-
PPP Loan Forgiveness Guidelines
For those of you that got in the PPP loan program prior to it running out of funds, here’s what you need to know! Loan proceeds must be used for payroll, utilities and mortgage or lease during the eight week period beginning the day after the loan origination date. Payroll Salary, wage, commission, or similar…
-
SBA Announces Lapse in Appropriations for PPP Loans
The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. There were 19,244 approved loans in Alabama representing $3,819,600,518 in approved dollars. We assisted with a lot of those and in fact, saw a deposit today of $74,000+. At this point, we are waiting to see…
-
Taxpayers should be aware of Coronavirus-related scams
Taxpayers should be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or COVID-19 Economic Impact Payments. These scams can lead to tax-related fraud and identity theft. Here’s what taxpayers should know: The IRS will not call, email or text you to verify or request your financial, banking or…
-
Up is Down, and Down is Up
….On this April 15th, which in any other year would be a very busy time for us. We are still closed to in-office visits until May 4th and the staff are coming in to work on a very limited and staggered basis. All employees are checking emails from home and responding throughout the day. For…
-
IRS extends more tax deadlines, including Form 990-series returns and notices
Last month, the IRS announced that certain taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. The IRS has extended this relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing…
-
Here’s how much individuals will get from the Economic Impact Payments
Employed full or part time? Unemployed? A temporary or gig worker? Retired or disabled? Receive public benefits? Have no income? Most U.S. residents – under certain income levels – will receive the Economic Impact Payment if they are not claimed as a dependent of another taxpayer and have a Social Security number. Here’s how much…
-
$10,000 Free Advance from SBA, Hold Your Horses….
SBA has clarified the following: On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application…
-
SBA Programs – Scams and Fraud Alerts
It’s sad, but criminals will take advantage of every opportunity. Especially now that people are vulnerable. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the…
-
Businesses will be Re-Opening to the Public Soon
My target date is May 4th. Of course I set that date on April 1st and I’m monitoring this situation on a day-by-day basis. There have been a lot of hard learned lessons and some opportunities for small businesses that came as a result of this Coronavirus Pandemic. A lot of businesses are going to…
