Posts by Jennifer Eubanks
Tax Implications of Coronavirus Relief
A number of tax implications evolve as a result of relief provided by the Coronavirus Aid, Relief and Economic Security (CARES) Act, and the Families First Coronavirus Response Act (FFCRA). We’ve created a summary of information as it has evolved to date.
Read MoreMurky Waters for Government Contractors Receiving PPP Funds
Government contractors, constantly vigilant and monitoring compliance with Federal Acquisition Regulations are faced with unprecedented uncertainty and questions surrounding acceptance of Paycheck Protection Program (PPP) funds and payments under Section 3610 of the CARES Act. Contractors must consider a) the ban against ‘double dipping’ of funds and b) must also consider that loan forgiveness under the PPP may be interpreted as a credit due back to the government in accordance with FAR 31.201-1 (a).
Read MoreSmall Businesses Suffer with SBA Out of Funds
On Thursday April 16th, just 14 days after small businesses across America were first able to apply for loans through the $349 billion Paycheck Protection Program, the U.S. Small Business Administration announced it had exhausted its allotted funds and stopped accepting applications. Ironically, Capital One and Wells Fargo opened their application portals within the last two days…
Read MoreSBA Issues New Interim Rule – Temporary Changes Impacting Self-Employed and Partnership Access to PPP Loans
We’ve received many questions from individuals with self-employment income filing on Form 1040 with a Schedule C. The repeated question is whether these individuals are eligible for a PPP loan, and if so, how to determine the maximum loan amount. The new interim rule answers this question. If you have no employees, the following methodology…
Read MoreCARES Act – Tax Savings and Business Opportunities
Small Businesses may be able to take advantage of a number of tax savings and cost deferral opportunities presented by the CARES Act. Read on to learn about a few of the provisions and potential savings. Deferral of employer Social Security tax You can generally defer the employer share of the 6.2% Social Security tax…
Read MoreIRS Extends More Tax Deadlines
The IRS announced today that all taxpayers having a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020 will receive an extension to July 15, 2020. This includes payments for estimated taxes, normally due 6/15/2020. This means that any individual or corporation that has a quarterly estimated tax…
Read MoreCapital One still not accepting applications for the Paycheck Protection Program
While most banks have successfully rolled out online portals to accept Payroll Protection Program applications, Capital One remains closed for applications. Businesses who bank with Capital One are looking for other options. Below is a link to a list of banks taking applications from new customers, compiled by Forbes Magazine. https://www.forbes.com/sites/brianthompson1/2020/04/09/banks-and-fintech-companies-accepting-paycheck-protection-program-loan-applications-from-new-and-non-bank-customers/#599f3af8b950 We understand Gusto is…
Read MoreGoogle Tells us Who is Moving Around
Check the link below to see what Google tells you about the movement in your area. Google’s report tells us how we are responding to orders to stay home and shelter in place. How are we doing? Cutting to the chase: we are moving around less, and staying home more – but not all of…
Read MoreBREAKING UPDATE – Paycheck Protection Act: Where to find a loan, and how much am I eligible to receive?
We’ve spoken with so many of you, and understand there are many, many questions small business owners have surrounding the Payroll Protection Act, how it works, what banks are participating and how to apply for the funds. A few comments to the most frequently asked questions are below. How do I calculate Average Payroll Costs…
Read MoreWhat’s the Status of Your Economic Injury Disaster Relief Loan (EIDL)?
This message was shared by a colleague after calling the SBA yesterday, 4/3/2020, to inquire about her EIDL status: EIDL applications (Application # starts with a 2) that are IN REVIEW are frozen in review. If you applied for this prior to 3/31, you received an email confirming your submission. They are ONLY processing the…
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