COVID-19 Updates

Senate Passes Paycheck Protection Program Flexibility Act  As expected, the Senate has passed the House of Representatives’ version of the Paycheck Protection Program (PPP) Flexibility Act on June 3, 2020.This legislation will remove many restrictions from the original PPP terms while still allowing businesses to maximize forgiveness.   Key Provisions Some of these highlights are recaps of our previous email. Others have clarified the details of the Act. Below are the provisions that have … Read more

PPP Loan Forgiveness- Possible Loosened Restrictions   The House of Representatives has passed the Paycheck Protection Program Flexibility Act to the Senate on May 28, 2020 with a 417-1 vote. The bill will make qualifying for PPP loan forgiveness easier for borrowers. This is done by loosening some of the restrictions originally put in place as part of the CARES Act on March 27, 2020.  It is important to note that this bill is not a law at the … Read more

Orange County COVID-19 Layoff Aversion Support Fund Program  In breaking news, the California Employment Development (EDD) funded $700,000 to Orange County’s Workforce Development Board (OCWDB) in partnership with the Orange County Community Services- Community Investment Division. These funds have been put into the COVID-19 Layoff Aversion Support Program to help small businesses within the Orange County area mitigate layoffs and follow federal and state health orders, such as “social distancing”.  This program only has an application window … Read more

Paycheck Protection Plan (“PPP”) Loans – Disbursement  and Use of Loan Funds – Best Practice Guidelines PPP Loans – Best Practice Guidelines: If you’ve been approved for the Paycheck Protection Program loan, you may have been wondering what are the best practices for receiving and using the funds and documenting the expenses the funds are used on. We have compiled some guidelines to help you as much as possible and we … Read more

Let Us Help: Paycheck Protection Program If you’re like many business owners in the US today, you’re trying to get the most information possible about how to keep your business running. The CARES Act created new relief loans for small businesses called Paycheck Protection Program (PPP) loans. They are intended to encourage employers to keep their employees on their payroll, so there are huge benefits to these loans. Loan Forgiveness If you spend the … Read more

IRS: Employee Retention Credit available for many businesses financially impacted by COVID-19 WASHINGTON — The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. Does my business qualify to receive the Employee Retention Credit? The … Read more

Tax Update: Scams and Phishing Attempts During COVID-19 The IRS has released a statement urging taxpayers to remain extra vigilant for scams and phishing attempts during these uncertain times. With taxpayers receiving economic impact payments, it is expected that there will be a criminal effort to intercept these payments. Red Flags Here is a list of different schemes scammers may try when aiming to steal your payment: Special Warning for Retirees The IRS has stated that if you … Read more