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Stimulus Package: How much can you expect?
Stimulus checks intended to ease the economic impact of the coronavirus pandemic will soon be on their way. Under the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, most Americans will get one-time direct cash payments of up to $1,200 and couples will get up to $2,400. Families will get an additional $500 per child...
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The CARES Act: Stimulus Package - Small Business Payment Protection Program Overview
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities...
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The CARES Act: Individuals Provision
Individual taxpayers can expect a recovery rebate check of $1,200 per individual ($2,400 for married couples filing jointly), plus $500 for each qualifying dependent child, as soon as the U.S. Department of the Treasury (Treasury) and IRS are able to process these payments. The recovery rebate begins to phase out for taxpayers whose adjusted...
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The CARES Act: Paycheck Protection Program – Emergency Relief
One of the core pieces of the CARES Act is the provision of $349 billion for small businesses through federally backed loans under a modified and expanded Small Business Administration (SBA) 7(a) loan guaranty program called the Paycheck Protection Program. Congress has designed the program to make funds available to qualifying businesses quickly through approved...
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The CARES Act: Business Provisions
The largest benefit available in the CARES Act for small businesses is the Paycheck Protection Program. Qualifying Small Businesses are eligible for emergency loans for business interruption because of COVID-19. Loans will be allowed to be used for payroll costs for domestic based employees, mortgage or rent payments, utility payments, and...
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Deadline for 2019 IRA Contributions Extended
Taxpayers have extra time to contribute to their individual retirement accounts now that the Internal Revenue Service has extended the tax filing and payment deadlines to July 15. In a just-released FAQ on the extension, the IRS states that contributions can be made to an IRA, for a particular year, at any time during...
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Families First Coronavirus Response Act
The Families First Coronavirus Response Act (FFCRA) requires certain employers to provide employees with expanded family and medical leave for specified reasons related to COVID-19. These provisions will apply from April 1, 2020 through December 31, 2020. Generally, the Act provides that employees of covered employers are eligible for...
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SBA Loan Assistance
A new IL Small Business COVID-19 Relief Program was announced earlier this week. It is an impact investment loan program under which the State Treasurer would make up to $250 million in deposits available to financial institutions throughout the state, at near-zero rates, to assist Illinois small businesses and non-profits negatively affected by the COVID-19 pandemic....
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Tax Day Extension to July 15 Announced
The deadline for individuals and businesses to file their income taxes will shift from April 15 to July 15, Treasury Sec. Steven Mnuchin announced today. Previously, the U.S. Treasury Department and the IRS had announced that taxpayers could defer making income tax payments for 2019 and estimated income tax payments for 2020 due April 15 (up to certain amounts) until July 15, 2020. Now, the federal government is stating that you don’t...
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Important IRS Update on Extended Payment Deadline & Payment Relief
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds...
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Extension of Tax Payment Deadline Announced
In an afternoon press conference today, Treasury Secretary Steven Mnuchin announced a plan to extend the April 15 tax deadline to pay taxes owed for individuals and many businesses by 90 days. Official details have not been released; however, based on the announcement it seems many taxpayers will benefit from the extension. We expect more important information to be provided shortly. Below are some key points from the announcement...
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"Taking Your Nonprofit Over the $1M Mark" Webinar
The Urban Institute’s Center on Nonprofits & Philanthropy (2018) says that 77% of nonprofits will never reach $1M of annual revenue. Why is this? Why do some nonprofits seem to grow quickly while others fight for every single $10 donation? Join Porte Brown Senior Manager, Megan Angle, as she hosts Shery Quam Taylor as she provides her methodology to help nonprofits secure larger donations and more donors to grow.
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Economic Summit: Interest Rates, Consumers Will Keep Economy Growing this Year, Expert Says
All signs point to a continuation of economic growth in the U.S. this year, although the margin for change is thinner than before, an economic expert told suburban business leaders Wednesday at the Economic Summit hosted by Porte Brown Accountants and Advisors in partnership with the Daily Herald Business Ledger.
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Porte Brown Named as One of the 2019 Top 50 Construction Accounting Firms
Porte Brown LLC, a Chicagoland accounting firm, is pleased to announce the firm has been named as one of the 2019 Top 50 Construction Accounting Firms by Construction Executive (CE). The CE Top 50 list is based on the total number of construction clients each firm has, the number of construction CPAs, the number of staff members with CCIFP certifications...
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Porte Brown Receives Open Systems Partner Achievement Award
Porte Brown LLC received an Open Systems Partner Achievement Award at the 2019 Open Systems Partner Symposium. Open Systems recognized its top partners for outstanding performance and commitment to their clients during a ceremony at The Renaissance Minneapolis Hotel.
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