Effective July 1, 2020, employees who work in the District of Columbia more than 50% of the time and whose wages are subject to DC unemployment tax are eligible for paid family leave.
The application period for the Paycheck Protection Program (PPP) has been extended until August 8, 2020. This gives businesses additional time to claim the remaining $130 billion in PPP loan funds that are still available.
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If you took a required minimum distribution (RMD) from your retirement account in 2020, you now have until August 31, 2020 to return the money without incurring any tax consequences. This new guidance was issued by the IRS on June 23 and corrects previous legislation that excluded retirees who took RMDs prior to the passing of the CARES Act in March.
The Maryland State Department of Assessments and Taxation has confirmed that the deadline to submit Maryland Annual Reports and Personal Property Tax Returns will be July 15, 2020. This deadline will be in effect regardless of whether an extension request was filed.
The Small Business Administration (SBA) has released a revised loan forgiveness application for the Paycheck Protection Program (PPP) and a brand new EZ loan forgiveness application.
Cash flow is a major concern for most businesses right now. As the country starts to reopen, companies everywhere are facing a big challenge — how to adapt to new COVID-19 health and safety guidelines all while finding ways to stay profitable. In a recession, the most important thing a business can do is take control of its finances.