Federal tax-filing DEADLINE to July 15, 2020 has been EXPANDED

Good Morning, Previously, the Secretary of the Treasury granted an extension of time until July 15, 2020, to make payments and file tax returns that were otherwise due April 15, 2020. Late yesterday, additional broad tax filing and payment relief was granted. This additional relief applies to certain taxpayers who have a filing requirement or payment deadline on or after April 1, 2020, and before July 15, 2020. During this period, there will be no interest, penalty, or additional tax assessed. Payment and filing obligations included in this additional relief are: Individual income tax payments and return filings on Form 1040 Quarterly estimated ...

PPP Loan Application Update

Good Morning, Passing along brief updated guidance that was published by the SBA last night. A revised application was released, which can be accessed here. E-signatures can be used. Confirm with your lender regarding protocol for submission Payroll period to be used is generally calendar year 2019, unless you are a seasonal business Confirms independent contractors do not count as employees when calculating payroll costs. Question 7 changed. Currently, it reads: “Is the United States the principal place of residence for all employees of the Applicant included in the Applicant’s payroll calculation above”. It previously inquired about the U.S. citizenship status of 20%+ ...

US Treasury Issues Top Line Guidance

Good Evening, This afternoon, the US Treasury issued top line guidance on the Paycheck Protection Program (PPP). Please reference each link below for specific guidelines: Small Business PPP Overview PPP Information Sheet for Borrowers PPP Application Form, including Instructions Items to note, according to the information released today: The interest rate is 0.5%. Previous information indicated the rate would be up to 4.0%. The term of the loan is 2 years. Previous information indicated a 10-year term. It is anticipated not more than 25% of the forgiven amount may be for non-payroll costs. Small businesses and sole practitioners may apply starting April 3, ...

Payment Protection Program Update

Good Afternoon: Please be aware that the Paycheck Protection Program (PPP) has a total of $349 billion available to fund all loans across the U.S., and banks are anticipating a high demand for these funds. Since there is an overall limitation of the total loans available under the PPP, we recommend that you notify your banker right away that you intend to submit an application and inquire about the documentation requirements. While the Small Business Administration is still finalizing documentation requirements for lenders, we recommend that you be ready to provide the following information: Payroll reports for 2019 and 2020 ...

SBA Disaster Loan Comparison

Good afternoon, We hope you, your families, and your co-workers are staying safe. Please click here for a comparison of loan opportunities under the SBA Economic Injury Disaster Loan (EIDL) process and the CARES Act Paycheck Protection Program (PPP). The EIDL application process continues to be available online. The PPP loans will be coordinated by banks which have been approved as SBA lenders. We understand these banks are awaiting guidance from the SBA, so the application process is still being developed. We expect that most businesses with payroll and self-employed individuals will want to apply for the PPP loans, as these loans are generally ...