Business Tag

Understanding the tax responsibilities that come with starting a business venture can save taxpayers money and help set them up for success. IRS.gov has the resources and answers to help people through the process of starting a new business. Here are six tips for new business...

16 October, 2020

Borrowers under the Paycheck Protection Program (PPP) can qualify for partial loan forgiveness if less than 60% of the PPP loan is used for payroll, the U.S. Small Business Administration (SBA) and Treasury said Monday. Legislation signed June 5 lowered to 60% from 75% the minimum...

09 June, 2020

Congress recently passed legislation to loosen some of the restrictions that came with the popular Payroll Protection Program; the president signed it into law on June 5. The new law runs only about 1,000 words, but contains several major changes that vastly extend the terms of...

08 June, 2020

The U.S. House approved legislation Thursday making it easier for small businesses and other recipients of Paycheck Protection Program (PPP) funding to qualify for forgiveness of the loans. The House bill, called the Paycheck Protection Flexibility Act, H.R. 7010, extends from eight weeks to 24 weeks...

01 June, 2020

The SBA released the Paycheck Protection Program Loan Forgiveness Application on May 15, 2020 at 7:30 p.m. Below are the most salient points from the guidance: Simplifies the 8-week cutoff   The new guidance allows use of an 8-week covered period from loan disbursement date or “Alternative Payroll...

17 May, 2020

Businesses and Non-Profit Organizations that together with their affiliates accepted Paycheck Protection Program (PPP) funds of less than $2 million will be assumed to have performed the required certification concerning the necessity of their loan requests in good faith, according to guidance posted by the...

15 May, 2020

You may have been one of the businesses that pounced on the hastily assembled Paycheck Protection Program in hopes of getting a loan. Many businesses succeeded, but some did not, and it's not always clear why. If you didn't, here are some clues why. Your first...

11 May, 2020

As of now, it is unclear what specific documentation will be required when you approach your bank to request forgiveness of your PPP loan. Unless the SBA follows up with more guidance, individual banks could have different standards when it comes to documentation required for forgiveness. This...

06 May, 2020

The race is on. The Small Business Administration (SBA) started taking applications for the second round of the Paycheck Protection Program (PPP) as of 10:30 a.m. on Monday (April 27). President Donald Trump signed the $484 billion COVID-19 rescue bill on Friday (April 24). It includes $310 billion in new money...

28 April, 2020

We are well aware now that a pandemic can incapacitate some employees and cause us all to self-quarantine. This is a major disruption of normal operations, and yes, large numbers of employees are working from home. Your continuity plan should: Establish a strategy that enables employees...

22 April, 2020