COVID-19 Resources
While the news concerning COVID-19 continues to develop, we would like to say that the health and safety of our team members, families, clients, and communities is our number one priority. We will be utilizing this COVID-19 Resource Center as a means of keeping our clients and community informed during these challenging times.
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PPP Forgiveness and Repayment: What Businesses Need to Know Now
A critical deadline is approaching for many businesses that have received loans under the Paycheck Protection Program. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying the full amount plus 1% interest before the maturity date. In addition, some borrowers could face audits.
New COVID-19 Relief Law Extends Employee Retention Credit
Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you may find yourself with piles of tax-related documents. You might not want to toss them out for fear of trashing something important. Here are some tax recordkeeping guidelines.
Business Highlights in the New American Rescue Plan Act
You’ve probably heard about the new law that provides direct payments to eligible individuals. But what does the law provide to businesses?
The American Rescue Plan Act Has Passed: What's In It For You?
President Biden has signed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic. Here’s a broad overview of some of the provisions that may affect you.
PPP Adjusted to Prioritize Very Small Businesses
The Paycheck Protection Program has undergone some notable changes recently as the Small Business Administration and Biden administration seek to give very small businesses easier access to loan funds.
PPP Revisions Target Smallest Businesses
The Biden Administration has announced five specific reforms to the Paycheck Protection Program (PPP) that are intended to benefit small businesses.
Employee Retention Credit Update
Find out if you're eligible for the Employee Retention Credit (ERC). The Consolidated Appropriations Act, 2021, clarifies and extends the Employee Tax Credit to payroll costs through 2021.
PRF Reporting Delayed
Due to the recent passage of federal legislation which earmarked $3 billion to the PRF program, the HHS provided an update that amended the reporting timeline.
Paycheck Protection Program Opens
The SBA opened the Paycheck Protection Program loan portal today, January 11, 2021.
How Can Your Business Benefit from the Consolidated Appropriations Act?
New Law Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes
Businesses received several favorable tax breaks in the COVID-19 relief bill that was recently signed into law. Here are just two of them.
Paycheck Protection Program Updates and Overview of The Paycheck Protection Program Second Draw
$900 Billion COVID-19 Aid Economic Relief Bill
Congress and President Trump are working through the nearly 5,600-page Consolidated Appropriations Act of 2021, the package expands and extends several critical provisions of the CARES Act enacted in the spring of 2020 to deal with the emerging financial and health care crisis.
On-Time Financial Reporting Is Key in Times of Crisis
Who cares if your financial statements are late? Lenders and investors are looking for reassurance that you’re doing OK in today’s unprecedented conditions. Procrastination may cause them to presume the worst.
Tax Implications of Working from Home and Collecting Unemployment
Have you lost your job and collecting unemployment? Or are you fortunate to be working from home because of the pandemic? Both of these situations could have tax implications.
Reviewing Your Disaster Plan in A Tumultuous Year
Business owners: Have you paused to consider how well your company initially responded to the COVID-19 pandemic? Update your disaster plan before the details fade.
HHS Announces $20 Billion for Phase 3 of Provider Relief Funding
HUD issued Notice H 20-08 late last week, which addressed “Availability of Funds for COVID-19 Supplemental Payments for Properties Receiving Project-Based Rental Assistance under the Section 8, Section 202, or Section 811 programs.”
Is It Time to Team Up? The Benefits of Nonprofit Collaboration
Partnering with a like-minded organization potentially enables you to pool funds, staff and supporters — temporarily or permanently. Learn more.
OMB Issues Guidance for Federal Award Recipients
The Federal Office of Management and Budget (OMB) released Memorandum M-20-26, Extension of Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to the Loss of Operations.
President Proposes to Bring Back Entertainment Tax Deductions Amid COVID-19: Here Are the Current Rules
President Trump has proposed to restore the full tax deduction for business meals and entertainment in response to the novel coronavirus pandemic.
The Possible Tax Consequences of PPP Loans
Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.
Webinar: COVID-19
Learn how the new not-for-profit reporting model will impact financial statement presentation and disclosures.
Alternative Financing – Main Street Lending Program
The Federal Reserve announced it is expanding the Main Street Lending Program to support businesses negatively impacted by COVID-19.
Coronavirus (COVID-19): Tax Relief for Small Businesses
In response to the coronavirus (COVID-19), Congress and the IRS have recently provided tax relief to businesses. Here’s a brief rundown.
Coronavirus and Provider Relief Fund are Subject to Federal Single Audit
COVID-19 Cybersecurity Remote Work Warning
COVID-19 is causing most Americans to work remotely, which has brought increased cybersecurity risks. Learn how to protect yourself.
Families First Coronavirus Response Act
President Trump signed into law the Families First Coronavirus Response Act to address sick leave and paid leave for those affected by COVID-19.
Families First Coronavirus Response Act - Expanded FMLA
With schools starting soon, now is a good time for employers to revisit the Families First Coronavirus Response Act (FFCRA).
Fed Expands Main Street Lending Program to Certain Nonprofits
The Federal Reserve expanded its Main Street Lending Program to include funding for nonprofit organizations like hospitals, educational institutions, and social service organizations.
HBJ and NHB Present: The Cares Act and the PPP
Learn tips for digitally adapting to remote access during the COVID-19 pandemic.
Helping Your Nonprofit Survive Financial Instability
If your nonprofit is going through financial instability, there are ways through to the other side.
Here’s Why Some Have Received an Economic Impact Payment That Was Less Than Expected
President Trump has proposed to restore the full tax deduction for business meals and entertainment in response to the novel coronavirus pandemic.
House Passes Payroll Protection Program Flexibility Act
On May 28, 2020, the House of Representatives passed the Payroll Protection Program Flexibility Act. The Act would make the following changes to the PPP program.
How to Survive Crisis with Multiple Revenue Streams
Financially stable nonprofits have a good mix of revenue sources, with no one source accounting for more than 30% of the budget. How does your organization stack up? If you need help, read on.
How Your Business Can Thrive in the Covid-19 Landscape
It's no doubt that the COVID-19 pandemic has changed the playing field for businesses. We suggest a three-step journey: survive, pivot and adapt, thrive.
Main Street Lending Program - Update
Many employers use nonqualified deferred compensation plans to attract and retain executive talent. The rules, however, are complex.
Modifications to the PPP Program
Last night the Senate approved a bipartisan bill to loosen Payroll Protection Program (PPP) requirements.
New Guidance - PPP Loan Forgiveness Application
On May 23, the Treasury and SBA released additional guidance regarding the Paycheck Protection Program (PPP) Loan Forgiveness Application.
New Loan Forgiveness Guidance
On June 22, the SBA and Treasury released additional guidance surrounding the Payroll Protection Program (PPP) Interim Rule. The new guidance provided clarification regarding loan forgiveness filing dates, owner-employee payroll costs, and Safe Harbor reductions.
New Paycheck Protection Program Forgiveness Applications and Guidance
The Treasury Department issued revised PPP Loan Forgiveness Forms, PPP Loan Forgiveness Calculation Form and PPP Loan Forgiveness Application Form 3508EZ.
Paycheck Protection Program (PPP) Loan Forgiveness Application is Here!
The U.S. Treasury and SBA released the Paycheck Protection Loan Forgiveness Application and detailed instructions to help business owners and nonprofit organizations seek forgiveness at the end of their covered eight-week loan period.
Paycheck Protection Program Certification Deadline May 14
New deadline of May 14 to repay Paycheck Protection Program (PPP) loans for SBA “good faith” certification.
Paycheck Protection Program Safe Harbor Guidance
The Treasury issued guidance regarding the Paycheck Protection Program (PPP) safe habor requirement that borrowers make a good faith certification that "Current economic uncertainty makes the loan request necessary to support the ongoing operations of the Application" by May 14, 2020.
Some People Are Required to Return Economic Impact Payments That Were Sent Erroneously
Millions of people have already received their Economic Impact Payments, which are being sent by the government to help mitigate the effects of COVID-19. In some cases, the payments should be returned.
State Tax Impacts of COVID-19
This article gives high-level insight into the northeastern states for possible discussions with clients to identify the state implications of the pandemic.
Surviving the COVID-19 Crisis: A Nonprofit Action Plan
In the wake of the COVID-19 pandemic, the only certain thing is uncertainty. Nonprofits need to assess their current financial position, come up with alternative revenue models and prepare for a long, hard fight.
Taking Your Work Home: Tips for Digitally Adapting to Remote Access
Learn tips for digitally adapting to remote access during the COVID-19 pandemic.
Update - Paycheck Protection Program (PPP) Loan Forgiveness Application
Here is a summary of questions the Paycheck Protection Program (PPP) Forgiveness Application clarified.
What Families First Coronavirus Response Act (FFCRA) Means for Nonprofits and Their Staffers
New legislation provides rules for nonprofit employers whose staffers are affected by COVID-19. What does the law say? Read on.
Additional Paycheck Protection Program Guidance
The Treasury has issued a final interim rule regarding the Paycheck Protection Program.
CARES Retirement Plan Changes
During these tough times, your business may be saving money by using independent contractors, rather than hiring employees. Make sure to follow all the rules or you could hear from the IRS.
CARES Act Offers New Hope for Cash-strapped Nonprofits
The federal government’s latest response to COVID-19, the CARES Act, makes low-interest and forgivable loans available to nonprofit employers. Learn how to qualify for these critical lifelines.
5 Tips to Create a Successful ‘Work from Home’ Lifestyle
5 tips to creating a successful work from home lifestyle during the Coronavirus.
Small Businesses and Nonprofits Organizations in CT and MA Eligible for SBA Loans up to $2 Million
The SBA is offering low-interest Economic Injury Disaster Loans (EIDL) up to $2 million to small businesses suffering substantial economic injury as a result of the Coronavirus.