For 2020, eligible employers with a PPP loan can now claim the Employee Retention Credit (ERC), although the same wages cannot be counted for both. The IRS has made clarifications to the CARES Act changes passed late December that expanded eligibility for the ERC in 2020. It now may be easier for employers to both
New PPP Loan Parcel Plus Tax Provisions Packaged In 2021 COVID Relief Bill
Extension and Enhancement of PPP Loans The Consolidated Appropriations Act, 2021, makes available an additional $284 billion in PPP loans. What does the “ACT” mean for you and your business? If you are a first-time borrowers that meets the eligibility criteria, you can apply, because the availability of PPP Loans has been extended. If you
Biden’s Tax Policy Changes Will Impact 2021 Tax Planning
Nothing is yet set in stone, but we want to alert clients to “expect the unexpected” when it comes to potentially significant tax and regulatory policy changes in 2021. The first hint of things to come may be hidden in President Joe Biden’s American Rescue Plan. The $1.9 Trillion COVID-19 relief package represents the Biden administration’s
New PPP Access Window for Small Businesses Opens February 24th
President Joe Biden just announced there will be a 2-week period starting on Wednesday, February 24, 2021, during which only businesses with less than 20 employees will be able to apply for a Paycheck Protection Program (PPP) loan. The White House is hoping to further target the PPP Loan to the smallest businesses. The administration
Patience Needed for The PPP & ERC
“Patience is not the ability to wait, but the ability to keep a good attitude while waiting.” Patience is a virtue when it comes to PPP loans and forgiveness applications, it needs to be done right and that takes time. Matters have been complicated by changing guidance and regulations that continue to be published weekly,
PPP Forgiveness Simplified For Loans Less Than 50K
Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was just released by Treasury and the U.S. Small Business Administration (SBA). Under the interim final rules, PPP borrowers of $50,000 or less are exempted from any reductions in forgiveness based on:
Guidance For PPP Borrowers With Ownership Changes
The SBA recently issued more new guidance relating to tax-favored loans under the Paycheck Protection Program – this notice concerns responsibilities and procedures when there is a change of ownership for a business entity that has received a PPP Loan. According to the new SBA guidance, there is a change of ownership for these purposes
Main Street Lending Program Means Business
Beyond the PPP loan and EIDL $$$ we have the little known Main Street Lending Program. The Main Street Lending program was announced in April by the Federal Reserve to provide up to $2.3 trillion in loans to households, businesses, and state and local governments struggling to deal with the financial fallout from the COVID-19
Take Advantage of Temporary Tax Changes for Charitable Contributions
Done any good deeds lately to help the community during COVID-19? Take advantage of these temporary changes involving charitable contributions made by individuals and businesses. Please help us spread the word! The CARES Act makes a new charitable “universal deduction” available to individual taxpayers that do not itemize their deductions. This new benefit allows for
Leave No Stone Unturned In The New Pandemic Normal
Here at Fuoco Group and TFG, we are more than just CPAs, we are business and financial advisors. We are focusing on how to help our clients position themselves to pivot post pandemic. At some point when the virus is under control and the economy begins to strengthen, the businesses that are still standing will
