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Under the new CAA legislation, the FFCRA credit for family and sick leave has been extended through March 31, 2021. After December 31, 2020, providing the wages to employees who meet the qualifying reasons below is no longer mandatory. However, an employer can still voluntarily pay these wages and possibly receive the FFCRA tax credit … Continued →
EMPLOYEE RETENTION CREDIT (ERC) The CAA legislation provided some important updates to the Employee Retention Credit. Not only did this legislation extend the credit thru June 30 2021 but the credit is now retroactively available for all entities that paid wages during the periods of March 12 through December 31, 2020. 2020 CREDIT (AVAILABLE … Continued →
PAYCHECK PROTECTION PROGRAM (PPP) LOAN – ROUND 2 REQUIREMENTS The business must have fewer than 300 employees, including sole proprietors and other self-employed individuals. The business must have used or will use all of the original PPP Loan funds received The business must demonstrate not less than a 25% reduction in gross receipts for any … Continued →
Forgiveness Application After much anticipation, the SBA has released new forgiveness applications and additional guidance regarding the recent changes put in place with the Paycheck Protection Program Flexibility Act (PPPFA). The SBA provided two applications and related instructions – the abbreviated Form 3508EZ and the detailed Form 3508. Both applications clearly allow for the 24-week … Continued →
Looking back at the COVID whirlwind, the original PPP loan legislation was rapidly drafted and signed into law the week of March 23, 2020, which was concurrent with many State Governor’s forcing business closures and issuing stay at home orders due to COVID. The timing of these events was a disaster to the PPP loan … Continued →