The Small Business Administration (SBA) has just issued an email scam alert originating from sba-attorneys.com. Per SBA guidance do not reply. See full alert from SBA below. https://www.sba.gov/document/report-sba-programs-scams-fraud-alerts This communication should not be construed as tax or legal advice or tax or legal opinion on any specific facts or circumstances. This communication does not create [...]
The Treasury Department and the IRS have issued guidance on the August 8, 2020, order by President Trump to defer the withholding, deposit, and payment of certain employee payroll tax obligations on wages from September 1, 2020 through December 31, 2020. Under the guidance: 1) the due date for the withholding and payment of [...]
In an effort to keep our clients and our community informed we are releasing the below statement. Governor Wolf’s $50 Million-Dollar Hazard Pay Grant Program This program provides grants of up to $3 million dollars to businesses in the Healthcare, Transportation, Food, Security and Janitorial industries. The money received from this program is to [...]
COVID-19 Relief Pennsylvania Statewide Small Business Assistance FACT SHEET The COVID-19 Relief Pennsylvania Statewide Small Business Assistance program will provide grants ranging from $5,000 to $50,000 to small businesses that have been economically impacted by COVID-19. This is not a first-come, first-served program. There will be multiple rounds of application windows. The Pennsylvania CDFI Network [...]
The Paycheck Protection Program Flexibility Act (PPPFA) passed nearly unanimously by the U.S. House of Representatives and U.S. Senate. President Trump signed it into law on Friday June 5, 2020. The PPPFA was intended to ease some of the forgiveness provisions of the CARES Act passed on March 27, 2020, as well as correct some [...]
On May 28, 2020, the House overwhelmingly passed a bill to loosen key rules for the Paycheck Protection Program (PPP). The plan would: Reduce the percentage of aid money that must be spent on payroll from 75% to 60% Extend the window businesses have to use the funds from 8 weeks to six months Push [...]
Yesterday afternoon the SBA extended until May 18, 2020 the PPP loan return-by date related to the PPP loan “necessity” certification. This is the second extension of the return-by date which allows PPP borrowers who determine they cannot meet the necessity certification required for all PPP loans to return the funds. This extension is intended [...]
Yesterday the Small Business Administration (SBA) issued a new FAQ which helps PPP borrowers whose employees elect not to return to work. As set forth in the CARES Act, the PPP loan amount eligible for forgiveness is to be reduced, in part, if a PPP borrower’s average number of full-time equivalent employees during the 8-week [...]
The Internal Revenue Service (IRS) recently released guidance on the deductibility of expenses reimbursed by a Payment Protection Program (PPP) loan that is then forgiven. In Notice 2020-32, the IRS states that no deduction is permitted for expenses normally deductible to the extent the expenses were reimbursed by a PPP loan that was forgiven. The [...]
On April 6, 2020, Montgomery County Board of Commissioners announced the MontcoStrong Small Business Grant Program. Applicants must be a for-profit business with a physical location in Montgomery County, Pennsylvania, employing no more than 50 individuals and impacted by the COVID-19 pandemic. For full details visit www.montcopa.org/MontcoStrongSBGP. Applications will be accepted beginning on Wednesday, April [...]