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Home > Archives for SBA PPP

Applying to SBA’s Paycheck Protection Program

May 29, 2020

SBA loan underlined words and marker.

On March 27th, 2020, Congress passed the CARES ACT, which included provisions that allowed banks to lend up to $349 billion in the Paycheck Protection Program set up by the Small Business Administration.  The rules have changed several times and are likely to change again.  For the time being, businesses… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Business Owners, Coronavirus, COVID-19, Paycheck Protection Program, SBA PPP, Small business, small business management, Tax Attorney

SBA PPP Loans: What You Need to Know

May 6, 2020

SBA PPP Assistance

With the recent refunding of the SBA Paycheck Protection Program, there are a few details that you should know before you decide to apply. If you take out an SBA PPP Loan, you are required to spend 75% of that loan on the payroll. Any additional unused funds will be… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Business Owners, California Taxes, Coronavirus, COVID-19, SBA PPP, Small business, small business management

Outdated IRS Systems Reach Tipping Point

May 5, 2020

What To Do If You Couldn't Pay Your Business Tax On Time

During prior government closures, the IRS still was able to have essential workers be in federal buildings to process tax returns, sort mail, and process payments. The recent coronavirus pandemic blew that scenario out of the water due to health concerns, spread rate, and social distancing. 90% of US taxpayers… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Business Owners, Coronavirus, COVID-19, Paycheck Protection Program, SBA PPP, Small business, small business management, Tax Attorney

SURGE IN UNEMPLOYMENT MAY LEAD TO EDD AUDITS

May 5, 2020

EDD tweet

The California Employment Development Department (EDD) has been overwhelmed with claims for unemployment insurance, as the numbers of Californians applying for the benefit increases every day. The receipt of unemployment insurance benefit is a right of California employees and those workers that are classified as independent contractors do not enjoy… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Business Owners, Coronavirus, COVID-19, Paycheck Protection Program, SBA PPP, Small business, small business management, Tax Attorney

Fed to audit all SBA PPP loans over $2m

May 1, 2020

man ready to go into courtroom

Despite pressure, publicly held companies in business sectors from hotels to cruise ships are refusing to give back SBA PPP funds.  The SBA has  said that public companies with “substantial market value” and the ability to raise money through capital markets were not the intended recipients of the Small Business… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Business Owners, Coronavirus, COVID-19, Paycheck Protection Program, SBA PPP, Small business, small business management, Tax Attorney

1099s and SBA PPP (VIDEO)

May 1, 2020

Tax Time

It’s safe to say that everyone has been impacted by the COVID-19 pandemic, but small businesses have been hit especially hard by consequential long-term closures and plummeting sales. While it’s important to be creative when cutting costs in times like these, it’s equally pertinent to keep your business aligned with… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Business Owners, Coronavirus, COVID-19, Paycheck Protection Program, SBA PPP, Small business, small business management, Tax Attorney

CA EDD and Workshare Audit Risk

May 1, 2020

John Milikowsky

Long-term closures caused by COVID-19 have led many companies to make massive cuts, mostly by furloughing or laying off their employees. However, qualified companies have the option to enroll in the EDD Workshare Program, which allows a business to pay full salaries to its workers who have had to reduce… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Business Owners, Coronavirus, COVID-19, Paycheck Protection Program, SBA PPP, Small business, small business management, Tax Attorney

Optimize Your PPP Loan Use for Forgiveness

April 22, 2020

SBA PPP forgiveness tools

Approximately 1.6 million of companies have received loans under the Small Business Administration’s Paycheck Protection Program (PPP), and those funds are beginning to hit bank accounts across the country. Now that the money from your PPP Loan is here, or on its way, it is time to think about doing… [Read more]

Filed Under: Blog, COVID-19, News Tagged With: Business Owners, Coronavirus, COVID-19, SBA PPP, Small business, small business management

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