Sales Tax Holiday Starts on August 6th It’s that time of year again to save some money on your purchases! The Virginia Sales Tax Holiday starts on Friday, August 6th, and ends on Sunday, August 8th at midnight. Most people are aware that they can save on qualifying purchases like clothing, shoes, school supplies. But emergency […]
PPP Second Draw Application Deadline is March 31
Don’t forget! The Paycheck Protection Program (PPP) Second Draw application deadline is March 31, 2021 or when the approximately $284 billion of funding is exhausted. Current trends indicate there will be funds available through March 31. Of course, trends and guidance can always change, so be aware. Additionally, per the SBA website, President Biden announced […]
SBA Provides Interim Final Rules for PPP
The Economic Aid Act was signed into law on December 27, 2020. Now, the SBA has provided its initial interim final rules (IFRs) related to the Paycheck Protection Program (PPP). The IFRs have provided some clarity, but other questions still remain. These are the things you should be thinking about as of today, January 8, 2021. In […]
Employee Retention Tax Credit May be Available Retroactively
PPP Borrowers may want to delay applying for Loan Forgiveness The Consolidated Appropriations Act (CAA) approved last month provides that the Employee Retention Tax Credit (ERTC) is retroactively available to PPP borrowers. Only wages that were not paid with forgiven PPP loan proceeds qualify for the credit. An employer will need to elect which period […]
PPP Second Draw & Deductibility of Expenses Now Available
At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also allows businesses to deduct ordinary […]
How Will Forgiveness of PPP Loans be Taxed?
The CARES Act provided cash to millions of small businesses during Spring, 2020 with Payroll Protection Program (PPP) loans. Most of these loans will be forgiven by the SBA when the borrowers submit documentation of incurred payroll costs and other covered expenses during the COVID Pandemic. Forgiveness of PPP Loans is excluded from Income Borrowers […]
How to Record your PPP Loan Transaction
Now that the dust is starting to settle on the PPP and the application window has officially closed, it’s time to shift gears on to how to record PPP loan transactions. There has been an abundance of commentary on how the program works, and what constitutes a qualifying expense, but the accounting of it all […]
Rebuild! VA Small Business Grant Program Expanded
The Rebuild! VA Small Business Grant Program has made some changes. They’ve expanded eligibility requirements to any small business or nonprofit under $10 million in gross revenue or 250 or fewer employees and the grant can now be up to $100,000 (technically the lessor of $100,000 or 3 months of your business’ average reoccurring operating […]
Employees May Defer Social Security Taxes
Recent Treasury guidance permitting employers to defer employee Social Security taxes has been widely reported in the media. On August 8, 2020, the President of the United States issued a Presidential Memorandum deferring the withholding of and payment of the employee share of social security taxes for the period beginning on September 1, 2020, and ending on […]
State of the Paycheck Protection Program
It’s been a while since we have chimed in on the Paycheck Protection Program (PPP). A lot of that has to do with the fact that there is still so much uncertainty around the Program and what should be done next by you, the banks, the SBA and so on. Unfortunately, continued changes are undoubtedly […]
