Millions of U.S. businesses impacted by COVID-19 have obtained funding from the Small Business Administration (SBA) loan programs that were funded and expanded by Coronavirus Aid, Relief, and Economic Security (CARES) Act. Many jumped at the opportunity to get forgivable Paycheck Protection Program loans and grants from the Economic Injury Disaster Loan Program. Due to…
Small business owners who have received the Paycheck Protection Loan can seek forgiveness of the PPP loan’s principal amount if it is spent on SBA authorized uses during the 8-week covered period. Here’s what you need to know to qualify for loan forgiveness In order to maximize loan forgiveness small business owners must: review what…
How the CARES Act expanded Unemployment Insurance Benefits The CARES Act includes programs to expand unemployment benefits for regular beneficiaries and to those who would not normally receive these benefits, such as sole proprietors and self-employed individuals. Unemployment benefits are a lifeline for many who have lost work in the wake of the current health…
What is the Employee Retention Credit? Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000…