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…
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…
No, it isn’t an April Fools prank. There are ways small businesses can receive cash in a short period of time. There are a number of loans and other programs available, however, keep in mind that businesses may not apply for different loans to cover the same costs. Let’s compare the Economic Injury Disaster Loan…
Everyone has questions about the Coronavirus Aid, Relief and Economic Security (CARES) Act that was passed by Congress and signed by the President last Friday. It is a voluminous bill of over 800 pages and provides $2 trillion designed to provide relief for American workers, businesses, hospitals, government, and certain nonprofits and other employers. A…
On Wednesday evening, the Senate passed a $2 trillion stimulus package which is designed to provide relief for American workers, businesses, hospitals and government which are sorely in need during the coronavirus pandemic. It was approved unanimously by a 96-0 vote, and now must be voted on by Congress. That vote is expected on Friday….
The IRS has unveiled the new People First Initiative to help everyone coping with the challenges of COVID-19. Relief is provided on a variety of issues ranging from easing payment guidelines to postponing compliance actions. Specifics about the implementation will be shared soon. For more specifics on the bill click here.
We are continuing to monitor events, and while it is ever evolving, we hope you are finding it useful. We had hoped to be able to bring you news of a new Federal Stimulus Bill today which is sorely needed to provide financial assistance to the economy as a whole. However, today is not the…
As previously discussed, we are continuing to keep you abreast of a fluid situation that changes by the minute. The IRS will allow Taxpayers to defer payments for their 2019 tax returns until July 15. This is subject to certain caps: Individuals can defer payments up to $1 million and corporations can defer payments up…