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Philip L. Liberatore, CPA Blog
President Trump Signs Four Executive Orders
This past weekend, President Trump took executive action and signed four orders to assist with COVID relief efforts. 1. Unemployment Benefits The President has issued an additional $400 supplemental weekly payment retroactively starting on August 1st. Trump has diverted $44 billion from FEMA’s Disaster Relief Fund to cover the unemployment program and that would last …
PPP Loan Application Deadline Extended
Great news for those who have not received a PPP loan yet: 1. PPP Application Deadline The deadline to apply for a PPP loan has been extended to August 8, 2020. Please be aware of scammers. Find reputable approved lenders on the SBA website by clicking on the link below: https://www.sba.gov/paycheckprotection/find The SBA is also … Read More
Important Deadlines Coming up
1. PPP Application Deadline The deadline to apply for a PPP loan is June 30, 2020. Beware of scammers offering a way to get a PPP loan. Find approved lenders on the SBA website by clicking on the link below: https://www.sba.gov/paycheckprotection/find 2. Tax filing Deadline The 2019 tax filing and payment deadline is July 15, … Read More
PRESIDENT SIGNS NEW LAW RELAXING PPP RULES FOR FORGIVENESS
The President signed into law the Paycheck Protection Program Flexibility Act (PPPFA) which changes forgiveness terms for small businesses. This new law includes the following changes: 1. Amount of loan needed for payroll changes to 60% The PPPFA reduces the percentage of the loan to be spent on payroll from 75% to 60%, thus increasing …
Lookout for Scams Targeting Your Stimulus Payments
Economic Impact Payments (Aka Stimulus Payments) have been delivered to many Americans via direct deposit and via U.S. Treasury check (starting last week). The Treasury Inspector General for Tax Administration anticipates criminals will engage in various attempts to intercept these payments, and/or steal sensitive taxpayer information. As a reminder, here are some tips to avoid being a …
Employee Retention Credit
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an employee retention tax credit (Employee Retention Credit). The IRS released a set of frequently asked questions regarding the Employee …
Paycheck Protection Program
Yesterday, the Treasury Department released details about how small businesses can apply for the Paycheck Protection Program – which provides $349 billion in loans to businesses employing fewer than 500 people. To expedite the process, the loans will have same-day approval. CLICK HERE TO DOWNLOAD THE APPLICATION FORM Starting April 3, 2020, small businesses and …
Small Business Relief Quick Guide
Options to help small businesses through the Covid-19 Shutdown Small Business Assistance (SBA) Economic Injury Disaster Loan program, there are two programs SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss …
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
On March 27, 2020, the United States Congress passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), aimed at providing financial relief to the American people and American businesses in response to the economic fallout from the fast-developing coronavirus (COVID-19) pandemic. The measure provides direct financial aid to American families, payroll and operating …
LATEST RELIEF UPDATES
As we continue to navigate through the impact of COVID-19, we want you to know that you and your family are our top priority. We pray that you continue to stay safe and healthy. As the situation surrounding COVID‑19 rapidly evolves, we want to keep you informed of all the latest news updates and resources … Continue reading
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