PPP and COVID-19 Tax Updates and Information

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COVID-19 Tax News

PPP Round 2: What You Need to Know to Cash In

Posted on January 4th, 2021

The new tax law just signed by President Trump has significantly changed the current Paycheck Protection Program. 

Most importantly, it provides a second round of additional PPP loan funding.

Here are the key changes — from forgiveness to the requirements for new PPP funding. Read More…

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small business financing

Small Business Financing: Securing a Small Business Loan

Posted on July 5th, 2020

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources.

Unfortunately, many business owners fall victim to several common, but potentially destructive myths regarding financing, such as: Read More…

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COVID Funding News

$100 Million in New York State Loans Available Now!

Posted on June 24th, 2020

Many Small Businesses, Non-profits, and Landlords May Qualify for Up to $100,000

Pre-applications for the New York Forward Loan Fund are available now with priority going to industries and regions that have already reopened.

With over $100 million in NY State loans available, this is exciting news for qualifying landlords, not-for-profits, and small business entrepreneurs impacted by COVID-19 related financial issues. Read More…

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loan forgiveness under ppp

Loan Forgiveness Under the Paycheck Protection Plan

Posted on June 18th, 2020

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, many small business owners were able to apply for – and receive – a loan of up to $10 million under the Paycheck Protection Program (PPP). If the loan proceeds are used as specified, business owners may apply to have the loan forgiven.

Here’s what you should know about loan forgiveness under the PPP: Read More…

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COVID APCP

PPP Loan Forgiveness Application Released — What is APCP?

Posted on May 18th, 2020

As expected, the SBA released a copy of the PPP loan forgiveness application. While there are still many unanswered questions, some have been addressed, as well as providing several shortcuts and relief in other areas. Read More…

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COVID tax relief

4 Tax-Saving Provisions for S Corporations Under COVID-19

Posted on May 7th, 2020

To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic.

Many of my clients own and operate S corporations and expect the tax law to treat them differently, as it does with their health insurance deduction.

Perhaps you, too, would like us to help clarify which of the COVID-19 tax benefits the S corporation owner can use to put cash in his or her pocket. Here’s a list as of 5/6/2020. Read More…

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Employee Retention Credit Could Help Your Business

Posted on May 2nd, 2020

Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000 that are paid by an eligible employer. Read More…

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Ask Bob: SBA COVID-19 Loans and Grants — April 9 Update

Posted on April 9th, 2020

The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S.

If your business is struggling, you may be able to get some help from the federal Small Business Administration (SBA), which is authorized to provide loans to small businesses on an as-needed basis.

There are two types of relief you can apply for—read on. Read More…

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The Tax-Smart Way to Loan Money to Friends & Family

Posted on April 4th, 2020

Offering to lend money to cash-strapped friends or family members during tough economic times is a kind and generous offer, but before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.

Take a look at this example: Let’s say you decide to loan $5,000 to your daughter who’s been out of work for over a year and is having difficulty keeping up with the mortgage payments on her condo. While you may be tempted to charge an interest rate of zero percent, you should resist the temptation.

Here’s why: Read More…

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