payroll

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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Senate Approves Changes to the Paycheck Protection Program

The U.S. Senate approved changes to the SBA’s Paycheck Protection Program (PPP) Wednesday evening, making the program’s lending terms more favorable.  The bill now heads to President Donald Trump for his signature.  If signed into law by Trump, the PPP Flexibility Act would: Extend the “covered period” under which small businesses can spend the loan…

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payroll tax penalty

Small Businesses: Stay Clear of a Severe Payroll Tax Penalty

One of the most laborious tasks for small businesses is managing payroll. But it’s critical that you not only withhold the right amount of taxes from employees’ paychecks but also that you pay them over to the federal government on time. If you willfully fail to do so, you could personally be hit with the…

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