SBA issues details for Paycheck Protection Program loans

  • 3 April 2020
  • Author: machele
  • Number of views: 7
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The U.S. Small Business Administration on Thursday issued an interim final rule for the Paycheck Protection Program (PPP), which is offering $349 billion in forgivable loans that small businesses impacted by the coronavirus pandemic can use to cover costs including payroll and rent.  

Applications for small business Paycheck Protection Program open April 3

  • 1 April 2020
  • Author: machele
  • Number of views: 19
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Small businesses and sole proprietorships affected by the coronavirus pandemic can apply for loans under the federal Paycheck Protection Program (PPP) beginning Friday.

Starting April 10, independent contractors and self-employed individuals can apply.

Coronavirus Emergency Loans Guide and Checklist for Small Businesses and Nonprofits

  • 31 March 2020
  • Author: machele
  • Number of views: 26
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The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses and nonprofits keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to eligible organizations.

Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help organizations understand what to expect and prepare to file for a loan

GUIDE TO THE CARES ACT

  • 30 March 2020
  • Author: machele
  • Number of views: 23
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To help small business owners and entrepreneurs better understand the new programs that will soon be available to them, we have created a comprehensive guide to many of the small business provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress. These programs and initiatives are intended to assist business owners with whatever needs they have right now. 

IRS posts FAQs about coronavirus-related filing and payment extensions

  • 25 March 2020
  • Author: machele
  • Number of views: 44
  • 0 Comments
In response to practitioners’ questions about the filing and payment deadline extension announced Friday in Notice 2020-18 (discussed here), the IRS posted 24 questions and answers on its website Tuesday. The answers clarify that only payments that are actually due on April 15 are delayed. Therefore, first quarter 2020 estimated income tax payments and Sec. 965(h) transition tax installment payments due April 15 are postponed until July 15, but June 15 estimated tax payments are not.
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