On October 8, the U.S. Small Business Administration (SBA) and the Treasury announced the release of a simplified forgiveness process for Paycheck Protection Program (PPP) participants that received loans of $50,000 or less. Read More »
This week, the Small Business Administration (SBA) and the U.S. Department of the Treasury released new information for recipients of loans through the Paycheck Protection Program (PPP). Read More »
In a press release published June 15, 2020, The Federal Reserve Bank of Boston announced the opening of the much-anticipated $600 billion Main Street Lending Program (“MSLP”). Read More »
Governor Tom Wolf announced last week a $225 million statewide grant program to assist small businesses that experienced losses as a result of the mandatory business closures due to the coronavirus pandemic. Read More »
With the Main Street Lending Program (“MSLP”) expected to start within days, the Federal Reserve announced important changes aimed at making the loan terms even more favorable to borrowers. Read More »
The Senate passed the Paycheck Protiection Program Flexibility Act of 2020, which provides much needed relief for borrowers struggling to spend loans obtained through Paycheck Protection Program (PPP). Read More »
Federal Reserve Chairman Jerome Powell announced that the central bank is set to begin making loans under the $600 billion Main Street Lending Program (MSLP) that was created by the CARES Act. Read More »
On Friday, May 22, 2020 Tony Montanaro hosted a webinar to walk viewers through the Paycheck Protection Program (PPP) Loan Forgiveness Application. We've included links below for you to watch the webinar along with the questions and answers from viewers. Read More »
The Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness. Read More »
The SBA released new interim final rules on May 13, 2020 to allow partnerships and seasonal employers to increase existing Paycheck Protection Program (“PPP”) loans in limited circumstances. Read More »
The Department of Treasury provided additional information regarding the SBA's review of borrower's good faith certification as to their need for a loan under the Paycheck Protection Program ("PPP"). Read More »
As businesses begin to receive their loan proceeds under the Paycheck Protection Program (PPP), many questions are starting to arise concerning how to properly account for transactions concerning these funds. Read More »
The COVID-19 disaster has caused most businesses to suffer financial losses resulting from business interruption/closure due to the presence of the virus or government mandate. Read More »
Following backlash over disclosure of several large businesses obtaining loans under the Paycheck Protection Program (“PPP”), Treasury Secretary Steven Mnuchin has announced the government will audit any company receiving a loan for more than $2 million. Ruth’s Hospitality Group, AutoNation, and the Los Angeles Lakers have all come under scrutiny in recent days for obtaining PPP loans. Read More »
A bill providing billions of dollars in new funding to the Paycheck Protection Program (“PPP”) is expected to be signed by the President. Read More »
Pennsylvania, along with New York, Ohio, Massachusetts, New Jersey, Louisiana, and South Carolina, has introduced legislation that would force insurance carriers to cover business interruption claims due to COVID-19. Many other states are likely to follow. Read More »
Businesses that have managed to secure financing through the Paycheck Protection Program (PPP) are fortunate—but also saddled with a lot of red tape. Read More »
As the SBA prepares to start disbursing loans under the $349 billion Paycheck Protection Program (“PPP”), borrowers need to understand the requirements, and potential pitfalls, of the program’s loan forgiveness provisions. Read More »
COVID -19 has caused significant disruptions to business operations and significant accounting and auditing challenges. Read More »
On April 14, 2020, the SBA issued supplemental interim final rules for the Paycheck Protection Program (“PPP”) which includes additional guidance for individuals with self-employment income who file a Form 1040, Schedule C. Read More »
The IRS recently updated it’s “frequently asked questions” providing new guidance to employers seeking deferral of employment tax deposits and payment under the CARES Act. Read More »
As we continue to experience the devastating consequences of COVID-19, we realize that most businesses—whether they have been forced to close or not—will suffer losses of some kind. Though we face different situations, most of us are encountering loss from some combination of required closure, reduction of sales, employee absence, and the risk of exposing customers, clients, and employees. Read More »
On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economics Security (CARES) Act. The historic $2.2 trillion stimulus bill includes a $349 billion paycheck protection program (PPP) that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. Read More »
The Senate passed The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748 earlier this week. The House is expected to pass it shortly and it is also expected that the President will quickly sign it into law. Read More »
On March 25, 2020 the United States Senate passed a sweeping $2 trillion stimulus package designed to abate the economic damages caused by the coronavirus (COVID-19) pandemic. Read More »
The Families First Coronavirus Response Act, H.R. 6201 (the “Act”) passed by Congress on March 18, 2020, expands sick leave protection and unemployment benefits to workers, while also providing employers and self-employed individuals with certain tax credits to offset the related cost. Read More »
Over the weekend, the Pennsylvania Department of Revenue announced an extension for 2019 Personal Income Tax Returns.. Read More »
As you have most likely aware, Governor Tom Wolf ordered all non-life-sustaining businesses in Pennsylvania to close their physical locations effective 8 pm on March 19, 2020. We have been preparing for this possibility and have had a remote contingency plan in place. We have now fully activated that plan. Read More »
The U.S. Small Business Administration (SBA), which has been a resource for small business owners and entrepreneurs in the U.S. since 1953, recently released a list of disaster-relief measures in response to the COVID-19 pandemic. Read More »
On Wednesday, March 18, President Trump enacted a coronavirus emergency relief package, the Families First Coronavirus Response Act. The legislation includes relief for American workers required to take time off work because of the coronavirus, the Emergency Paid Leave Act of 2020. Read More »
Many small businesses are reeling from the impact of the COVID-19 pandemic. Louis Plung & Company is here to help. We have gathered a list of helpful resources for small businesses to turn to during this unprecedented time. Read More »
As the COVID-19 pandemic continues to unfold, business owners are facing a lot of uncertainty. It is not possible to know with confidence how events will continue to evolve over the next days, weeks, and months. However, there are some key steps that business owners can take to strive to mitigate damages and put themselves in the best possible position during this unprecedented time. Read More »
For more than six decades, the U.S. Small Business Administration (SBA) has been a resource for small business owners and entrepreneurs in the U.S. In response to the COVID-19 pandemic, the bureau created a resource page dedicated to helping small businesses learn to establish safe, secure, and healthy practices in the face of the outbreak. Read More »
At Louis Plung and Company, the health and safety of our employees and our clients is of paramount importance. For this reason, we are taking specific precautions to protect our staff and visitors during the current outbreak of Coronavirus. With confirmed cases reported in Pennsylvania and with the potential to reach our immediate geography, we are considering the potential impact and how we can best protect our clients and staff. Read More »
IRS Extends Tax Payment Deadline
With all the recent uncertainty regarding tax deadlines and extensions, today we received some preliminary answers! Treasury Secretary Steven Mnuchin announced the IRS is waiving interest and penalty charges for 90 days for individual taxpayers that owe up to $1 million in taxes for the 2019 tax year. As of now, the tax return filing date remains April 15th, but this could change. Read More »