The proceeds of a PPP loan are to be used for the following. Owner compensation replacement, calculated based on 2019 net profit. Employee payroll costs (as defined in the First PPP Interim Final Rule) for employees whose principal place of residence is in the United States, if you have employees. Mortgage interest payments (but not […]
Paycheck Protection Program (PPP) – How do I calculate the maximum amount I can borrow?
Paycheck Protection Program (PPP) – How do I calculate the maximum amount I can borrow? How you calculate your maximum loan amount depends upon whether or not you employ other individuals. If you have no employees, the following methodology should be used to calculate your maximum loan amount: Step 1: Find your 2019 IRS Form […]
Am I Eligible for the PPP If I Have Income From Self-Employment and File a Form 1040, Schedule C?
Am I eligible for the Paycheck Protection Program (PPP) loan if I have income from self-employment and file a Form 1040, Schedule C? You are eligible for the Paycheck Protection Program (PPP) loan if: You were in operation on February 15, 2020; You are an individual with self-employment income (such as an independent contractor or […]
Is There An Extension for 990 Forms?
Is there an extension for 990 Forms? The IRS and the Department of Treasury released Notice 2020-18 on March 20th in response to the Coronavirus pandemic. At first glance, this notice had little impact on tax-exempt organizations and not-for-profits. The Notice 2020-18 applied exclusively to income tax returns and payments due on April 15, 2020, postponing […]
Tax Deadline Extension to Cover Individuals, Trusts, Estates, and Corporations
Has the tax deadline been extended to cover individuals, trusts, estates, and corporations? To help taxpayers, the Department of Treasury and the Internal Revenue Service announced that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay […]
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Paycheck Protection Program (PPP) Q&A
Information about the Paycheck Protection Program (PPP) is changing rapidly. Because it is changing so quickly, we want to remind you of the importance of checking your sources. For this reason, we are providing the link to a great resource from the Small Business Administration (SBA), their FAQ page. You can find their Paycheck Protection […]
What is the Main Street Lending Program from the Federal Reserve?
What is the Main Street Lending Program from the Federal Reserve? The Federal Reserve has taken additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the […]
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Paycheck Protection Program (PPP), Can the Loan Be Forgiven?
Can my Paycheck Protection Program (PPP) loan be forgiven in whole or in part? Can my Paycheck Protection Program (PPP) loan be forgiven? Yes. The amount of the Paycheck Protection Program (PPP) loan forgiveness can be up to the full principal amount of the loan and any accrued interest. That is, the borrower will not […]
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Recommendations for Paycheck Protection Program (PPP) Application Documents
AICPA Recommendations for Paycheck Protection Program (PPP) Application Documents The American Institute of Certified Public Accountants (AICPA) is the world’s largest member association representing the accounting profession. As members, we closely follow their guidance. The AICPA-led Coalition, and other key stakeholders – collectively representing 44K CPA firms, 2.5M small businesses and 30M employees – have […]
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CARES Act – Benefits for Donors to Not-For-Profit Organizations
The CARES Act also provides incentives to donors to 501(c)(3) organizations. There is a new deduction for total charitable contributions of up to $300 made by an individual taxpayer. This is an “above the line” deduction so all taxpayers would be eligible to take the deduction, even those who use the standard deduction. The deduction […]
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CARES Act – Things You Need To Know – Get The Facts
Payment Protection Program (PPP) – This is a program that was included in the CARES Act and was enacted into law on March 27, 2020. This is an 800+ page bill. Here are a few fast facts to highlight things you need to know now, especially if you decide it makes the most sense for […]
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Paycheck Protection Program (PPP) – What do Borrowers and Lenders Need to Know?
What are the Paycheck Protection Program (PPP) loan terms and conditions? Loans will be guaranteed under the Paycheck Protection Program (PPP) under the same terms, conditions, and processes as other 7(a) loans, with certain changes including, but not limited to: The guarantee percentage is 100 percent. No collateral will be required. No personal guarantees will […]
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What can the Paycheck Protection Program (PPP) Loan be used for?
What can the Paycheck Protection Program (PPP) Loan be used for? The proceeds of a Paycheck Protection Program (PPP) loan are to be used for: Payroll costs (to calculate payroll costs, click here); Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums; […]
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How do I apply for the Paycheck Protection Program (PPP) Loan?
You’ve done your research on the Paycheck Protection Program (PPP) Loan, and you think your business is eligible. How do you apply for it? In order to apply for the Paycheck Protection Program (PPP) Loan, you must submit SBA Form 2483 Paycheck Protection Program Application Form and your payroll documentation. The lender must submit SBA Form […]
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Paycheck Protection Program (PPP) – Loan Details
The Paycheck Protection Program (PPP) loan can help many businesses, but what are the loan details? Check out the specifics below. What is the interest rate on a Paycheck Protection Program (PPP) loan? The interest rate will be 100 basis points or one percent. The Administrator, in consultation with the Secretary, determined that a one […]
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7 Mistakes to Avoid in Continuity of Operations Plan (COOP)
The world isn’t getting less risky – pandemic events like COVID-19, catastrophic weather, devastating cyber threats, unthinkable man-made disasters, and more. Now more than ever, it’s imperative that organizations know how to respond to critical events and ensure essential functions are maintained. But is your organization fully prepared in the event of a crisis? Many […]
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7 Key Steps for a Continuity of Operations Plan (COOP)
A Continuity of Operations Plan (COOP) is an effort within governmental departments and agencies to ensure that the Primary Mission Essential Functions (PMEFs) continue to be performed during a wide-range of emergencies, including localized acts of nature, accidents, pandemics, and technological or attack-related emergencies. The Coronavirus (COVID-19) is now a serious global threat. An increasing […]
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Paycheck Protection Program (PPP) – How much can I borrow?
I have determined that I am eligible for the Paycheck Protection Program (PPP). How much can I borrow? Under the Paycheck Protection Program (PPP), the maximum loan amount is the lesser of $10 million or an amount that you will calculate using a payroll-based formula specified in the CARES Act, as explained below. How do […]
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Paycheck Protection Program (PPP) – Can I be ineligible even if I meet the requirements?
Paycheck Protection Program (PPP) Eligibility Requirements You are eligible if you are: A small business with fewer than 500 employees A small business that otherwise meets the SBA’s size standard A 501(c)(3) with fewer than 500 employees An individual who operates as a sole proprietor An individual who operates as an independent contractor An individual […]
Paycheck Protection Program (PPP) – Impact on Business
In this time of rapidly changing information, we are here to provide answers to some of the Paycheck Protection Program (PPP) questions businesses have. What is the Paycheck Protection Program (PPP)? The Paycheck Protection Program (PPP) is intended to provide a direct incentive for small businesses to keep their workers on payroll. Loans guaranteed under […]
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SBA Economic Injury Disaster Loan (EIDL)
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for the SBA Economic Injury Disaster Loan (EIDL) advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available […]
COVID-19 Updates with THF Shareholders – As of 4/2/2020
(Audio Only) Updates on COVID-19 relief as of April 2, 2020, with Allison Harrell, Michael Kalifeh, and Canita Gunter Peterson. […]
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CARES Act – Impact on Individuals
Recovery Rebates All US resident individuals with an adjusted gross income of up to $75,000 ($150,000 married), and a work-eligible Social Security Number (SSN), are eligible for the full $1,200 rebate ($2,400 for those who are married and file jointly). Additionally, individuals are eligible for an extra $500 per qualifying child, given that the qualifying […]
CARES Act – Impact on Not-For-Profit Organizations
The CARES Act contains several provisions that are applicable to not-for-profit organizations. The process for obtaining available relief will largely depend on your tax classification under Section 501(a) of the Internal Revenue Code (the Code). For 501(c)(3) and 501(c)(19) organizations with 500 or fewer employees, including full-time and part-time employees, that have been in existence […]
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CARES Act – Small Business Relief
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep their workers employed during the COVID-19 pandemic and economic downturn. The Paycheck Protection Program provides 100% federally guaranteed loans to small businesses. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their […]
Families First Coronavirus Relief Act Update!
Congress has passed, and President Trump signed into law on March 18, 2020, the Families First Coronavirus Response Act (FFCRA). The FFCRA provides for three sections that likely will be of particular interest for employers (both for-profit and not-for-profit organizations alike): (1) Emergency Family and Medical Leave Act Expansion, (2) Emergency Paid Sick Leave, and […]
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CARES Act – Stimulus Calculator
This calculator helps a taxpayer calculate the amount of stimulus rebate expected to be received per the provisions contained in the Coronavirus Aid Relief and Economic Security (CARES) Act. For ideas on how this will affect you, click here to access the CARES Act Stimulus Calculator. […]
COVID-19 – Grant and Loan Programs with Links
There are multiple options being offered right now to help for-profit and not-for-profit organizations during this difficult time. How do you know what is best for you? Please feel free to reach out to our team with questions. In the meantime, below are some options for you to consider: Tallahassee-Leon County Office of Economic […]
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IRS Will Now Accept Email and Digital Signatures
Effective immediately, the IRS will begin to temporarily accept images of signatures (scanned or photographed) and digital signatures on documents related to the determination of collection of tax liability. This has been put in place to help taxpayers and the tax professional community during the COVID-19 pandemic. Additionally, IRS employees are now being allowed to […]
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April 15th Tax Deadline – Updated Information re: COVID-19!
To our clients and friends, Tax guidance continues to change as the Treasury Department and IRS work to do their part in providing taxpayers relief in response to the COVID-19 pandemic. Last Friday, we sent an update regarding income tax payment relief provided by the IRS via IRS Notice 2020-17. Following that communication, the IRS […]
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