SVOG: For-Profit Entity Audit Requirements

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On August 5, 2022

In Federal, Financial Resources, Webinars

On June 14, 2022, the Shuttered Venue Operators Grant (SVOG) team at the Small Business Administration (SBA) launched its third and last webinar in a three-part webinar series dedicated to the audit requirements of the SVOG Program entitled “Audit Requirements for For-Profit Entities.”

The topics covered included:

  • Overview of the For-Profit Guidance
  • Financial Statement Audit
  • Compliance Examination and Compliance Requirements
  • Which Option Should I Select?
  • Webinar Recap
  • Guest Speaker Discussion – Kim McCormick, Chair of AICPA Governmental Audit Quality Center Executive Committee
  • Information and Support

The primary audience of this webinar is specifically designed for for-profit entities that received SVOG awards only.… Read More

Relief for Employee Retention Tax Credit Penalties

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On June 10, 2022

In Federal, Financial Resources, State/Local

The Employee Retention Tax Credit (ERTC) helped employers bolster cash flow and avoided layoffs during the most uncertain periods of COVID. The confluence of state-issued forced business closures and stay-at-home orders created adverse conditions for many companies. The program provided a desperately needed capital infusion to struggling businesses. By the time it ended for most taxpayers on September 30, 2021, it was one of the most valuable tax credits at employers’ disposal, allowing businesses to recoup thousands of dollars per year, per employee.

As the rules changed for who could take the credit, and for what amounts, millions of companies applied for the ERTC retroactively.… Read More

SBA Announces Additional COVID Economic Injury Disaster Loan Program Deferment

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On March 21, 2022

In Federal, Financial Resources

On March 15, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA), directed the Agency to provide additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program Borrowers for a total of 30 months deferment from inception on all approved COVID EIDL loans. The extended deferment period will provide additional flexibility to small business owners impacted by the pandemic, especially those in hard-hit sectors managing disruption with recent variants, as well as recent supply chain and inflation challenges amid a growing economic recovery.

Since its inception, the COVID EIDL program, a federal disaster relief loan, has allocated more than $351 billion in relief aid to 3.9 million borrowers, including to the smallest of small businesses from historically underserved, disadvantaged communities.… Read More

SBA Details Process to Appeal Partial PPP Loan Forgiveness Decisions

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On February 7, 2022

In Federal, Financial Resources

Paycheck Protection Program (PPP) borrowers that received only partial loan forgiveness from their lenders have a new process for appealing the lender’s decision to the U.S. Small Business Administration (SBA).

In a procedural notice published Jan. 27, the SBA said the new appeals process was created after the agency received inquiries by borrowers that received partial forgiveness of their PPP loans because (1) their lender issued a partial approval decision to the SBA on the borrower’s loan forgiveness application, or (2) their lender required the borrower to apply for forgiveness in an amount less than the full amount of the PPP loan.… Read More

SBA Announces Updated Guidance Regarding Deadline for Targeted EIDL Advance Program Reevaluations

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On February 3, 2022

In Federal, Financial Resources

On Monday, the U.S. Small Business Administration (SBA) announced updated guidance for those small businesses that have already applied for the Targeted EIDL Advance program, received a decline, and are interested in applying for reevaluation. Specifically, the following updated guidance is being provided:

Current Targeted EIDL Advance applicants:

  • Those interested in being considered for reevaluation can submit their reevaluation requests until February 15. The SBA is no longer accepting new Targeted EIDL Advance applications as of December 31, 2021.
  • This opportunity is for small businesses that were declined for the Targeted Advance program and can provide additional information to demonstrate their eligibility.
… Read More

Employee Retention Credit No Longer Available for Q4 2021

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On January 21, 2022

In Financial Resources

The Employee Retention Credit (ERC) enacted in 2020 to help businesses weather the economic fallout of the COVID-19 pandemic is no longer available for most businesses during the fourth quarter of 2021. Employers who already received advance payments of the ERC for Q4 2021, or who reduced payroll taxes for the same period, have remedies available to avoid penalties.

Background on the Employee Retention Credit Being Repealed

The ERC was repealed for Q4 by a provision in the recently enacted $1.2 Trillion Infrastructure Investment and Jobs Act. Since Congress acted in March to extend the ERC through Q4, it’s unusual that the credit was repealed only six months later.… Read More

REMINDER: COVID EIDL Deadline Approaching

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On December 20, 2021

In Financial Resources

Important reminder! The deadline to apply for the COVID Economic Injury Disaster Loan (EIDL) is December 31, 2021. See below for further details.

  • EIDL loan and Targeted Advance applications will be accepted until December 31 and will continue to be processed after this date until funds are exhausted.
  • Supplemental Targeted Advance applications will be accepted until December 31; however, the SBA may be unable to process some Supplemental Targeted Advance applications submitted near the December 31 deadline due to legal requirements. The SBA cannot continue to process Supplemental Targeted Advance applications after December 31.
  • Borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date or until the funds are exhausted, whichever is soonest.
… Read More

Restaurant Revitalization Fund Recipients: Important Reporting Deadline Approaching

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On December 15, 2021

In Federal, Financial Resources, State/Local

The Restaurant Revitalization Fund (RRF) was a lifeline for food and beverage providers, helping them rebuild from the effects of pandemic-related revenue loss. The RRF, established under the American Rescue Plan Act (ARPA), became public law on March 11, 2021. ARPA appropriated $28.6 billion for RRF, authorizing the U.S. Small Business Administration (SBA) to award funds.

Eligible entities were businesses that were not permanently closed, where the public or patrons assembled for the primary purpose of being served food or drink.

Generally, awards were equal to the decline in gross receipts in 2020 compared to 2019. They were limited to $5 million per location, not to exceed $10 million total for the applicant and any affiliated businesses.… Read More

Brinker Simpson COVID Relief Brief – Tuesday, November 09, 2021

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On November 9, 2021

In Uncategorized

Employee Retention Credit (ERC) 

Our previous newsletter indicated the potential early termination of the Employee Retention Credit (ERC) due to a provision in the Infrastructure bill passed by the Senate in August.  The House of Representatives passed the Infrastructure Investment and Jobs Act on November 5, 2021, accepting the amendments the Senate had made to the bill. The President is expected to sign the bill.

The legislation makes wages paid after Sept. 30, 2021, ineligible for the credit (except for wages paid by an eligible recovery startup business).

Recovery startup businesses would remain eligible through December 31, 2021.

If you have not determined if you are eligible for the ERC, you still have time. … Read More

Philadelphia Launches New City Tax Site

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On October 29, 2021

In Financial Resources, Pennsylvania, State/Local

In fall 2021, Philadelphia taxpayers will start using a new website, the Philadelphia Tax Center, to file and pay City taxes electronically. This change is part of a two-phase process to replace their tax system of record. The new system will allow the Department of Revenue to provide individuals with better customer service.

Starting in November, you can start using the new website. The site is the best way to pay, file, and amend business taxes for 2015 and later. Eventually, you will find all our taxes and online services on the site.

In phase one (Nov. 2021), you can:

  • File and pay Philadelphia’s central business taxes.
… Read More

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