COVID-19 Guidance and FAQ Archives | SAX - Advisory, Audit and Accounting

INFRASTRUCTURE ACT HALTS Q4 2021 EMPLOYEE RETENTION CREDIT FOR MANY EMPLOYERS

Sax LLP — Tue, 09 Nov 2021 16:13:05 +0000

The Infrastructure Investment and Jobs Act (Infrastructure Act) ends the Employee Retention Credit (ERC) for wages paid after September 30, 2021 for many employers. Recovery startup businesses, however, may continue to claim the ERC on wages paid through December 31, 2021. Prior to the passage of the Act, the ERC was scheduled to terminate for […]

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SBA TO OPEN STREAMLINED PPP LOAN FORGIVENESS PORTAL ON AUGUST 4

Sax LLP — Wed, 04 Aug 2021 12:50:36 +0000

The Small Business Administration (SBA) will open an online portal where Paycheck Protection Program borrowers can directly apply for forgiveness on loans of $150,000 or less without going through their bank. The portal will open and begin accepting applications on Wednesday, August 4, and is aimed at simplifying and speeding up relief to more than […]

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SBA CEASES ACCEPTANCE OF MOST NEW PPP APPLICATIONS

Sax LLP — Fri, 07 May 2021 14:29:14 +0000

On May 4, 2021, the Small Business Administration (SBA) announced that the funds allocated to the Paycheck Protection Program (PPP) general fund had been exhausted. While Congress recently reached an agreement to extend the PPP through May 31, 2021, the SBA will cease accepting new applications from most borrowers. However, there is approximately $8 billion […]

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Restaurant Revitalization Fund (RRF) Must Know Topics

Sax LLP — Mon, 19 Apr 2021 16:35:00 +0000

The Restaurant Revitalization Fund is a critical and exciting opportunity for the restaurant industry. While it’s another helpful program, it also requires attention to detail. Below are the topics you need to focus on to take advantage of this program: Get the Details and Understand the Program If you haven’t already done so, consult an […]

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Paycheck Protection Program Deadline Extended

Sax LLP — Wed, 31 Mar 2021 13:33:16 +0000

President Biden signed the PPP Extension Act of 2021 into law on March 30, 2021, extending the date borrowers may apply for funding from March 31, 2021 to May 31, 2021. Additionally, this new law allows the Small Business Administration (SBA) to process Paycheck Protection Program (PPP) loan applications until June 30, 2021. Potential borrowers […]

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SBA Targets Early April Opening of Restaurant Revitalization Fund Application Process

Sax LLP — Mon, 29 Mar 2021 14:09:33 +0000

The U.S. Small Business Administration (SBA) is targeting early April to launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund (RRF) that was established by the American Rescue Plan Act (ARPA). The RRF was created to provide restaurants with grants equal to their pandemic-related revenue loss, up to $10 million per entity, or […]

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Don’t Risk Loan Forgiveness with Sax’s PPP & PRF Advisory Services for the Healthcare Industry

Sax LLP — Wed, 24 Feb 2021 21:39:06 +0000

Your healthcare practice is on the road to recovery and you can start to see the light at the end of the tunnel. Now you need to turn your attention to complying with the myriad of reporting requirements for the CARES Act funding, so that you can retain the funds that you received. The Health […]

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BIDEN-HARRIS ADMINISTRATION ANNOUNCES CHANGES TO THE PPP GEARED TOWARDS SMALLER BUSINESSES

Sax LLP — Wed, 24 Feb 2021 14:57:13 +0000

In an effort to target smaller businesses, the Biden-Harris administration announced changes to the Paycheck Protection Program (PPP). From Wednesday, February 24, 2021 – March 10, 2021, businesses with 20 or fewer employees will have exclusive access to PPP funding. Furthermore, the White House will set aside $1 billion in PPP funding for businesses in […]

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STATE INCOME TAX TREATMENT OF PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS AND EXPENSE DEDUCTIONS

Sax LLP — Fri, 12 Feb 2021 15:35:52 +0000

As a reaction to the economic conditions of the COVID-19 pandemic, the federal government has established a series of relief packages for businesses, including the Paycheck Protection Program (PPP).

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DON’T LEAVE MONEY ON THE TABLE! Employee Retention Credit Now Available to PPP Loan Recipients

Sax LLP — Thu, 11 Feb 2021 18:46:03 +0000

Due to legislation passed in late December 2020, eligible employers with a Paycheck Protection Program (PPP) loan can now claim the employee retention credit (ERC) when they previously could not.

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