycheck Protection Program (PPP) is continually changing as the program itself continues to evolve. As of this morning, Congress and the White House were close to a deal to pump an additional $310 billion into the CARES Act’s massive relief measure for small businesses. In the meantime, for the many companies that…
Today marks the debut of the IRS’s much-anticipated “Get My Payment” portal, designed to expedite delivery of CARES Act rebate checks to all eligible taxpayers. The IRS is encouraging everyone to visit the site and verify contact and taxpayer information from their 2018 or 2019 federal tax returns. It’s especially important for taxpayers who do…
As you’re no doubt aware, the IRS has committed to begin issuing the CARES Act economic impact payments – also referred to as stimulus payments or rebate checks – within the next few weeks. While payment is automatic for most taxpayers, the agency recently updated its website with special tools designed to help speed up…
Last week, the Treasury Department and the Internal Revenue Service announced that distribution of economic impact payments detailed in The CARES Act would begin in the next three weeks, and that payment would be automatic, with no action required for most people. The following Q&A, which is reprinted from the IRS website, provides important details…
First things first. As the coronavirus crisis deepens, we hope that you are safely sheltering in place and doing all you can to keep yourself, your loved ones, and your community healthy and safe. If you’re like most Americans, taxes are probably the furthest thing from your mind right now. Yet recent tax changes designed…
For many of our clients, one of the most important portions of the CARES Act is the $350 billion Paycheck Protection Program, which provides small business loans which may ultimately be forgiven if payrolls are maintained through the crisis or restored afterward. The U.S. Chamber of Commerce has just issued a “CORONAVIRUS EMERGENCY LOANS: Small…
Yesterday, President Trump signed the Coronavirus Aid, Relief and Economic Security Act (CARES) into law after unanimous approval by the Senate and voice vote passage in the House. At 883 pages and $2.2 trillion, it is the largest relief bill in U.S. history and goes to extraordinary lengths to provide relief for taxpayers and businesses…
Illinois announced today that the 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Illinois income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations, and because it is automatic, taxpayers do not need to file…
UPDATE: On Friday, March 20, Treasury Secretary Steven Mnuchin announced that the IRS will move the federal income tax filing deadline to July 15, 2020. The Treasury Department and the Internal Revenue Service are providing special payment relief for individuals and businesses in response to the COVID-19 outbreak. Key points are summarized below, along with…
March 20 – Illinois has been added to the list of states now eligible for new low-interest disaster loans offered by the U.S. Small Business Administration in response to the COVID-19 pandemic. The low-interest loans offer up to $2 million in working capital to any qualifying small business or non-profit organization that applies. The loans…
March 19 – The IDES has issued new guidance covering emergency benefits for workers whose unemployment is attributable to COVID-19. The guidance includes important information for employers and employees alike. For example, under emergency rules recently adopted by the IDES, individuals temporarily laid off because their workplaces closed may be entitled to benefits. To access…
As you might expect, all of us at Weiss & Company have been working to come to grips with the coronavirus pandemic and its inevitable impact on our business. While our offices remain open at this time, we are prepared to take whatever measures necessary to continue delivering Weiss-level service and support to our clients….
