Author: Kristen McCabe Page 2 of 10

Additional guidance released from IRS on President Trump’s payroll tax deferral executive order

President Trump signed four COVID-19 related executive orders on August 8, 2020 after Congress failed to pass economic relief legislation.  Included in the executive orders was a payroll tax deferral for American workers earning, generally, less than $100,000 on an annualized basis.  The order did not include details on implementation, repayment terms of the deferral, or other critical pieces of information needed to determine if businesses would participate.  On August 28th, the Treasury Department and IRS issued further official guidance on the payroll tax deferral.

According to IRS Notice 2020-65, employers can defer the withholding, deposit, and payment of certain payroll taxes on wages paid from Sept.Read More

PPP – New FAQs added; Appeal Process IFR released.

The Small Business Administration updated their Paycheck Protection Program and Forgiveness related FAQ documents on August 11, 2020.  They also published an interim final rule (IFR) related to the appeal certain SBA loan review decisions.  We are reviewing the new IFR and will provide an overview of the content soon.

 The forgiveness FAQ responses provide long clarity regarding the impact on forgiveness of Economic Injury Disaster Loan (EIDL) grant advances.

Per the updated FAQ, lenders will be able to confirm the amount of a borrower’s EIDL advance on the SBA Forgiveness platform and the SBA will automatically deduct the amount from the forgiveness amount submitted by the borrower. Read More

NJEDA E-Commerce Technical Assistance Program

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Second round of applications for PA small business grant program begins today; ends August 28th.

We reported earlier on the availability of small business grants for Pennsylvania businesses impacted by the COVID-19 pandemic and related public health measures.  See our earlier post for more information about the program by clicking HERE. The second and final round of funding is open starting today through 11:59 PM on Friday, August 28.

Pennsylvania Governor, Tom Wolf announced the grant program earlier this year.  The grant program was made available as a component of the 2.6 billion in federal stimulus funds allocated to the state  through the Coronavirus Aid, Relief, and Economic Security Act (CARES).

Eligible applicants not awarded in the first round do not need to reapply and will be rolled into the next round for consideration.… Read More

US Department of Commerce invests $35.5 million in CARES Act Funding to capitalize revolving loan funds to support small businesses across PA

The Economic Development Administration announced the awarding of $35.5 million in CARES Act Recovery Assistance grants to capitalize and administer Revolving Loan Funds that will provide gap financing to small businesses and entrepreneurs adversely impacted by the COVID-19 pandemic.

Award funds must be disbursed and lent or used for administrative costs (as permitted by the authorized budget) within 24 months of the award start date. At the end of this period, EDA may recoup any unspent funds, which will be added to the funds available for new CARES Act awards.

The full announcement can be read HERE.

The EDA investments announced 8/3/2020 are:

  • Regional Development Funding Corporation, Pittsburgh, Pennsylvania, will receive a $7.6 million EDA CARES Act Recovery Assistance grant to capitalize and administer a RLF to provide loans to coronavirus impacted small businesses in Allegheny County.
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NEW FAQs released to address PPP Forgiveness questions

The U.S. Small Business Administration (SBA), in consultation with Treasury, released guidance Tuesday August 4, 2020 on a new Forgiveness focused FAQ document.  Over four sections, 23 frequently asked questions are addressed.

The four sections are outlined below with key highlights.  You can review the document in full HERE.

General Loan Forgiveness

There are 3 questions in this section.  The SBA clarifies that the 3508EZ or lender equivalent form should be used for sole proprietors, independent contractors, or self-employed individuals with no employees.  It also confirms that no payments are required from borrowers if their loans are fully forgiven and an application is filed timely.Read More

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 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.

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

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