Month: April 2020 Page 1 of 5

Please forgive me, I know not what to do. Please forgive me, SBA; I can’t stop checking the FAQ. PPP Forgiveness – uncertainty remains.

Most visitors to our site are familiar with the Paycheck Protection Program (PPP).  It has attracted massive interest from business owners and non-profits across the country.  The loan program was established with the passing of the CARES Act on March 27, 2020.  The Program went live April 3rd with a directive to qualified lenders to deliver funding as quickly as possible.

The Act relaxed underwriting rules, excluded collateral and credit worthiness from the borrower requirements, and included other provisions to attempt to facilitate that directive.  It was welcome relief for small businesses across America experiencing economic hardship as a direct result of public health measures to mitigate the spread of COVID-19.… Read More

Comptroller DiNapoli Announces $50 Million Toward CAREs Act PPP for Small Business Relief from the New York State Common Retirement Fund

New York State Comptroller Thomas P. DiNapoli today announced that the New York State Common Retirement Fund (the Fund) is putting $50 million toward the federal Paycheck Protection Program (PPP).  CLICK HERE for the Press Release from the Comptroller.  Information below is directly from that release.

The PPP was established with the passing of the CARES Act on March 27, 2020. Under the PPP, employers can secure loans that are eligible for forgiveness by the federal government if employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

The Fund’s commitment will supplement PPP loans being administered by Pursuit (formerly New York Business Development Corporation).Read More

PPP – New guidance released for seasonal employers

The CARES Act, which passed at the end of March, provides various forms of financial relief to businesses impacted by the coronavirus related public health mitigation measures.  The program allocated $349 billion to the Paycheck Protection Program (PPP)through loans under the Small Business Administration (SBA) and facilitated by qualified lenders.  An additional $310 billion became available for the program with the passing of Enhancement legislation last week. 

SBA and the Department of Treasury release new guidance and clarifications every day to lenders and borrowers participating in the (PPP) to address issues as they are communicated to the SBA.   Final guidance on various elements of the forgiveness calculation was expected 4/27/2020. Read More

The Foundation for Delaware County’s COVID-19 Response Fund

Please join us in supporting The Foundation for Delaware County’s COVID-19 Response Fund. If you can, please support the county’s increasing emergency needs with a gift to the Delaware County’s COVID-19 Response Fund.

With your gift, The Foundation can continue to help fund area nonprofits and improve the well-being of our residents in Delaware County. Delaware County’s COVID-19 Response Fund provides support for increased demand at food pantries, homelessness services, grocery store gift cards for food-insecure families, and technology equipment vital to maintaining services.

100% of your donation will go directly to vulnerable communities. No amount is too small.

For more information about Delaware County’s COVID-19 Response Fund or donating, click HERERead More

Webinar Recording available for April 28th PPP & Main Street Lending Program Presentation & Discussion

Brinker Simpson & Company, LLC hosted a webinar Thursday April 28, 2020 to provide an overview of coronavirus related lending resources available including an overview of the Main Street Lending Program.  The majority of the webinar covered updates to and new guidance on the Paycheck Protection Program, including significant coverage of forgiveness related questions.

The webinar addresses many commonly asked questions about the PPP and the related forgiveness.

There are still major areas of uncertainty, including critical forgiveness calculation information.  The SBA has indicated final guidance will be issued by 4/30/20.  We are hosting an additional Webinar May 4, 2020 and hope to have final guidance- or at the very least significantly more clarity – on the forgiveness rules by that time.Read More

IRS says it has upgraded the coronavirus stimulus payment app

As millions of Americans receive $1,200 stimulus checks, the IRS has set up a tool to help expedite and track those payments.

The “Get My Payment” web tool lets you check on the status of your payment or enter your direct deposit information.  The app, which first launched on April 15, has gotten an upgrade to help make the process smoother.  The IRS was not specific about what adjustments were made.  Some individuals had reported difficulty in accessing and inputting their information on the site.  “These further enhancements will help even more taxpayers” said IRS Commissioner Chuck Rettig in a statement. … Read More

New Jersey DOL and Workforce Development releases guidance for Pandemic Unemployment Assistance for self-employed recipients

The federal Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020.    The CAREs Act provides assistance to workers who have been negatively impacted by the coronavirus emergency by creating Pandemic Unemployment Assistance (PUA).  The Act also provides eligibility to the self-employed for federally funded Unemployment Assistance to be administered by each state.   

Under Federal Pandemic Unemployment Compensation, states will administer an additional $600 weekly payment to certain eligible individuals who are receiving other benefits.   Under the Pandemic Emergency Unemployment Compensation program, states can provide up to 13 weeks of federally funded benefits to qualified individuals.   Read More

HHS to distribute remaining $20 billion to Medicare Providers from CAREs Act Provider Relief Fund

As part of the CAREs Act, signed on March 27, 2020, $50 billion was allocated for general distribution to Medicare facilities and providers impacted by COVID-19. An initial $30 billion was distributed between April 10 and April 17.  The remaining $20 billion began distribution Friday, April 24.  Many providers need to take action before receiving payment.  Details on how to do that are below.

As we reported previously, the U.S. Department of Health & Human Services (HHS) disbursed $30 billion of funding to Medicare providing physicians as a direct deposit to their bank account based on the provider’s portion of Medicare fee-for-service spending in 2019. Read More

Treasury, IRS announce cross-border tax guidance related to travel disruptions arising from the COVID-19 emergency

On April 21, 2020, the IRS and Treasury issued further guidance regarding relief for foreigners prohibited from departing the United States and U.S. citizens and residents unable to return as a result of the COVID-19 pandemic and related travel disruptions.

Specifically, the IRS issued new Revenue Procedures for Foreigners in the U.S and US citizens and residents overseas and and FAQ related to certain U.S. business activities.

The guidance includes the following:

  1. Revenue Procedure 2020-20 (PDF), which provides that, under certain circumstances, up to 60 consecutive calendar days of U.S. presence that are presumed to arise from travel disruptions caused by the COVID-19 emergency will not be counted for purposes of determining U.S.
Read More

Guidance for Pennsylvania Construction Businesses Resuming Work on May 1st

April 24, 2020

As the construction industry prepares to resume work, the Wolf Administration yesterday issued guidance for all construction businesses and employees to mitigate the spread of COVID-19.

All businesses in the construction industry in the commonwealth are permitted to resume in-person operations starting Friday, May 1 – one week earlier than previously announced.

Previously, Governor Tom Wolf and Secretary of Health Dr. Rachel Levine ordered most construction projects to cease unless they were supporting life-sustaining businesses or activities or were granted an exemption to perform or support life-sustaining activities.

“My administration has taken measured, aggressive steps to protect public health and safety, including strictly limiting the types of businesses and projects that may continue to operate during this unprecedented time,” Wolf said.… Read More

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