We are here to help, in any way we can. We will continue to update this website with the latest news regarding the new Economic Stimulus package, Families First Coronavirus Act, extended tax filing and payment deadlines, economic grant activity, SBA loans, unemployment updates, and all COVID-19 related relief and information as we partner to survive this disaster together. We will post information and resources to this site. If you have a question and cannot find an answer here, contact us and we will find that answer for you. That’s our promise to you.

We hope for a quick recovery and for a return to some normalcy.

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FFCRA paid leave updates including DOL guidance on eligibility for in a remote learning environment

On March 18, the  Families First Coronavirus Response Act (FFCRA) was signed into law to respond to the economic impact of the COVID-19 pandemic.  Included in the legislation was a provision requiring employers (generally businesses with less than 500 employees with an exemption for public health employees)  to provide Emergency Paid Sick Leave and Emergency Paid Medical Leave when employees met certain criteria.  The paid leave would be funded by the federal government through payroll tax credits.

The effective date for the emergency paid leave provision was April 2, 2020 and the Department of Labor announced the regulations for implementation through a temporary rule issued April 1, 2020 that expires December 31, 2020.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

13.9 million Americans to receive IRS tax refund interest; taxable payments to average $18

This week the Treasury Department and the Internal Revenue Service will send interest payments to about 13.9 million individual taxpayers who timely filed their 2019 federal income tax returns and are receiving refunds.

The interest payments, averaging about $18, will be made to individual taxpayers who filed a 2019 return by this year’s July 15 deadline and either received a refund in the past three months or will receive a refund. Most interest payments will be issued separately from tax refunds.

In most cases, taxpayers who received their refund by direct deposit will have their interest payment direct deposited in the same account.… Read More

Why hasn’t the IRS cashed my check yet? Why am I receiving a notice?

Several clients have contacted us to let us know they have received notices from the IRS recently. In many cases, the notices are telling the taxpayer that their 2019 return was filed but no payment received. Some clients who filed a paper tax return are being notified that there is a credit from payments made but no return received. Other clients have not received a notice but are concerned that their check has not been cashed by IRS yet. Questions we’ve been asked include: should they stop payment of original check and mail another? Should they pay the penalty and interest?… 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.
Read More

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

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