The CARES Act AND the Economic Aid to Hard-Hit Small Business, Nonprofits, and Venues Act (signed into law on 12/27/20) lists the items that can be used to calculate Payroll Costs for a new loan request and “Eligible payroll costs” and “Eligible nonpayroll costs”…
Blog Archives
New Round of Economic Injury Disaster Loan (EIDL) Advances
The SBA is launching a new round of Economic Injury Disaster Loan (EIDL) Advances – called Targeted EIDL Advance – which provides eligible businesses with $10,000 in total grant assistance. If you received the EIDL Advance last year in an…
Posted in Tips
Businesses Can Deduct 100% for Food or Beverages from Restaurants Beginning 1/1/2021
The Treasury Department and the Internal Revenue Service issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct…
Unemployment
Colorado’s unemployment system (and unemployment systems across the country) has been targeted by complex and sophisticated criminal rings in an attempt to take advantage of the pandemic by fraudulently collecting benefits. In 2019, Colorado saw 88 fraudulent claims, while 2020…
Tax Day for Individuals Extended to May 17
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be…
PPP Schedule C Filers
On March 3, the SBA released an interim final rule which officially implements changes to the Paycheck Protection Program that had previously been announced by the White House on February 22. One of the most impactful changes applies to borrowers who…
Posted in Taxes
PPP Second Draw
The Biden administration updated PPP guidelines to help smaller businesses access emergency funds. February 24-March 9 was designated as a priority window for businesses with fewer than 20 employees. The formula for calculating loan amount eligibility has also been adjusted from…
Posted in IRS
PPP Forgiveness for Loans $50,000 or Less
Recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application that was released Thursday by Treasury and the U.S. Small Business Administration (SBA). The new application form, SBA…
Payroll Protection Program Loan Forgiveness Changed as Senate passes House bill
The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The Senate…
CARES (Coronavirus Aid, Relief, and Economic Security) Act
* subject to change Best/accurate info at sba.com or treasury.gov Phase 3, March 27, 2020 $2 Trillion Support loans and loan guarantees for large businesses and governments Small business loans & grants Unemployment insurance expansion Issue one time checks (tax…