Self-Employed Paycheck Protection Program Update
Per guidance released on April 14, 2020, the Small Business Administration (SBA) has provided an update for self-employed individuals that are applying for the Paycheck Protection Program (PPP) loan. It specifies that W2 wages are not necessary to obtain the loan, nor the forgiveness that is associated with the program. Below we provide highlights from the guidance on both the size of the loan that a self-employed individual can obtain, as well as initial guidance on how that loan can be forgiven. The maximum loan amount is determined by the […]
President Trump Signs Coronavirus Relief Bill that Contains Employer Tax Credits
Today, President Trump signed the “Families First Coronavirus Response Act” (the “Act”) to provide emergency supplemental appropriations and support Americans during the COVID-19 pandemic. Parts of the Act provide for emergency family and medical leave benefits, emergency paid sick leave benefits, and employer and self-employed tax credits and exclusion from employer FICA tax with respect to the payment of those benefits.
Employer tax credits. The Act provides tax credits to employers to cover wages paid to employees while they are taking time […]
March 20, 2020
To our clients and friends,
We are all experiencing challenges related to the COVID-19 public health emergency. TRS CPA Group would like to make you aware of the steps we are taking to insure the health and safety of our clients and employees.
As of today, March 20, 2020 at 5pm we will be closing the physical doors to our office. This has been a difficult decision, but we feel it is necessary. However, this change will not impact the quality of our service in any way. TRS CPA Group will be fully functional during this […]
Please click on either of the two PDF’s below to learn more about what Maryland and Delaware are doing for those individuals that are financially impacted by the COVID-19 pandemic.
Maryland – Frequently Asked Questions About COVID
Delaware – Dept of Labor_Covid-19