SBA Issues Additional Guidance for Paycheck Protection Program Loans

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As with nearly all of the guidance being issued regarding the COVID-19 relief programs, information regarding the Paycheck Protection Program Loans continues to evolve. On April 2, 2020, the SBA issued an interim final rule and a new application form (that requires additional certifications and authorizations to be completed by borrowers). Lenders may begin processing […]

Social Security Recipients Without Prior Year Tax Returns to Automatically Receive Economic Impact Payments

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On April 1, 2020, the U.S. Department of the Treasury and the Internal Revenue Service  announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive an Economic Impact Payment. Instead, payments will be automatically deposited into their bank accounts. The announcement […]

IRS Releases Guidance on Employee Retention Credit

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Internal Revenue Service guidance on various aspects of the recently passed economic stimulus bills continues to be released on a fast and furious pace. The most recent release, Notice IR-2020-62, adds clarification to the Employee Retention Credit (ERC) included in the Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted on March 27, 2020. This […]

Economic Injury Disaster Loans (EIDL) Under the CARES Act

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With all of the commentary and focus on the potentially-forgivable Paycheck Protection Program loans included in the Coronavirus Aid, Relief and Economic Security (CARES) Act, most companies suffering a negative financial impact from the COVID-19 pandemic are looking to participate in that program. However, a number of changes to the Small Business Administration’s  (SBA) Economic […]

PA CARE Package to Provide Consumer Loan Relief

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On March 30, 2020, the Pennsylvania Attorney General’s office launched “PA CARE Package,” an initiative focused on securing economic relief for Pennsylvanians impacted by the COVID-19 outbreak. This program will implement and expand on the recently passed federal CARES Act to protect Pennsylvania consumers. Under the PA CARE Package initiative, banks and financial institutions across […]

Paycheck Protection Program Loans (PPP) Available Under the CARES Act

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UPDATE (4/1/20): Applications for small businesses and sole proprietorships will be available April 3, 2020. Independent contractors and self-employed individuals can apply beginning on April 10, 2020. Click here for the application form. Fact sheets for borrowers and lenders are also available. The Treasury urges those in need of funding to apply quickly, noting that […]

Start Date Set for FFCRA Employment Tax Credits

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The Internal Revenue Service has issued Notice 2020-21 announcing start dates for the employment tax credits for paid qualified sick leave and family leave wages required by the Families First Coronavirus Response Act (FFCRA). As per the guidance, the credits will apply to wages and compensation paid for periods beginning on April 1, 2020, and […]

Advising Amid Uncertainty

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The news coming from all directions relating to the COVID-19 pandemic is, and should be, the priority of every American, as well as citizens of the world. The worry and uncertainty created by this outbreak is definitely shaking the fabric of our economy, but we are hopeful that the situation will be short-lived, and our […]

IRS Extends Due Date for Estate and Gift Taxes

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The IRS has announced that the due date for filing returns and making payments for federal gift and generation-skipping transfer tax has been extended until July 15, 2020.  This additional coronavirus relief guidance was released in Notice 2020-20, which updates the previously-released Notice 2020-18. These estate and gift tax returns would have been due on […]

CARES Act Stimulus Bill Becomes Law

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President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, after the bill was approved by voice-vote by the House of Representatives earlier that day. That vote followed unanimous approval by the Senate on March 25, 2020. The 880-page, $2 trillion Act includes provisions designed to provide economic stimulus […]