Business Owners

SBA Reopens Economic Injury Disaster Loans to Small Businesses, Independent Contractors and Gig Workers by Judd Appel, ABV

Posted on June 16, 2020

On June 15, 2020, the Small Business Administration (SBA) announced the reopening of its Economic Injury Disaster Loan (EIDL) program, which includes forgivable advances of up to $10,000, to help small businesses and nonprofits ease cash flow challenges resulting from the COVID-19 pandemic. The program, first introduced on March 27, had been suspended temporarily to […]

Small- and Mid-Size Businesses to Receive More Relief Under Main Street Lending Program by Joel Glick, CPA/CFF, CFE, CGMA

Posted on June 15, 2020 by Joel Glick

The Federal Reserve Bank has again revised the scope of its Main Street Lending Program, introduced in April to help support small and mid-size businesses suffering under the economic strain of the COVID-19 health crisis. The most recent guidance, issued on June 8, lowers the minimum loan amount, raises the maximum loan limit and extends […]

Congress Eases Rules for PPP Loan Forgiveness by Andrew Leonard, CPA

Posted on June 04, 2020 by Andrew Leonard

Small businesses and nonprofit organizations that received emergency, government-backed Paycheck Protection Program (PPP) loans to help them maintain their workforce during the COVID-19 crisis can breathe a sigh of relief. On June 3, Congress passed a bill giving loan recipients more time and flexibility to use those proceeds and still be eligible for complete loan […]

UPDATED June 4, 2020 – PPP Loan Recipients Receive Some Guidance on Forgiveness by Andrew Leonard, CPA

Posted on May 21, 2020 by Andrew Leonard

On May 15, the Small Business Administration (SBA) released the application form businesses must use to request forgiveness of Paycheck Protection Program (PPP) loans they applied for and received in the wake of COVID-19 crisis. Although the form helps to clarify some issues that businesses were hoping would help them calculate loan forgiveness, its 11 […]

IRS Disallows Deductions for Business Expenses Paid with Forgiven PPP Loan Amounts by Angie Adames, CPA

Posted on May 12, 2020 by Angie Adames

The IRS released guidance on April 30, 2020, prohibiting businesses from deducting any normally deductible expenses they pay using funds from a Paycheck Protection Program (PPP) loan that later becomes forgiven. Businesses must consider these tax implications, and any subsequent guidance, before applying for or accepting PPP loans. The CARES Act introduced PPP loans to provide immediate […]

Have You Suffered Any Losses Due to COVID-19? Some 2020 Losses May Be Deductible in 2019 by Arthur J. Lieberman

Posted on April 27, 2020 by Art Lieberman

The COVID-19 crisis has caused major economic hardship for many companies, making it imperative for businesses of all kinds to increase cash flow to ensure survival. Taxpayers should not overlook the potential to reduce 2019 taxes and/or generate refunds of taxes previously paid from 2014 through 2018 by making an election to deduct eligible 2020 […]

Coping With COVID – Some Personal Thoughts from Richard A. Berkowitz, JD, CPA

Posted on April 17, 2020 by Richard Berkowitz

No matter where we are, who we are with, or what we are doing, we have all adapted to an environment dictated by the Coronavirus. It is not just that our world has fundamentally shifted, it is that we do not know when it is going to be altered again nor what it will look […]

UPDATED JUNE 4, 2020 – PPP Loan Guidance for Self-Employed Small-Business Owners, Independent Contractors by Andrew Leonard, CPA

Posted on April 17, 2020 by Andrew Leonard

On April 13, the Small Business Administration (SBA) issued interim final guidance to help self-employed small-business owners impacted by the COVID-19 pandemic begin applying for immediate economic relief through the Paycheck Protection Program (PPP) introduced by the CARES Act. If you are you of these taxpayers, which includes independent contractors and sole proprietors, you should […]

UPDATED – CARES Act Loan Recipients Must Take Care to Avoid Potentially Fraudulent Acts by Richard Fechter, JD, CFE, CAMS

Posted on April 16, 2020 by Richard Fechter

The CARES Act provides billions of dollars in much-needed financial assistance to millions of U.S. businesses and not-for-profit organizations struggling to survive the economic realities of the COVID-19 pandemic. To apply for and obtain government-backed loans, eligible entities must take special care to understand and abide by all the specific rules applicable to each financial-assistance […]

CARES Act Eases Limitation on Business Interest Expense Deductions, Special Rules Apply to Partnerships by Heath Standorf, CPA

Posted on April 15, 2020 by Heath Standorf

To help businesses improve cash flow and manage rising debt in the wake of the COVID-19 pandemic, the CARES Act allows certain taxpayers to deduct more business interest expense than was previously allowed under existing law. This, combined with other provisions of the government’s $2.3 trillion coronavirus stimulus package CARES Act, can provide businesses with […]

Category: Business Owners