The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill. Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for small businesses. The legislation, the Consolidated Appropriations Act, 2021, also ensures tax deductibility for business…

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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,…

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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…

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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.…

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