COVID-19 Resource Center

IRS issues FAQs on provider relief payments made under the CARES Act

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....

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...

Denton County Businesses – Grant Program

Taking Care of Business in Denton County $2.2 million in Grants UPDATE: June 29, 2020 -  Denton County is launching Phase II of the small business grant program. It began June 22, 2020 at noon and runs until July 6, 2020. It will provide $50,000 grants to Denton...

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...

FAQ 45 Considerations

New FAQ Allows Retention Credits if PPP Funds Turned back in by May 14 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 7, 2020 The Treasury...

New Deadline of May 14/Borrower Certification of PPP Need: An Update

Subsequent to the publishing of this item, the Treasury/SBA released FAQs 46 and 47 which clarify the certification standard and further extend the below discussed certification’s safe harbor to May 18, 2020, respectively, here. For further details on the...

SBA Interim Final Rules and Other Information: An Update

April 29, 2020 Since our last update, the Small Business Administration has published four Interim Final Rules relating to the Paycheck Protection Program (PPP). These items summarized key eligibility components relating to the Paycheck Protection Program and...

PPP Loan Funds and EIDL Grant Amounts Refilled

April 27, 2020 This week Congress provided further relief for businesses and healthcare institutions through additional funding for the record stimulus deal in response to the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security Act (CARES) provided...

Stimulus Relief for Healthcare Providers to start Friday April 10th

On Friday, April 10, 2020, the Department of Health and Human Services (HHS) implemented relief targeted to healthcare providers and hospitals. This relief was part of the record stimulus deal that Congress passed in response to the COVID-19 pandemic, The Coronavirus...

Increased Cash Flow for Healthcare Providers

NOTICE – As of April 26, 2020, the Centers for Medicare and Medicaid Services (CMS) has announced that it will make changes to this program.  More information can be found here: https://www.cms.gov/files/document/accelerated-and-advanced-payments-fact-sheet.pdf....

The Case for Roth Conversions

The Case for Roth IRA Conversion At KHA, we tend to look for opportunities that can be found in challenges. With the COVID-19 crisis, we ask, “What can we learn from this situation or how can we improve our current circumstances?” The values of most retirement plans...

Texas Extends the Texas Franchise Tax Deadline to July 15

In a response to the COVID-19 pandemic, the Texas Comptroller has extended the due date for 2020 franchise tax reports and payments to July 15, 2020. This automatic extension, which requires no additional forms, applies to all franchise taxpayers. This aligns the...

Important Information for Owners of Real Estate

Coronavirus Economic Stabilization Act of 2020 Title IV of the CARES Act is intended to aid the severely distressed sectors of the U.S. Economy.  For example, there is language written to support aviation workers and community banks.  Also included in this section of...

Labor Provisions found within the CARES Act

The Key Labor and Other Provisions highlighted herein include key changes made to the Families First Coronavirus Response Act, federal authority extensions to the Department of Labor, hiring flexibility for certain federal agencies, and protection for renters....

Payroll Tax Provisions for Businesses in the CARES Act

NOTICE - As of April 1, the IRS has posted frequently asked questions that will answer some details not known at the time of this article.  For additional information, please visit the IRS website, click here These payroll tax provisions are intertwined with many...

CARES Act Individual Tax Provisions

Individual Tax Provisions Found in the CARES Act The CARES Act provides tax relief for individuals, specifically in the form of cash rebates and generous deductibility of charitable contributions.  Recovery Rebates for Individuals Amount of Assistance Subject to...

Business Tax Provisions in the CARES Act

Modifications for Net Operating Losses The net operating loss (NOL) rules applicable to individuals and C Corporations recently changed and will now change again. To avoid confusion, let’s review: Prior to 2018, NOLs could be carried back two years and carried forward...