Sign up here to receive email tax alerts and updates about other accounting issues.
On July 16, 2020, Governor Tom Wolf announced a new program to aid Pennsylvania employers in providing hazard pay to employees working in “life-sustaining” occupations during the current pandemic. The COVID-19 Hazard Pay Grant Program allows eligible Pennsylvania-based employers to apply for grants of up to $3 million to provide hazard pay benefits to eligible […]
Prior to the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, many taxpayers meeting the specified age criteria were mandated to take annual taxable distributions from their retirement plans, such as Individual Retirement Arrangements (IRAs), Section 401(k) plans, Section 403(b) plans, etc. (See related post) However, an important provision of the CARES […]
On July 11, 2020, the U.S. Small Business Administration (SBA) announced the conclusion of the Economic Injury Disaster Loan (EIDL) Advance program, which provided a total of $20 billion in emergency funding. According to information provided by the SBA, the funds assisted nearly six million small businesses employing 30.5 million people. Lawmakers envisioned the program, […]
The Families First Coronavirus Response Act (FFCRA), enacted on March 18, 2020, generally requires employers with fewer than 500 employees to provide paid leave due to certain circumstances related to the novel coronavirus pandemic (COVID-19) through two separate provisions: the Emergency Paid Sick Leave Act and the Emergency Family and Medical Leave Expansion Act. Under […]
The application window has been extended until August 8, 2020, for loans from the Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Following the original application deadline of June 30, 2020, the SBA summary report showed that nearly $132 billion in funding was still available. The President approved the extension […]
Pennsylvania’s COVID-19 Relief Statewide Small Business Assistance program is now accepting applications. The first round of applications opened on June 30, 2020, and will be open for 10 business days. Multiple rounds of application windows will follow. Small businesses can find eligibility details and apply online at: https://pabusinessgrants.com/ Eligible businesses can use the grants to […]
