PPP & The CARES Act Following the passage of the $2.2 trillion CARES Act stimulus package at the end of March, one of the most talked about provisions was the Paycheck Protection Program (PPP). The CARES Act had earmarked $349 billion for PPP, which was designed to help small businesses cover their payroll, benefits, utilities, […]
For years, experts have been saying that everyone – including average citizens – needs to have some type of emergency fund in place to help them get through any “rainy days” that may lie ahead. The advice usually varies depending on the source, but most recommend having an emergency fund equivalent to at least three […]
To encourage charitable contributions to deserving qualified charities during these trying times, Congress has relaxed some of its restrictions related to how much a taxpayer can deduct as a charitable contribution in any given year.
As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, Congress restored the ability of businesses that suffer a loss to carry those losses back and recover taxes paid in prior years. The limitation on business interest deductions has also been relaxed, as […]
The IRS is planning to create a new, online portal called “Where’s My Economic Impact Payment” where people can obtain details about their payment from the economic stimulus package and also provide their banking information.
To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress has provided a refundable employer retention credit available to all qualifying employers regardless of size, including tax-exempt organizations.
Among the hardest hit during the coronavirus epidemic are the small businesses that have lost their revenue sources and do not have the financial resources to weather the storm. In this case, the federal government’s SBA (Small Business Administration) Economic Injury Disaster Loan (EIDL) can help a business make it through these trying times.
CDC Guidelines Practice social distancing – keep a minimum of 6 feet a part Wash hands often, with soap – for 20 seconds minimum Use hand sanitizer only if soap and water are not available Don’t touch your face Say home if you are sick or if a family member is sick Cover mouth and […]
To our valued clients and friends, Things are changing by the day as governments continue grappling with ways to provide relief during the Coronavirus Pandemic. Please see below for updates on various taxing jurisdictions: State of Oregon Except as specifically stated in this order, this order does not change any other payment, filing or other […]
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Here are the questions you may be asking and what you need to know.