IRS gives an update for COBRA under the American Rescue Plan Act of 2021
The IRS released a notice providing guidance for employers, plan administrators and health insurers regarding the new tax breaks available under the American Rescue Plan Act of 2021 for the continuation of health coverage under the Consolidated Omnibus Budget...
Insights on the Paycheck Protection Program and Loan Forgiveness Tips
The Paycheck Protection Program offered small businesses a rare opportunity: access to SBA-backed loans that can be fully forgiven—if you meet certain criteria. Now that lenders are opening up for forgiveness applications, it’s time to start collecting the documents...
Employee Retention Credit Optimizing Payroll Tax Relief during the COVID-19 Pandemic
Employers experiencing economic hardship due to COVID-19 may be eligible for payroll relief. The employee retention credit (ERC) for eligible employers can be claimed for up to $5,000 per employee in 2020 and up to $28,000 per employee in 2021. One of these two...
American Rescue Plan Act of 2021 Signed Into Law by President Biden
The American Rescue Plan Act of 2021 is the latest $1.9 trillion coronavirus relief package President Biden signed into law on Wednesday, March 11, 2021 that is designed to continue to facilitate recovery from the economic and health effects of the ongoing pandemic....
Guidance issued for employers claiming the Employee Retention Credit (authored by RSM US LLP)
Notice 2021-20 clarifies retroactive changes made to ERTC and PPP interaction and incorporates several previous frequently asked questions.
Employee Retention Credit: Answers to frequently asked questions (authored by RSM US LLP)
The Employee Retention Credit provides liquidity benefits for many businesses and was significantly expanded for 2020 and 2021.
CARES Act Provider Relief Fund Reporting Update
Congress provided relief for Americans, businesses, and healthcare institutions through a record stimulus deal in response to the COVID-19 pandemic, The Coronavirus Aid, Relief, and Economic Security Act (CARES). Providers and facilities were granted financial relief...
Employee retention credit significantly expanded for 2021 (authored by RSM US LLP)
The Employee Retention Tax Credit was significantly expanded by the federal relief and stimulus package finalized Dec. 27, 2020.
SBA releases guidance on PPP continued access program (authored by RSM US LLP)
SBA releases two PPP reopening guidance packages. The first for new borrowers and the second for the second-draw program.
SBA releases guidance on PPP second draw loans (authored by RSM US LLP)
SBA releases two PPP reopening guidance packages. The first for new borrowers and the second for the second draw program.
Congress passes law containing PPP tax fix; second-draw program (authored by RSM US LLP)
After negotiations go to the 11th hour, Congress passes tax fix for PPP, changes to loan forgiveness and establishes second-draw program.
Congress passes appropriations bill, containing COVID-19 relief bill (authored by RSM US LLP)
Last minute negotiations pave way for Congress to pass second major COVID-19 stimulus package with tax law changes and tax extenders.
SBA gives clarification for confusion over PPP forgiveness application due date
Many small businesses and companies have been widely affected by the Coronavirus and the financial destruction that ithas caused. Congress created the Paycheck Protection Program as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act to help ease...
Phase 3 – HHS Earmarks Another $20 Billion to be Distributed to Eligible Recipients through the Provider Relief Fund
The Department of Health and Human Services (HHS) recently announced that they added $20 billion to the Provider Relief Fund (PRF) as part of phase 3 efforts to support healthcare organizations during this very trying year. Those who have previously applied for...
HHS Releases Reporting Requirements for Provider Relief Fund (PRF)
At long last, the Department of Health and Human Resources published the reporting requirements for recipients of the Provider Relief Fund (PRF). This release offers healthcare providers much-needed guidance on what kinds of documentation they need in the event of a...
SBA releases procedural guidance for PPP loans in M&A transactions (authored by RSM US LLP)
SBA procedural guidance provides answers on how to navigate PPP loan changes in ownership; deals can now move forward with certainty.
Treasury issues skinny guidance on employee payroll tax deferral (authored by RSM US LLP)
Following the President’s memo on August 8, Treasury releases very short Notice 2020-65 delaying the deadline for employee FICA tax.
Strategic Planning – Why It’s Critical Now More than Ever and How We Can Help
By: Jonny Baker, Senior Manager, Strategic Management Consulting Services Unprecedented times call for firmware evaluation. From customer, cost, and operational analysis, all of these are worthy and necessary but the starting point is strategic planning. To evaluate...
Borrower’s accounting for Paycheck Protection Program loans (authored by RSM US LLP)
Discussion of the accounting considerations for a borrower that has received a loan under the Paycheck Protection Program.
Provider Relief Fund Update: Nursing Homes to Receive $5 Billion Distribution
On August 7, 2020, the U.S. Department of Health and Human Services (HHS) announced it would make an additional distribution from the Provider Relief Fund to nursing homes. The funds, totaling approximately $5 billion, will be used to protect residents of nursing...
SBA releases additional PPP guidance/opens lender forgiveness portal (authored by RSM US LLP)
PPP lender forgiveness portal is open. Additional guidance issued on loan forgiveness and EIDL amounts as well loan review appeal process.
Medicaid and CHIP Providers: Don’t Miss This Provider Relief Fund Deadline
When the Coronavirus, Aid, Relief and Economic Security Act (CARES Act) was signed into law in late March, it included relief funds for our country’s heroes in the crisis: health care providers. These funds, known collectively as the Provider Relief Fund, were...
IRS issues FAQs on provider relief payments made under the CARES Act (authored by RSM US LLP)
Authored by RSM US LLP TAX ALERT On July 6, 2020, the IRS released FAQs providing guidance to health care providers with respect to the taxability of payments received from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Provider Relief Fund....
Paycheck Protection Program Flexibility Act Loosens Rules on Employment Tax Deferrals
Among the many relief provisions included in the Coronavirus Aid, Relief and Economic Security Act (CARES Act) is one that allows employers to defer the deposit and payment of employment taxes for the remainder of 2020. To provide businesses with much-needed...
Integral Updates to the Paycheck Protection Program Loan Forgiveness
This week, the Small Business Administration (SBA) published two new PPP Loan Forgiveness Applications and an Interim Final Rule that gives further clarity to the changes found within the Paycheck Protection Flexibility Act of 2020 that passed on June 5, 2020....
SBA Issues Additional Loan Forgiveness Guidance – May 22, 2020
Interim Final Rule on Loan Forgiveness June 18, 2020 - Additional updates have been made to this program. Click here for additional information. May 27, 2020 On Friday, May 22, 2020, the Small Business Administration published an Interim Final Rule (IFR) relating to...
SBA Issues Loan Forgiveness Procedures for Lenders
Interim Final Rule: Loan Review Procedures and Related Borrower and Lender Responsibilities May 27, 2020 On Friday, May 22, 2020, the Small Business Administration (SBA) published an Interim Final Rule (IFR) relating to the Paycheck Protection Program (PPP). This rule...
SBA Issues Loan Forgiveness Application
May 18, 2020 June 18, 2020 - Additional updates have been made to this program. Please click here for additional information. On Friday, May 15, 2020, the Small Business Administration (SBA) published the loan forgiveness application, SBA Form 3508, to be completed...
Loan Increases Allowed for Certain PPP Loans
Interim Final Rule: Loan Increases May 14, 2020 On Wednesday May 13, 2020, the Small Business Administration (SBA) published an Interim Final Rule relating to the Paycheck Protection Program (PPP). This item summarized key loan increase provisions of the PPP and...
FAQ 46 Certification Rule Clarity
Subsequent to the publishing of this item, the Treasury/SBA released FAQ 47 which further extends the below discussed certification’s safe harbor to May 18, 2020 here. May 13, 2020 On Friday, April 24, 2020, the Small Business Administration (SBA) published an Interim...