While the Paycheck Protection Program has been one of the most talked about and popular provisions in the CARES Act, the act also included another program that employers can use to help provide relief from the economic stress caused by the COVID-19 outbreak. The IRS...
As part of the response to the COVID-19 outbreak 2 key acts have been passed by lawmakers, the CARES Act and FFCRA. These acts provided for tax credits for employers that either retain staff (Employer Retention Tax Credit or ERTC) and for paid sick leave required to...
After a rocky launch of the PPP loan program on Friday, April 3rd, many banks and lenders have started to sort out their internal processes and client-facing applications in order to start the process of providing much-needed relief to businesses and organizations....
Updated April 10, 2020 The COVID-19 pandemic has certainly turned everyone’s lives upside down. The virus has reached virtually everyone across the globe and is still spreading. Right before this virus took over the news, another type of “virus” was causing major...
Last night a 32-page update was released which among other things clarified that outside contractors should not be utilized in the calculation of the PPP loan amount and increased the interest rate on the PPP loans from .5% to 1%. In addition, a new application was...
One of the most anticipated new relief measures in the CARES Act, Paycheck Protection Program Loans, is set to go live tomorrow, April 3rd, 2020. Over the past 2 days we have devoted nearly all our resources as a firm to help as many clients (and new clients!) prepare...
Working from home with kids and their “Continuity of Learning Plans” is surely challenging! I have three kids, ranging from elementary to high school ages, that have to practice distance learning while I have to work remotely. Although I am fortunate to be with my...
On March 31, 2020, the Department of the Treasury released a sample Paycheck Protection Program (PPP) Loan, providing some (but not all) much needed guidance on the process. A copy of the sample application can be found here.
In light of the ever-growing Coronavirus pandemic, New York State has filed an emergency adoption to make any COVID-19 diagnosis a serious health condition. This emergency amendment was added to Title 12 NYCRR, section 355.9, making it legally possible to take family...
