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

IRS urges employers to choose carefully when selecting a payroll service provider

Below are highlights from IRS Issue Number:  IR-2020-186 Many employers outsource their payroll and related tax duties to third parties. This streamlines business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax

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Applications Now Open for 2021 Pikes Peak Small Business COVID-19 Relief Program

El Paso County is working with the Pikes Peak Area Council of Governments (PPACG) to distribute additional relief funding locally, through a new grant program, the 2021 Pikes Peak Small Business COVID-19 Relief Program. Grant awards will be a maximum

Posted in Colorado, Tips

IRS Expected to Audit More Small Businesses in 2021

After years of low examination rates, the IRS announced it will increase audits of small businesses: by 50 percent. This news comes during a time when complex tax law changes and economic stimulus programs in response to COVID-19 have made

Posted in IRS, Taxes, Tips

CARES Act Special $300 Deduction for People who Claim the Standard Deduction

The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted by Congress last spring, includes temporary tax changes helping charities including a special $300 deduction designed especially for people who choose to take the standard deduction, rather than itemizing their

Posted in IRS, Taxes, Tips

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

Posted in IRS, Taxes, Tips

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

Posted in IRS, Taxes, Tips

Survive and Thrive COS

Survive & Thrive COS provides funding in the form of low-interest loans of up to $25,000, to support resiliency and continue building healthy businesses and nonprofits.   There are no stipulations for what the money can be used. ELIGIBILITY For profit

Posted in Colorado, Tips

Should I borrow from my 401(k) plan? When it Works

Borrowing from a 401(k) plan can make sense when cash is needed for a serious SHORT-TERM liquidity need.  “Short-term” is roughly a year or less.  “Serious liquidity need” does NOT include a sudden yearning for a flat-screen TV. The best

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Should I borrow from my 401(k) plan? Purchase a Primary Residence

Regulations require 401(k) plan loans to be repaid on an amortizing basis over not more than five years, unless the loan is used to purchase a primary residence. Longer payback periods are allowed for these particular loans. Evaluating the use

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