Category: Financial Resources Page 1 of 5

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

Delco Strong Round 3 – Guidelines now available

The Delaware County Council has designated funding for a third round of the Delco Strong grant program.  The program is funded through CARES Act dollars (Coronavirus Aid, Relief, and Economic Security Act signed into law by President Trump on March 27, 2020) allocated to the county to help sustain the economic challenges presented by the COVID-19 pandemic.

Applications will be accepted beginning 5am  November 2 and ending at 5pm on November 13th.

The below guidelines for applying for the program can be found HERE:

Delco Strong 3
Small Business Support Grant Program » Program Guidelines

Application Period

5:00am Monday, November 2, 2020 through 5:00pm Friday,  November 6, 2020.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

1099-C Not Required For PPP Loan Forgiveness

The Internal Revenue Service announced yesterday that lenders are not required to and should not file a 1099-C information return with the IRS or payee statement to the eligible recipient when all or a portion of a Paycheck Protection Program loan is forgiven under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES).

Generally, entities are required to file the 1099-C information return with the IRS when they discharge at least $600 of a borrower’s indebtedness and to furnish a payee statement to the borrower.

IRS Announcement 2020-12 is intended to prevent erroneous underreporting notices that may be triggered by the filing of the information returns and confusion caused by the furnishing of payee statements to eligible recipients.… Read More

Department of Labor issues new regulations implementing FFCRA paid leave after August court decision

We previously wrote about the August 3, 2020 U.S. District Court for the Southern District of New York (the “District Court”) struck down four provisions of the Department of Labor’s (“DOL”) regulations interpreting employee leave eligibility and entitlement under the Families First Coronavirus Response Act and other FFCRA paid leave updates.

On September 11, 2020 the DOL issued revised regulations as a result of that court decision.  The Revised Final Rule became effective September 16, 2020.

Important provisions in that Final Rule are below:

  1. DOL reaffirmed “work-availability” requirement that paid sick leave and expanded family medical leave are only available if an employer has work for the employee at the time of the leave.
Read More

Pennsylvania’s ​Lost Wages Assistance (LWA) – extra $300 unemployment benefit now available

The Pennsylvania Office of Unemployment Compensation provided information  for unemployed Pennsylvanians eligible for an extra $300 unemployment benefit made available from the federal government to support Americans who became unemployed as a result of the COVID-19 related virus mitigation measures.

The below information can also be accessed HERE.

​Lost Wages Assistance Program

The federal Lost Wages Assistance (LWA) Program gives Pennsylvania $1.5 billion to provide an extra $300 a week in additional funds to individuals that are unemployed (or partially unemployed) because of COVID-19.

LWA Program Eligibility

  • You must be fully or partially unemployed due to COVID-19, and
  • You must have a weekly benefit rate + dependent allowance totaling $100 or more, and
  • You must receive a payment each week from one of the qualifying programs:
    • Unemployment Compensation
    • Pandemic Emergency Unemployment Compensation
    • Pandemic Unemployment Assistance
    • State Extended Benefits
    • Shared-Work
    • Trade Readjustment Allowances
You will certify only ONCE for the LWA program.
Read More

PPP interim final rule adds provisions for owner-employee compensation exemptions and eligibility of certain non-payroll costs

The Small Business Administration issued an interim final rule (IFR) on August 24, 2020 to address applicability of owner compensation rules for minority interest owners and the eligibility of non payroll costs.

Certain owners exempt from PPP owner-employee compensation rule

The IFR provides guidance to borrowers relative to the applicability of owner-employee compensation rules.  Specifically, it exempts owners with less than a 5% ownership stake from applying the owner-employee compensation rule.  The exemption is intended to cover owner-employees who have no “meaningful” ability to influence decisions over how loan proceeds are allocated.  The exemption from the rule only applies to owner-employees of S or C corporations, not partnerships or limited liability companies.Read More

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

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.
Read More

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