Paycheck Protection Program Update
April 22, 2020
Last night the senate passed a $482 Billion Dollar Relief Package. As part of this package, $310 Billion was set aside as additional funding for the SBA Payroll Protection Program. It is expected that Congress will pass the law and the President will sign it by this
Friday, April 24, 2020.
The new $310 billion for the Paycheck Protection Program includes $60 billion set aside for — and divided equally among — smaller banks and community lenders that seek to focus on underbanked neighborhoods and rural areas. Many smaller and minority […]
IRS webpage provides information on how to use new non-filer web-based tool
IRS website: Non-Filers: Enter Payment Info Here
An IRS webpage provides information on how to use the new non-filer tool, “Non-Filers: Enter Payment Info Here,” in order to obtain economic impact payments provided by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Background. In a March 30, 2020 Information Release, the IRS provided details on the distribution of economic impact payments that are part of the CARES Act, PL 116-136, 3/27/2020. In the March […]
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 […]
State of Maryland Small Business Assistance Programs
We wanted to provide our clients guidance with a one-stop shop for eligible programs that have been specifically catered to small businesses in the State of Maryland. To assist with the financial hardships created by the COVID-19 pandemic, Governor Larry Hogan announced several different relief programs available to Maryland businesses.
The following financial relief programs offered by Maryland are aimed primarily at small business, including their employees and those who otherwise have been impacted by COVID-19 financially. These programs will join federal disaster relief programs announced […]