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 […]
State & Local COVID-19 Resources
Rebuild! VA Small Business Grant Program July 28, 2020 The Rebuild VA Grant Fund is a program to help small businesses and non-profits whose normal operations were disrupted by COVID-19, including restaurants, brick and mortar retail, exercise and fitness facilities, personal care and personal grooming services, entertainment and public amusement establishments, and campgrounds. READ MORE […]
SBA Loans & Financing Resources
State of the Paycheck Protection Program August 17, 2020 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 […]
Forgiveness Bill Passes in Senate
Huge news yesterday for all of us swimming in the PPP pool. Yesterday, the Senate passed H.R. 7010 that will bring forth dramatic changes to the PPP. This legislation now sits on the desk of the President for his signature. Specific language and additional guidance have yet to be released but the high points of H.R. 7010 are […]
How to Make Virginia Extension Payments Online
Reminder – your 2019 Virginia tax due and 2020 1st quarter estimated payments are due Monday, June 1st. Please do not forget to submit your payments, as Virginia delayed payments to only June 1st and not to July 15th, as many other states and the IRS did. For assistance, click here.
New Guidance Regarding Your PPP Loan and Certifying Necessity
The US Treasury issued new guidance via question and answer on May 13, 2020 regarding how the SBA will deal with the good-faith certification concerning the necessity of applicant loans. Direct from their answer is the following when addressing PPP loans under $2 million, “Any borrow that, together with its affiliates, received PPP loans with […]
Flexibility with Retirement Plan Assets and Charitable Giving Among CARES Act Changes
In addition to the recovery rebates provided to individuals, supplemental unemployment benefits and payroll assistance given to small businesses, the third coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided other important tax relief to individual taxpayers. No 10% additional tax for coronavirus-related retirement plan distributions Typically, a distribution from a qualified […]
Federal COVID-19 Resources
Employees May Defer Social Security Taxes September 22, 2020 Recent Treasury guidance permitting employers to defer employee Social Security taxes has been widely reported in the media. READ MORE Flexibility with Retirement Plan Assets and Charitable Giving Among CARES Act Changes April 28, 2020 In addition to the recovery rebates provided to individuals, supplemental unemployment benefits and payroll […]
