The CARES Act contains several provisions to get cash directly into the hands of taxpayers who are either currently employed or not working. These sources of cash include:
CARES Act - Business Provisions
While businesses are carefully watching their cash flow, The CARES Act contains several provisions to provide cash for immediate operating needs:
SBA Relief Program Comparison Chart
For additional information and daily updates, see:
- SBA Releases Additional Guidance Regarding Certification of “Need” for PPP Loan
- SBA Announces Retro-Active Change to Paycheck Protection Loan Program
- Paycheck Protection Program Loans for Taxpayers with Self-Employment Income
- Paycheck Protection Program and Forgivable Loans Summary
- COVID-19 and Tax Changes
Families First Coronavirus Response Act (FFCRA)
On April 3, 2020, the IRS has released Form 7200 to claim advance payment of tax credits discussed below.
The Families First Coronavirus Response Act (FFCRA), enacted on March 18, 2020, requires private employers with fewer than 500 employees to provide employees with paid sick leave or extended family and medical leave for specific reasons related to COVID-19.
Effective Date: April 1, 2020, and applies to leave taken between April 1, 2020 – December 31, 2020 (more…)
Paycheck Protection Program and Forgivable Loans Summary
New Developments – 6/4/20
The Paycheck Protection Program Flexibility Act (H.R. 7010) was passed by the House and Senate and is now on its way to the President, who is expected to sign it. Here’s a summary of the changes: (more…)
COVID-19 and the Impact on Your Financial Statements
By Nick Sabbatini, CPA, Audit Manager
By now, we are all aware of the Coronavirus pandemic and the impact it is having on our lives, including the impact on businesses and the overall economy. Companies are working remotely, where possible. Disruptions to vendor and customer bases, market value declines and day-to-day changes in the global economy are also creating broad impacts to companies’ operations.
At this point, the general impacts on operations for most companies are known through media coverage and changes in our daily lives, but most of us may not be fully aware of the impact on financial reporting. We have summarized a few financial statement considerations: (more…)
Working From Home Best Practices
By Laura Mays, Director of HR & Employee Development
Due to the recent COVID-19 pandemic, working from home has very quickly become the new normal for a lot of us. For some, it’s convenient to skip the commute and jump right into a day’s work, for others, it may be a little uncomfortable and challenging to juggle a work-life balance. Here are a few tips to help keep you productive while working from a home office: (more…)
COVID-19 and Tax Updates - Recent Developments
IRS releases FAQ for C Corps carrying back a NOL to a year in which AMT applies:
- Taxpayers should treat the AMT NOL arising in a post-2017 tax year as zero
- FAQ also addresses treatment of Minimum Tax Credits in carryback years
- IRS Q&A – NOL Carrybacks of C Corporations to Taxable Years in which the Alternative Minimum Tax Applies
COVID-19 and Tax Changes
New Developments – 6/4/20
The Paycheck Protection Program Flexibility Act (H.R. 7010) was passed by the House and Senate and is now on its way to the President, who is expected to sign it. Here’s a summary of the changes:
The IRS today provided guidance for Qualified Opportunity Funds (QOFs) and their investors in response to the COVID-19 pandemic: