Overview Under the American Rescue Plan Act of 2021 (ARP), small and midsize employers and certain governmental employers are allowed to claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19 illnesses and vaccinations. This includes leave taken by employees to receive […]
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In April, The Small Business Association (SBA) issued the Paycheck Protection Program (PPP) to help companies that were affected by the COVID-19 pandemic. The PPP gave loans to small companies with less than 500 employees to help pay for their employee’s payroll. Under the PPP, companies would be allowed to get forgiveness for their loans, […]
The extended 2019 business tax return deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed […]
The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U.S. Government Accountability Office (GAO) reports that $269.3 billion of EIPs have […]
Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 pandemic. The EIDL program offers long-term, low-interest loans to small businesses and nonprofits. If your company hasn’t been able to […]
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics In general, if you withdraw money from an IRA or eligible […]
Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 pandemic has created a changed economy in profound ways, forcing many companies to recalibrate suddenly and severely. As your business moves forward in this uncertain environment, it’s important to re-evaluate competitiveness. You may […]
As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling from the economic impact of the COVID-19 pandemic. Created under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the PPP is available to U.S. businesses with fewer than 500 […]
For business owners, building a succession plan is ideally a long-term project. You want to begin laying out a smooth ownership transition, and perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins until many minute details have been checked and rechecked. But it doesn’t always work out this way. As […]
Staffing up to reopen a business can be an expensive and risky undertaking. As more state and local governments ease the restrictions related to the novel coronavirus (COVID-19) pandemic, reopening has happened and is becoming an option for more and more business owners. If you haven’t already reopened, you probably will be able to soon. […]
Although the novel coronavirus (COVID-19) pandemic has walloped most U.S. businesses, how your business recovers will largely be construction-industry-specific. For example, most construction companies need to address disruptions to project schedules and overseas supply chains. They may need to renegotiate building contracts and find replacements for workers who are no longer available due to travel […]