The US Treasury and US Small Business Administration released frequently asked questions on the Paycheck Protection Program. Lenders started accepting applications from small businesses and sole proprietorships on April 3 for the loans. (Starting April 10, 2020, independent contractors and self-employed individuals can apply.) The FAQs will help provide clarity for both borrowers and lenders…

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stimulus check

Many taxpayers will receive an economic stimulus check as part of the CARES Act, the federal government’s $2 trillion coronavirus relief package. It is intended to help ease the economic burden caused by the Coronavirus pandemic. Payment eligibility An eligible individual will receive a cash payment up to $1,200 ($2,400 for eligible married couples filing…

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employee retention credit

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes an employee retention credit for employers and nonprofit organizations. Employers can claim a payroll tax credit for 50% of wages paid by eligible employers to certain employees during the Coronavirus pandemic. Businesses and nonprofits that have fully or partially suspended operations are eligible for the…

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coronavirus scam

The Internal Revenue Service issued an important warning to taxpayers regarding attempted scams. IR-2020-64 The Internal Revenue Service urged taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus, or COVID-19. These contacts can lead to tax-related fraud and identity theft. “We urge people to take extra…

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cares act nonprofits

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion economic recovery package, is designed to help every aspect of the US economy, including nonprofit organizations. Most nonprofits affected by the coronavirus (COVID-19) outbreak are eligible for some relief under the CARES Act, but it depends on your group’s size, financial condition and other…

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