The recently-signed Consolidated Appropriations Act of 2021 made significant changes to the rules surrounding the CARES Act Employee Retention Credit (originally a refundable payroll credit for 50% of “qualified wages”
COVID-19 News and Updates
The following information highlights the key COVID-19 related relief passed by Congress on December 21, 2020 as part of the Consolidated Appropriations Act, 2021 (a $2.3 Trillion Federal Funding and COVID relief legislation),
New York Forward Loan Fund: Small businesses and nonprofits that have received PPP loans of up to $50,000 now eligible
Empire State Development recently announced that a number of small businesses and nonprofit organizations are now eligible to receive low-interest loans through the New York Forward Loan Fund (NYFLF) if they received $50,000 or less in
Temporarily Relocating to an Out-of-State Secondary Home Due to COVID-19? You May be Subject to Double Taxation on the Same Income
As the CORONA VIRUS Pandemic spread across the United States at the end of March, much of the Country was required to shut down business operations because of governmental stay-at-home orders.
Are Expenditures Paid From Paycheck Protection Program (PPP) Loan Proceeds (That Qualify For Loan Forgiveness) Deductible For Income Tax Purposes?
Many clients and colleagues have been asking a key question regarding the PPP loan program enacted as part of the CARES Act signed into law in March, 2020. The key question is, “can I deduct the expenses that are paid with the PPP loan
Please fill out the form to download our Main Street Loans overview chart where we discuss the key features, eligibility requirements, and application details for a variety of Main Street Loan options. [contact-form-7 id="6135" title="Main St Loan Chart"]
The Federal Reserve established the Main Street Lending Program on April 9 and made modifications to some details and key terms on April 30, 2020, and again on June 8, 2020. The most recent modifications include a 2-year
COVID-19, a terrible virus which has brought unimaginable hardship to many, has changed the way we operate our businesses. We have never experienced anything like this: numerous businesses have had to shut down,
Existing tax law under IRC Section 165(i) allows a special election to deduct losses occurring in a federally declared disaster area in the tax year immediately preceding the tax year that the loss was incurred.