COVID-19 has created an unusual working environment this year. It began with forced shutdowns, leaving many employees furloughed or out of a job altogether. It has since developed into an accepted culture of at-home employees, Zoom meetings, and other ad hoc solutions. Gig economy workers may have been ahead of the game on working from […]
The introduction of PPP loans provided a dose of good news and a welcome reprieve for thousands of business owners this year. In this unprecedented crisis full of unknowns, this economic stimulus gave many businesses the shot in the arm they needed to pay their employees and keep moving forward. Even better news arrived when […]
Even before this strange season we find ourselves in, KuberneoCPA has sought to provide assistance and helpful resources to our clients. When the COVID-19 crisis first began, we quickly established our resource center. As the volume of resources has grown, we thought it might be useful to aggregate a few of the links we’ve shared […]
As a small business ourselves, we understand many of the the difficulties COVID-19 has presented, many of which are financial. Gratefully, the government’s response to the coronavirus pandemic has included providing financial aid to small businesses. One of the most well-known and highly-utilized mechanisms is the Payroll Protection Program (PPP), which helps small businesses secure […]
UPDATE — The SBA and Treasury recently announced a simpler PPP forgiveness form for loans of $50,000 or less. It uses a new form called the 3508S that is even more streamlined than the “EZ” form introduced previously. This is good news for small borrowers under the PPP! ORIGINAL POST — The Departement of Treasury […]
The U.S. Small Business Administration (SBA) has extended the “safe harbor” deadline to return unqualified PPP funds to May 14. That means companies can return the funds before that date without penalty. If your organization received a Paycheck Protection Program (PPP) loan and you have now determined that you don’t meet the requirements for “economic […]
On April 23, 2020, Congress passed the Paycheck Protection Program and Health Care Enhancement Act. This bill allocates a combined $370 billion of additional funding for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs to assist businesses affected by the economic impacts of COVID-19. It is widely assumed that these newly […]
Most Recent Update – 5/22/2020 The IRS has announced that some stimulus payments may be sent on a prepaid debit card known as The Economic Impact Payment Card instead of paper checks. If you receive an Economic Impact Payment Card, it will arrive in a plain envelope from “Money Network Cardholder Services.” The Visa name […]
Normally at this time, we’d be sending our clients a reminder that taxes are due. Instead, we have announcements about extended deadlines and loans to help bridge the gap during this unique time. Extended deadlines The new relief, issued by the IRS in Notice 2020-23, applies to all taxpayers that have a filing or payment […]