Privately Held & Family-Owned Business

employer tax credit

Taxpayers Requesting Advance Payment of Employer Tax Credits May Get a Letter From the IRS

July 15, 2020

The IRS is sending letters to taxpayers that are experiencing a delay in the processing of Form 7200 (Advance Payment of Employer Credits Due to COVID-19). Taxpayers can file Form 7200 to request an advance payment of the employer tax credits for qualified sick and qualified family leave wages as well as the employee retention…

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covid-19

How Employers Need to Report Qualified Sick Leave and Family Leave Wages

July 9, 2020

The IRS released guidance for employers on reporting the amount of qualified sick and family leave wages paid to employees under the Families First Coronavirus Response Act. The Families First Coronavirus Response Act requires certain employers with less than 500 employees to provide paid sick leave or expanded family and medical leave for specified reasons…

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ppp loan

Paycheck Protection Program Application Window Extended

July 7, 2020

On July 4, President Trump signed the “PPP Extension Act”, a bill to re-open the application window for the Paycheck Protection Program (PPP). The new deadline to apply for a PPP loan is August 8, 2020. The additional five weeks gives small businesses the opportunity to apply for relief through the federal loan program. The…

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paycheck protection program

What Small Businesses Should Know About the Paycheck Protection Program and Other SBA Loans

June 29, 2020

The SBA offers Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDLs) to small businesses impacted by the Coronavirus pandemic. Eligible small businesses may apply for the PPP in addition to other SBA loans, such as section 7(a) loans or EIDLs, but there are important considerations you should know. If you receive both a…

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PPP loan

Paycheck Protection Program Early Loan Forgiveness

June 25, 2020

Small businesses that have received Paycheck Protection Program (PPP) loans may apply for early loan forgiveness before the 24-week or 8-week covered period ends if the borrower has used all the loan proceeds for which the borrower is requesting forgiveness. But it comes with a caveat. According to the US Small Business Association and Treasury’s…

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ppp loan forgiveness application

Updated Paycheck Protection Program Loan Forgiveness Applications Released

June 18, 2020

Updated Paycheck Protection Program (PPP) Loan Forgiveness Applications have been released by the US Small Business Association and Treasury Department in an effort to make the process easier for borrowers as well as reflect the changes from the recent passage of the Paycheck Protection Program Flexibility Act. Two versions of the Loan Forgiveness Applications are…

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