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New SBA Guidance on Payment Protection Program
On April 24, President Trump signed into law new legislation that provided an additional $310 billion in funding for the Paycheck Protection Program (PPP). Now effective, banks started accepting applications for the program. While the additional funding may bring hope to some businesses who were left out of the first tranche of PPP funds, guidance released by the Small Business Administration (SBA) and Department of Treasury...
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Additional Funds for Small Businesses: Details of the Just-passed $484 Billion Interim Stimulus Plan
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...
Read More »The CARES Act: Providing Immediate Relief from Payments on Certain Existing SBA Loans
The Coronavirus Aid, Relief, and Economic Security (CARES) Act has provided relief to many businesses, employees and other stakeholders. One provision benefiting small businesses that has not received as much attention as the high-profile Paycheck Protection Program is Section 1112, which is titled “Subsidy for Certain Loan Payments.” While the Paycheck Protection...
Read More »You Applied for the Paycheck Protection Program with Your Bank, and Your Request for Funds Was Granted — Now What?
On March 27, 2020, President Trump signed the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The Paycheck Protection Program (“PPP”) is an integral part of the CARES Act and currently provides almost $349 billion to eligible businesses, nonprofit organizations, and veteran organizations.
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Stimulus Package: Emerging Tax and Regulations Alert for April 13
The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional relief, outlined in...
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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...
Read More »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: 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...
Read More »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: 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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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...
Read More »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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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....
Read More »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...
Read More »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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