SBA Releases Application for PPP Loan Forgiveness
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 »
SBA To Allow Lenders to Increase Existing PPP Loans for Partnerships and Seasonal Employers
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 »
Treasury Provides Guidelines for Review of "Good Faith" Certification Concerning Necessity of PPP Loans
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 »
Accounting for Paycheck Protection Program Loans
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 »
Business Interruption and Lost Profits Insurance Claim Services
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.
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SBA Promises a "Full Audit" on PPP Loans Greater Than $2 Million
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.
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Additional Funds for Paycheck Protection Program Loans Available Soon
A bill providing billions of dollars in new funding to the Paycheck Protection Program (“PPP”) is expected to be signed by the President.
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States Introduce Bills to Aid Small Businesses That Incur Business Losses Due to COVID-19
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.
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Achieving PPP Loan Forgiveness
Businesses that have managed to secure financing through the Paycheck Protection Program (PPP) are fortunate—but also saddled with a lot of red tape.
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Loan Forgiveness Pitfalls in the Paycheck Protection Program
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.
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COVID-19 Effect on Traditional Observations Today and Beyond
COVID -19 has caused significant disruptions to business operations and significant accounting and auditing challenges.
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SBA Issues Updated Paycheck Protection Program Rules for Self-Employed Taxpayers
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.
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IRS Clarifies Rules Allowing Limited Payroll Tax Deferral for Paycheck Protection Loan Recipients
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.
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Business Interruptions and Lost Profits Due to COVID-19
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.
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CARES Act FAQ: Paycheck Protection Program
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.
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CARES Act Tax Provisions Summary
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.
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A Look at the CARES Act Provisions that Impact Nonprofits
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.
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Update on Coronavirus Relief Efforts – Families First Coronavirus Response Act
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.
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Federal Tax Filing Deadline Extended to July 15
Over the weekend, the Pennsylvania Department of Revenue announced an extension for 2019 Personal Income Tax Returns..
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Louis Plung & Company Office Operations Update
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.
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Coronavirus Disaster Assistance
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.
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Do I Qualify for Paid Sick Leave Under the New Coronavirus Act?
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.
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Resources for Small Businesses in Crisis
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.
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Charting New Territory: Business Strategy During the COVID-19 Outbreak
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.
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8 Areas Where Small Businesses Should Anticipate Disruption
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.
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An Update Regarding Coronavirus (COVID-19)
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.
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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.
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