Category: Federal Page 1 of 9

ICYMI – PPP update and Q&A Webinar recording available now.

Brinker Simpson & Company, LLC hosted a webinar Tuesday January 12, 2021  for an update on the newly reestablished Paycheck Protection Program including over answers to over 70 frequently asked questions.

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 here – PPP Update.

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.comRead More

PPP – newly released rules and SBA Program Overview. Join us Tuesday to review and get your questions answered; click to register.

The U.S. Small Business Administration (SBA) and Treasury issued guidance Wednesday on the evening of the 10-day deadline enacted with the Consolidated Appropriations Act of 2021.  The guidance was released with two interim final rules related to the reestablished Paycheck Protection Program.  This morning, the SBA also released top line overviews of the first and second draw programs and indicated they would begin accepting applications from certain lenders Monday January 11.

Join us Tuesday January 12th at noon to review the most current information on the PPP, updates on the Employee Retention Credit and other information and updates related to the COVID19 Economic Relief bill. … Read More

PPP2 Highlights

On December 27, the President signed the Consolidated Appropriations Act, 2021 (CAA 2021) which included increased funding for the Paycheck Protection Program and allows for previous borrowers to request a “second draw.” The recently enacted COVID relief bill permits PPP2 loans to be issued immediately.

Keep in touch with your lender to understand when they anticipate accepting applications.

PPP2 Highlights:

  • Targets businesses who experienced a 25% decline in gross revenue in any quarter of 2020 over 2019
    • Special rules exist for new businesses; reach out to cares@brinkersimpson.com for more information if you need assistance determining if your new business is eligible
  • Loan amount of up to 2.5X average monthly payroll costs for 2019 or trailing 12 months  (up to $2 million)
  • Restaurant / hotels
    • Businesses with the NAICS code beginning 72 are eligible for 3.5X average monthly payroll and waived affiliation rules
  • 501(c)(6) organizations are newly eligible
  • Expands expenses eligible for forgiveness
  • Program ends 3/31/2021

Estimates indicate at least 50% of first round PPP borrowers could be eligible for round 2. … Read More

ICYMI – Recording Available for December 30, 2020 Webinar – CAA 2021 and the new COVID relief bill

Brinker Simpson & Company, LLC hosted a webinar Wednesday December 30, 2020 for the first overview of the recently passed CAA 2021 which includes the $900 billion COVID19 relief funding including an attractive expansion of the Employee retention credit, Expanded PPP /PPP2 and other updates and programs meant to mitigate the economic impact of virus mitigation measures.

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 here – PPP Update.

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.

Read More

Will I Receive A Stimulus Check During The Second Round?

You likely have heard that a second round of Economic Impact Payments (EIPs) has been approved.

The IRS started to distribute the second EIPs on December 29. Direct deposit payments should be deposited within the next two weeks. Distribution of paper checks began on Wednesday, December 30, and should continue through the end of January. If you received an initial EIP, no additional action is required to receive this second payment.

The income criteria for the second round of payments is the same as the first. If you are a U.S. citizen or permanent resident making under $75,000 a year (single) or $150,000 a year (married filing jointly) and are not claimed as a dependent on someone else’s tax returns, you likely will qualify for the full $600 payment ($1,200 married couples).… Read More

President Trump signs into law the $900 billion COVID-19 relief bill

President Donald Trump on Sunday night signed into law the $900 billion COVID-19 relief bill overwhelmingly passed Dec. 21 by Congress.  The bill is over 5,500 pages; for comparison, the $2 trillion CARES Act passed in March was 335 pages.  As a result, we are still working through the details and invite you join us for a webinar with members of our team to review the most important parts of the legislation.  The webinar is scheduled for Wednesday, December 30th at 12:00 NOON EST.  REGISTER HERE for the webinar.  

Key points of this bill are listed below:

  • Allocates $166 billion for economic impact payments of $600 check to many Americans.
Read More

IRS issues reminder about relief options to help taxpayers affected by COVID-19

Earlier this year, the Internal Revenue Service (IRS) provided relief and temporarily adjusted their processes to help people and businesses through the People First Initiative, which was in effect for the first months of COVID.

The IRS yesterday issued a press release reminding taxpayers of these enhanced opportunities for relief.

The IRS asks that taxpayers keep in contact when dealing with tax due, notices or other issues.  They encourage taxpayers to reach out and respond as quickly as possible.  It should also be noted that the agency’s commissioner informed federal lawmakers on Friday November 20th that there is a backlog of 1 million unprocessed tax returns and over 3 million unprocessed pieces of mail.… Read More

IRS issues guidance on deductibility of forgivable PPP expenses

The Paycheck Protection Program (PPP), a provision in the CARES Act, provides forgivable loans for businesses impacted by the devastating financial impact of the COVID19 epidemic.  Under Section 1106(b) of the CARES Act, these covered loans are eligible for full forgiveness if certain criteria are met.

The language in the CARES Act guided the general understanding of borrowers and advisors that the PPP loans and associated forgiveness would be tax-exempt.  The IRS later clarified that no deduction would be allowed for any expenses that resulted in forgiveness of the loan reducing the benefit of the loans based on marginal tax rate and potentially resulting tax liabilities that devastated businesses will not have the liquidity to pay. Read More

Register now for our upcoming webinar on PPP Forgiveness

Brinker Simpson & Company, LLC will host a webinar November 5th to provide an update on PPP Forgiveness to provide the most up to date information and give you an opportunity to get your questions answered.

The details and registration link are below.

When: November 5, 2020 12:00 PM Eastern Time (US and Canada)

TOPIC:
PPP – Update and Forgiveness 

AGENDA

  • PPP – History & Overview
  • PPP – Forgiveness
    • What we know
    • What we hope to know
    • What our banking friends are telling us
    • EIDL impact
    • Congressional action
  • Tax impact and uncertainty
  • 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

IRS extends Economic Impact Payment deadline to Nov. 21 to help non-filers

The Internal Revenue Service (IRS) has extended the deadline to register for an Economic Impact Payment to November 21, 2020 from October 15.  The IRS announced the extended deadline through a press release October 5, 2020.  The IRS announcement can be read in full HERE.

The IRS urges people who don’t typically file a tax return – and haven’t received an Economic Impact Payment – to register as quickly as possible using the Non-Filers: Enter Info Here tool on IRS.gov. The tool will not be available after November 21.

This additional time into November is solely for those who have not received their EIP and don’t normally file a tax return.Read More

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