The Consolidated Appropriations Act of 2021 (Act), signed into law on December 27, 2020, contains significant enhancements and improvements to the Employee Retention Credit (ERC). The ERC, which was created by the CARES Act on March 27, 2020, is designed to encourage
The U.S. Small Business Administration (SBA), in connection with the Treasury, announced that the application window for Paycheck Protection Program (PPP) Loans will open Friday, January 15th for lenders with $1 billion or less in assets. The program will begin
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, has re-opened the Paycheck Protection Program (PPP) on Monday, January 11, 2021 for new borrowers who have not received a PPP loan in the past. The program is
NOVEMBER 3, 2020 The Small Business Administration recently released a new PPP Forgiveness Factsheet which provides step by step instructions for the PPP loan forgiveness process. Please reach out to your Brown Edwards professional if you have questions or would
OCTOBER 26, 2020 Election years often lead to uncertainty for businesses, but 2020 surely takes the cake when it comes to unpredictability. Amid the chaos of the COVID-19 pandemic, the resulting economic downturn and civil unrest, businesses are on their
OCTOBER 21, 2020 Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may
OCTOBER 9, 2020 Press Release from the US Small Business Administration: The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This
SEPTEMBER 1, 2020 On August 28, 2020, the IRS issued Notice 2020-65 that provides some needed guidance for employers wondering whether and how to comply with the employee payroll tax deferral described in the August 8, 2020 Presidential memorandum (often
AUGUST 11, 2020 On August 8, 2020, President Trump signed an executive memorandum that defers an employee’s portion of Social Security and Medicare taxes from September 1 through December 31, 2020. At this point, the taxes are just deferred, meaning
JULY 13, 2020 The coronavirus pandemic has forced many employers to implement some form of workforce reduction to continue operating. While furloughs and layoffs have a significant and immediate impact on a company’s operations, plan sponsors also need to understand
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