SBA Releases New PPP Applications

Earlier this week the SBA released a few items of guidance regarding the recently enacted Flexibility Act and new forgiveness applications.   As a reminder, the Flexibility Act extended the PPP forgiveness period from 8-weeks to 24-weeks. Borrowers still have the option of using an 8-week forgiveness period. It also reduced the amount required to be spent on […]

Paycheck Protection Program Reform Bill Coming

The U.S. Senate passed the House version of the Paycheck Protection Program (PPP) and the President is expected to sign it. The updated legislation, passed Wednesday night, will triple the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. Following is a […]

PPP Forgiveness Guidance Issued as Congress Mulls Changes

A couple new interim final rules were issued late Friday giving additional details on forgiveness. The rules didn’t make needed changes to either the eight-week period during which PPP funds must be spent to qualify for forgiveness or the rule requiring PPP borrowers to spend at least 75% of the funds on payroll costs to […]

Maximizing PPP loan forgiveness

As a recipient of a Paycheck Protection Program loan, we want to remind you of program rules— especially in relation to maximizing loan forgiveness. Regulations and guidance from the government have evolved and we will continue to keep you updated on changes moving forward. General rules Borrowers are eligible for loan forgiveness equal to the […]

Important EIDL Advance Program Update

As we continue to monitor updates to the recent legislation in Washington, we learn just how quickly things can change.   This morning we learned that the U.S. Small Business Administration’s Massachusetts District Office announced that, nationwide, the SBA has decided to implement a $1000 cap per employee on the EIDL Advance, up to a maximum […]

COVID-19 Program Updates

We hope that everyone is staying safe and healthy through this difficult and challenging time.  We continue to service everyone either from our homes or, for a few of us, our offices.     The COVID-19 health crisis is now in its third week and Paycheck Protection Program (PPP) applications are moving at a hectic pace.  We are […]

The Coronavirus Aid, Relief, and Economic Security (CARES) Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic. While the focus of the legislation is not tax, a large number of tax provisions […]

Small Business Exemption, SBA Funding, PA Tax Deadline Extended

Updated Coronavirus Information  Thank you for your patience as we adapt to these fast changing and challenging times. We’d like to update you on a few items from our last communication.  Emergency Paid Sick Leave Act and the Emergency Family Medical Leave Act – Small Business Exemption  The legislation passed by Congress and signed by the […]

COVID-19 Update: What Employers Need to Know

What employers need to know:  Emergency Paid Sick Leave Act and the Emergency Family, Medical Leave Act, Updated Dates for Tax Filings and Gift Offices Update  Emergency Paid Sick Leave Act  The Act requires that employers with 500 or fewer employees (used to be 50 or more) provide paid sick leave to all employees for any […]

Tax Law Changes: 2020 Updates

Lots of tax changes are coming your way for next year’s tax returns. As part of the Consolidated Appropriations Bill signed into law on Dec. 20, 2019, Congress formalized several tax extenders as well as some repeals on taxes related to the Patient Protection and Affordable Care Act. Each of these could affect your tax […]