Author: Kristen McCabe Page 1 of 8

ICYMI – Recording Available for July 29th, 2020 Webinar – PPP Forgiveness, Tax Impact and Latest Developments

Brinker Simpson & Company, LLC hosted a webinar Wednesday July 29th, 2020 on PPP Forgiveness, Tax Impact and Latest Developments.

A recording of that overview and the following Q&A from participants can be viewed HERE .

You can download the PPT slides from the presentation by clicking this LINK.

We send all webinar invitations to our email distribution list, if you would like to be added and/or there are topics you would like us to consider for future webinars, please let us know.

Please reach out to cares@brinkersimpson.com with questions.

We are in this together,

Brinker Simpson & Company, LLC

Disclaimer: This alert is for informational purposes only and does not constitute professional advice.… Read More

Register now for our upcoming webinar on PPP Forgiveness, planning for the tax impact of forgivable amounts, and the latest developments

Brinker Simpson & Company, LLC will host a webinar July 29, 2020, 2020, 2020 to provide an overview on PPP Forgiveness, the tax impact of forgivable amounts, and to provide an overview on upcoming or pending bills in Congress related to the PPP loan program.I

The details and registration link are below.

When: July 29, 2020 12:00 PM Eastern Time (US and Canada)

TOPIC:
PPP Forgiveness, Tax impact and latest developments

AGENDA

• PPP Forgiveness – brief overview 
• PPP – Understanding & planning the tax impact of forgivable amounts
• PPP – Round 2?  Automatic forgiveness for loans under a certain $ threshold, and other potential developments 
• Q&A

Register in advance for this webinar:

CLICK HERE TO REGISTER 

If you would like to submit a question in advance, there is a field to do so on the registration page.… Read More

Paycheck Protection Small Business Forgiveness Act – introduced in the Senate

The Paycheck Protection Small Business Forgiveness Act (PPSBFA, S.411), a bipartisan bill, was introduced to the Senate on June 30, 2020.  The PPSBFA would provide automatic loan forgiveness to all PPP loans under $150,000.

Since the establishment of the program through July 14, 2020, 4.9 million loans and $517 billions have been provided to business owners.  The SBA’s most recently issued demographic details reflect that 86.6% of PPP loans and 27.6% of PPP funds would qualify for automatic forgiveness should the PPSBFA become law.

The Paycheck Protection Program (PPP), a provision in the CARES Act signed into law by President Trump on March 27, 2020, provides forgivable loans for businesses impacted by the devastating financial impact of the epidemic.  Read More

Delaware offers Hospitality Emergency Loan Program (H.E.L.P)

Governor John Carney of Delaware announced the Hospitality Emergency Loan Program (HELP) earlier this year to provide financial relief for restaurants, bars and other hospitality industry businesses that employ thousands of Delawareans.

The Hospitality Emergency Loan Program (HELP) to provide funds to some of the most significantly impacted by COVID19 virus mitigation measures.   The program offers no-interest loans of up to $10,000 per business per month and is available to eligible businesses in the hospitality industry.  The Division of Small Business will administer the program using existing state funds.

For businesses under NAICS code 7225, the revenue cap is $15 million. Read More

PA opens portal for hazard pay grant

The COVID-19 PA Hazard Pay Grant Program was established to help employers provide hazard pay to employees in life-sustaining occupations during the coronavirus (COVID-19) pandemic. Hazard pay is intended to keep front-line employees working in sectors that are vital to every Pennsylvanians’ existence. The program will help employers provide hazard pay for their employees to retain current employees. 

Created through the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, this reimbursement-based grant is available to employers offering hazard pay during the eligible program period and will be administered by the Department of Community and Economic Development (DCED). Businesses may apply for grants up to a maximum of $3 million.Read More

Wolf restricts restaurant capacity, alcohol sales, and public gatherings in PA

Pennsylvania Governor Tom Wolf released new restrictions in a press release you can read HERE.

The mitigation efforts included in the new orders from Gov. Wolf and Dr. Levine include:

Bars and Restaurants

All businesses in the retail food services industry, including restaurants, wineries, breweries, private clubs, and bars, are permitted to provide take-out and delivery sales of food, as well as dine-in service in both indoor and outdoor seating areas so long as they strictly adhere to the requirements of the guidance, as required by the order, including:

  • Prohibition from conducting operations unless the facility offers sit-down, dine-in meals or is serving take-out sales of alcoholic beverages.
Read More

NJ Labor Dept. Announces Expanded Family Leave, Temporary Disability Benefits

On July 1, 2020, the New Jersey Department of Labor and Workforce Development issued a press release to announce an expansion of the state’s Temporary Disability Insurance and Family Leave Insurance Programs.

The press release is below and can be also be reviewed HERE.

The New Jersey Department of Labor and Workforce Development announced that – as of July 1 – eligible New Jersey workers can take more time off and receive a larger percentage of their wages under the state’s Temporary Disability Insurance and Family Leave Insurance programs.
 
Under both the Temporary Disability and Family Leave Insurance programs, eligible workers can now receive up to 85 percent of their average weekly salary, an increase from two-thirds, with a maximum benefit of $881 per week, up from $667.Read More

Wolf Administration: CARES Act Funding for Small Businesses Available Today

Beginning today, small businesses across Pennsylvania can apply for grants to offset lost revenue caused by the COVID-19 pandemic and the resulting shutdown order.

Governor Tom Wolf of Pennsylvania announced details earlier this month about the grant program, you can read more about the program HERE.

The COVID-19 Relief Statewide Small Business Assistance program will provide $225 million in grants ranging from $5,000 to $50,000 to eligible businesses through Coronavirus Aid, Relief, and Economic Security (CARES) Act funding.

Businesses may begin applying for the COVID-19 Relief Statewide Small Business Assistance program here.

The first application window will remain open for ten days.… Read More

Senate passes extension of Paycheck Protection Program until August 8, bill heads to House & other PPP legislation

The Paycheck Protection Program (PPP), a provision in the CARES Act, provides forgivable loans for businesses impacted by the devastating financial impact of the epidemic.  Yesterday, on the statutory deadline for submission of PPP applications, the Senate voted unanimously to extend the program until August 8, 2020.  The bill, S4116 was sponsored by Senator Benjamin Cardin will now head to a vote in U.S House of Representatives.

 The Small Business Administration will stop accepting applications to the program unless / until the House passes passes the Senate version of the bill.

Other recent legislative action in Congress that could potentially impact the PPP loan program are below:

  • S.4117

Read More

PPP Clarifications – borrowers may apply before the end of covered period and other information released in recent interim final rule

The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or) was signed into law March 27, 2020 to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus pandemic.  The Paycheck Protection Program, a provision in the CARES Act, provides forgivable loans for businesses impacted by the devastating financial impact of the epidemic.

The Paycheck Protection Program Flexibility Act of 2020 (PPPFA) was signed into law on June 5th to expand borrower flexibility and simplify the process to request forgiveness as a result of feedback from lenders and borrowers reporting that the rigidity and uncertainty of the program, as implemented, rendered the loan program an ineffective source of relief.Read More

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