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COVID-19 Resource Center

A library of information to help businesses, families and nonprofits stay up-to-date during the COVID-19 pandemic.

The Paycheck Protection Program 


The Paycheck Protection Program (PPP) is a Small Business Administration loan that helps businesses keep their workforce employed during the COVID-19 pandemic. However, many businesses who have been awarded a PPP loan are struggling to stay on top of what feels like a constantly changing rule book. Below are some of the most common questions business owners are asking.


 

How can I make sure my PPP loan is forgiven?


What are the latest updates for the PPP?


How do I properly use the funds from my PPP loan?

 


 

The Basics of PPP Loan Forgiveness

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.

Watch the Full Video

SOCIAL POST What Now - Loan Forgiveness - DAG

 


What Now? How to Help Your Business Bounce Back

WEBINAR  |  Tuesday, June 9  |  1:00 - 1:45 PM EST

What do I do to keep moving forward? That’s what business owners are asking as they look ahead to a post-COVID-19 world. Businesses have taken a beating as a result of the pandemic but there are things you should do right now to minimize the damage. So, what now? That’s the question we’ll answer at our June 9 webinar.


Register for the Webinar

 

The Latest Paycheck Protection Program Updates

Here’s the latest news about the program and how it might affect your business.

Paycheck Protection Program Guidance for Employees Who Don’t Want to Be Rehired

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Expenses Related to Forgivable PPP Loans Are Not Tax Deductible

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Guidance on “Necessity” for Paycheck Protection Program Applicants

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Paycheck Protection Program Loan Forgiveness Application Released

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How to Correctly Use PPP Funds

There are specific ways you can use your PPP loan for loan forgiveness during the eight weeks after it gets funded. Some of those costs include your: gross payroll, healthcare costs, retirement plan costs, rent, interest on mortgage payments and utilities.

A good rule of thumb, based on the guidance that has been issued so far, is to use at least 75% of your loan for payroll costs and no more than 25% for the other items on the above list.

Read the Full Guide

Basics of the Paycheck Protection Program

 

 

The CARES Act

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. This $2+ trillion package provides emergency relief to businesses, individuals and nonprofits who face economic hardship as a result of the COVID-19 pandemic. Here's some important information on the CARES Act.

How the CARES Act Impacts Businesses and Individuals

Financial Programs for Nonprofits Under the CARES Act

CARES Act Provides Relief for Some Retirement Plan Participants

 

 

Layoff or Furlough: What’s Right for Your Business?

Quite frankly, it’s hard to tell what tomorrow, let alone the next three months, holds for businesses. If you are considering ways to manage your workforce to protect the financial viability of your organization, you’re faced with some tough decisions ahead. It’s important to know what your options are, and how each option affects your business and employees.

Read the Blog Post

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Deadline Extensions & Other Info

The COVID-19 pandemic has brought lots of changes. Deadlines have been extended, new tax opportunities have become available and more changes will continue to come up ahead. To get an email whenever we publish a new update, subscribe to our blog.

Tax Planning Opportunities in Light of COVID-19

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Tax Deadline for Individual Taxpayers Extended to July 15

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Form 990 Deadline Extended for Nonprofits

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Applications Open for Baltimore County Small Business Emergency Relief Grants Program

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Temporary Modifications Issued for Form I-9

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Will Insurance Cover Loss of Business Due to Coronavirus?

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Small Business Disaster Loans Available in Maryland, Washington, DC and Virginia

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Running a Business During a Pandemic

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Main Street Lending Program Offers Loans to Businesses to Shore Up Economy

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Marketing Your Business During a Pandemic

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Firm Updates


 

Gross Mendelsohn Remains Open, Here to Help

March 23, 2020

As you might have heard in Governor Hogan’s press conference today, non-essential businesses in Maryland are to close their physical locations by 5pm on March 23. Accounting firms, however, are deemed essential by the state of Maryland.

Similarly, in Virginia, Governor Northam announced today that many non-essential businesses must close by midnight on March 24. This document includes information on the types of businesses Virginia deems "essential."

The health and safety of our staff, their families, our clients and the entire community is our #1 concern. We will continue to do our part to help prevent the spread of COVID-19.

We’re here to help business owners and taxpayers handle the many financial questions and challenges they are experiencing as a result of this crisis.

Our Clients

As I mentioned in my March 13 statement, we put our contingency plan into action on March 16. The majority of our staff has been working remotely and seamlessly via secure technology while a few staff members remain in the office to receive mail and packages.

We continue to work toward completing client engagements with the same level of timeliness and thoroughness that you are accustomed to.

In-person client meetings are suspended for now. However, our firm has robust video conference tools that allow us to stay in touch, face-to-face, with clients and employees. Your Gross Mendelsohn team may use those tools to reach out to you when a face-to-face meeting is warranted.

If members of our staff are scheduled to be onsite at your office in the near future, someone from the firm will be in touch with you very soon.

Our Staff

Many employees have been working remotely since March 16. I’m proud of how they’ve handled this abrupt transition. They are juggling their normal workloads, family obligations and, like all of us, a situation that seems to change by the hour. I know they will continue to do their best and give 100% to all that is on their plates.

How You Can Reach Us

The ways you can reach us have not changed. You can continue to call (800.899.4623) and email us as you normally do.

If you don’t have your Gross Mendelsohn’s contact information handy, no worries. Contact us here and we’ll point you in the right direction.

Resources for Clients

We continue to compile resources and information for businesses and individuals in light of the COVID-19 pandemic. Visit this page for frequent updates on things like tax deadline extensions, taxpayer relief, and advice for business owners amidst this crisis.

This remains a challenging time for all of us. I encourage you to talk with our team about anything that’s on your mind. We’re in this together.

Thank you, as always, for the continued trust you place in our firm, and be safe.


David Goldner
David A. Goldner, CPA, CVP, CFP
Managing Partner
dgoldner@gma-cpa.com
800.899.4623

 

 

 

 

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