COVID-19 Update 2/23/2021

February 23rd, 2021 by

  Biden Administration Takes Steps to Promote Equitable Access to SBA Relief On Monday, February 22, President Biden announced the following changes to SBA’s coronavirus relief programs to ensure equity: Starting on Wednesday, February 24, 2021 at 9 am EST, the Small Business Administration will establish a 14-day, exclusive PPP loan application period for businesses

COVID-19 Update 2/1/2021

February 1st, 2021 by

  New Worker Safety Guidelines from OSHA On January 29, the U.S. Department of Labor/OSHA issued new guidance for workplaces to help identify risks of being exposed to and/or contracting COVID-19 at work and to help them determine appropriate control measures to implement.  The information can be found here. This guidance contains recommendations as well

COVID-19 Update 1/13/2021

January 13th, 2021 by

  Update on 1/15/21: It’s just been announced that the Paycheck Protection Program (PPP) loan portal will be re-opened to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET. The portal will fully open on Tuesday, January 19, 2021 to

COVID-19 Update 1/8/2021

January 8th, 2021 by

  More Info on the Consolidated Appropriations Act, 2021 Our partners at CBIZ have provided an excellent analysis of the most recent coronavirus relief legislation passed by Congress and ultimately signed by the White House on December 27th.  Go here to learn more about the tax and PPP loan provisions in the new legislation.   

COVID-19 Update 12/22/2020

December 22nd, 2020 by

  Congress Passes $900 Billion Coronavirus Relief Bill Yesterday, a months-long stalemate came to an end when Congress passed the “Consolidated Appropriations Act, 2021.”  5,593 pages in length, the package includes another round of direct stimulus checks to individuals, extended and enhanced unemployment benefits and approximately $300 billion for the popular Paycheck Protection Program (PPP). 

COVID-19 Update 12/2/2020

December 2nd, 2020 by

  Deductibility of PPP-Funded Expenses In guidance issued on November 18th, the IRS reiterated its position that taxpayers cannot claim a deduction for any otherwise deductible expense if the payment of the expense results in forgiveness of a Paycheck Protection Program (PPP) loan because the income associated with the forgiveness is excluded from gross income