Deferring Employee Payroll Taxes
The U.S. Treasury and IRS have released the initial guidance, Notice 2020-25, to put into operation the President’s Executive Order, which allows employers to defer employee payroll taxes beginning on September 1, 2020. It’s important to note that this relief is intended for the employer, not the employee. The employer is the “affected taxpayer” in this Executive Order.
PPP Interim Final Rule: Owner-Employee Compensation and Eligible Nonpayroll Costs
On Monday, August 24, 2020, the Small Business Administration (SBA) and U.S. Treasury released an interim final rule that gave further guidance on the Payroll Protection Program (PPP) loan forgiveness for owner-employee compensation and eligible nonpayroll costs.
PPP Loan Forgiveness Updates Webinar
Come join our webinar to get more information on the PPP loan forgiveness process. We will show you what the updated eligible expenses are, cover the new Paycheck Protection Flexibility Act, go through the new Interim Final Rule, and walk you through the rules for loan forgiveness. We want to give you the tools to succeed during this time.
Paycheck Protection Program Reminder
Just as a reminder, the Paycheck Protection Program (PPP) Loan application deadline is today (June 30, 2020). With today being the last day to apply for a PPP loan, there is no more time to wait if you have decided that this program is the right thing to do for your business. You will need to have all of the required information before you go to a lender, so be sure to talk to a lender representative beforehand to ensure that you are submitting and including all of the documents that they require to qualify you for a PPP loan.
Orange County Grant Small Business Relief Program
Would you like a grant of up to $10,000 from Orange County to help your small business? Read this today—help may be on the way! In general, the grants require that your business was affected by the COVID-19 Pandemic. The qualifications are generous, and different programs have different application deadlines, but all applications must be received soon and in general late applications will not be accepted.