Payroll Protection Program – Loan Forgiveness

As part of the Nation’s response to the economic impacts of COVID-19, the Payroll Protection Program (PPP) was enacted as part of the CARES Act, which provided $350 billion in loans to assist businesses with payroll, rent, interest, and utilities payments. The original funding was exhausted quickly, and the PPP received an additional $310 billion … Continued

Congress expands small business COVID-19 relief

The President has signed the Paycheck Protection Program and Health Care Enhancement Act, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic Security … Continued

The IRS announces new COVID-19-related assistance for taxpayers

The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional … Continued

COVID-19 Update: Payroll Protection Program

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the Act) to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus pandemic. The Small Business Administration (SBA) received funding and authority through the Act to modify existing loan programs and establish a … Continued

COVID-19 Update: SBA Loans

The Small Business Association (SBA) has released a sample application and information fact sheet for the Payroll Protection Program Loans (PPPL). The PPPL are available starting on Friday, April 3 for businesses and Friday, April 10 for self-employed individuals. They are available to businesses and 501(c)(3) nonprofits with less than 500 employees. The loans are … Continued

Questions on Coronavirus? Visit Allinial Global’s Covid-19 Resource Center

Our affiliation with Allinal Global expands both our geographic reach and scope of services. Allinial Global is an association of accounting and consulting firms whose members reinforce client service by exchanging expertise, resources, and advice in a wide range of industries. Founded in 1969, Allinial Global is one hundred members strong and growing, with locations … Continued

COVID-19 Update: CARES Act

Hannis T. Bourgeois is closely monitoring the Coronavirus Aid, Relief, and Economic Security (CARES) Act as it makes its way through Congress and to the President.  When implemented, the $2 trillion stimulus package will provide an estimated $349 billion in loans to small businesses under section 7(a) of the Small Business Act, 15 U.S.C. 636(a).  … Continued

CARES Act will provide billions of dollars of relief to individuals, businesses, state and local governments, and the health care system

After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been reached on a massive stimulus bill to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. As of this writing, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) has … Continued