paycheck protection program

EIDL

EIDLs Offer Access to Working Capital

If your construction business has struggled because of the COVID-19 pandemic, you may have received a forgivable Paycheck Protection Program (PPP) loan through the Small Business Administration (SBA). But if those funds have run out — or if you have expenses that a PPP loan doesn’t cover — you may want to explore other funding…

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news for nonprofits

News for Nonprofits: COVID-19 Relief Benefits Donors

The COVID-19 relief legislation signed into law in December 2020 includes some provisions that could be a boost to donors and the nonprofits they support. For example, it extends the temporary “universal charitable deduction” for taxpayers who don’t itemize their deductions through 2021. The deduction was limited to $300 for cash contributions to qualified charities…

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Tax Planning Construction CAA

Tax Planning: Don’t Forget About the CAA

Remember the Consolidated Appropriations Act (CAA)? It was signed into law on December 27, 2020, providing relief to individuals and businesses affected by the COVID-19 pandemic. In addition to reducing 2020 tax bills, the act provides several tax benefits for 2021, so be sure to keep it in mind as the year rolls along. Here…

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PPP Loan Application Window Extended to May 31, 2021

President Biden has signed the Paycheck Protection Program Extension Act of 2021, which extends the covered period for the PPP. Before the law was passed, the loan application deadline was set to expire on March 31, 2021. The new law extends the deadline to May 31, 2021. In addition, the Small Business Administration (SBA) is…

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Businesses provided a lifeline CAA enhances PPP loans and extends Employee Retention Credit

Businesses Provided a Lifeline: CAA Enhances PPP Loans and Extends Employee Retention Credit

The Consolidated Appropriations Act (CAA), passed late last year, provides much needed stimulus and tax relief for businesses hard hit by the COVID-19 pandemic. Two of the provisions that business owners likely are most interested in are the $284 billion in funding for forgivable loans through the Paycheck Protection Program (PPP), for both first-time and…

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IRS Provides Clarification and Guidance for Employer's Claiming Employee Retention Credit (ERC) for 2020

IRS Provides Clarification and Guidance for Employer’s Claiming Employee Retention Credit for 2020

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA) signed into law in December of 2020 retroactively amended the Employee Retention Credit (ERC) to allow eligible employers to claim credit even if the employer previously obtained a Paycheck Protection Program (PPP) loan.  Now eligible employers can claim the credit on any wages that…

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PPP loan denied

Employers Whose Request for Forgiveness of PPP Loan has Been Denied May Claim the Employer Retention Credit

Employers whose request for forgiveness of PPP Loan has been denied may claim the Employer Retention Credit related to those wages. The IRS has acknowledged that this guidance is being provided late.  It is noted that taxpayers are not required to use the following fourth quarter procedure, but may instead opt to file a Form…

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PPP loan forgiveness

PPP Loan Forgiveness Process and Forms Updated by the SBA

The 2021 Consolidated Appropriations Act (CAA 2021) included several updates regarding the forgiveness of PPP loans. Most of these changes seek to simplify the process and allow greater flexibility to businesses. Key points to remember when thinking about PPP loan forgiveness include: Changes to forgiveness forms and procedures – New or updated forms for applying…

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tax obligations for closing businesses

Tax Responsibilities if Your Business is Closing Amid the Pandemic

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income tax return and some other related forms for…

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ppp loans

Asking for Forgiveness? Contractors Should Handle PPP Loans with Care

Many construction companies have taken advantage of the Paycheck Protection Program (PPP) loans during the COVID-19 pandemic. Established under the CARES Act, the PPP provided eligible businesses with loans — guaranteed by the Small Business Administration (SBA) — to help cover payroll and other costs. Recipients of PPP loans may also qualify for debt forgiveness…

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