The Paycheck Protection Program (PPP) is moving into the forgiveness stage for most business owners. While there still aren’t any hard and fast rules on applying for PPP forgiveness, there are a few areas where we can offer some insight. Here’s an overview of some of the guidance and advice I’ve been giving my clients on how to navigate the PPP loan forgiveness process.
The unfortunate reality of COVID-19 is forcing us to face those “what if” scenarios no one likes to think about. Now is a critical time to take a second look at your estate plan to make sure your personal financial house is in good order. While no one gets excited about estate planning, your family will be glad you prepared.
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The loan forgiveness period for the Paycheck Protection Program was extended from eight to 24 weeks by the Paycheck Protection Program Flexibility Act of 2020. In a matter of weeks, the federal government doled out more than $650 billion in forgivable loans to small businesses. While your loan allows you to continue paying your employees during the COVID-19 crisis, you need to plan carefully to make sure the loan proceeds are used correctly. Otherwise, your loan might not be forgiven.
The SBA is currently only accepting applications for this program from agricultural businesses. The U.S. Small Business Administration (SBA) is making low-interest disaster recovery loans available to small businesses that have been severely impacted by the COVID-19 pandemic. Loans are available to businesses located in declared disaster areas, including Maryland, Washington, DC and Virginia.
Earlier this week, Treasury Secretary Steve Mnuchin delayed the deadline for individual tax payments by 90 days, moving the deadline to July 15 from April 15, when individual tax returns are normally due. Today Secretary Mnuchin took to Twitter to announce that the deadline for individual income tax filings has been extended to July 15, 2020.
President Trump just signed into law a second phase of coronavirus-related relief, called the Families First Coronavirus Response Act. It’s a $100 billion relief package designed to offer help to businesses and their employees who are impacted by the coronavirus. The first phase of relief, an $8.3 billion piece of legislation, was dedicated to coronavirus vaccine research and development. This new legislation includes provisions for tax credits for employers who offer paid sick leave or family or medical leave for their employees who miss work for various coronavirus-related reasons. Let’s take a closer look at the FFCRA and what it means for businesses and employees, and what business owners need to be ready to offer to employees by April 2.