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Senate Passes PPP Extension Act

Yesterday, the Senate passed the PPP Extension Act of 2021, which extends the deadline for to apply for a first or second Paycheck Protection Program (PPP) loan to May 31. The Act also gives the Small Business Administration (SBA) an additional 30 days, until June 30, to process loan applications that are received by May…

NY & NJ Match Federal Move & Extend Filing Date To May 17

Matching the Federal move to extend the tax filing deadline to May 17, 2021, representatives from New York and New Jersey have announced that the filing deadline in those states have also been extended to May 17th.  The 30 day extension is intended to help those residents still coping with complications of the COVID-19 pandemic…

IRS Extends Filing Deadline For Individuals To May 17, 2021

The Treasury Department and Internal Revenue Service announced today that the federal 2020 income tax filing due date for individual tax returns and extensions has been  extended to May 17, 2021.  Individual taxpayers can also postpone federal income tax payments for the 2020 tax year until May 17th. The relief does not apply to estimated…

Highlights Of The American Rescue Plan Act

The American Rescue Plan Act of 2021 was passed by Congress and signed into law by President Joseph R. Biden on March 11, 2021. It provides approximately $1.9 trillion in support and stimulus for individuals, businesses, other organizations, and state and local governments who have been affected by the COVID-19 pandemic. Here’s a highlight of…

Changes Announced To PPP Program To Help Small Businesses

In an effort to provide better access to PPP funding for small businesses, President Joseph Biden recently announced some changes to the PPP loan application process. Beginning today, February 24, 2021 and continuing for 14 days, the SBA will only accept applications from businesses with fewer than 20 employees.  This exclusive window for small businesses…

Congress Expands Small Business COVID-19 Relief

Congress and the Trump administration have struck a deal on another piece of legislation, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic…

Paycheck Protection Program Runs Out Of Funding In Less Than 2 Weeks & Other News For Today!

PPP Loans We’ve been talking a lot recently about the various loans provided for in the CARES Act, particularly the Paycheck Protection Program (PPP), which in less than two weeks unfortunately ran out of the $349 billion in funding money this morning. Small businesses are continuing to submit loan applications and we understand that existing…

IRS Extends Payments For First & Second Quarterly Estimates Until July 15th!

The Internal Revenue Service (IRS) recently issued Notice 2020-23 which provides new guidance regarding extensions for several tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020. Specifically, the new notice postpones all quarterly estimated income tax payments that are normally payable between April 1, 2020 and July…

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