Resources For Employers

COVID-19 RESOURCE CENTER

Paycheck Protection Program (PPP) Extended

The Paycheck Protection Program resumed accepting applications after passage of the Paycheck Protection Program Extension Act. This new Act re-opened the application window for new loans until August 8. You may recall the previous deadline to apply was June 30. The...

Congress Passes Paycheck Protection Program Flexibility Act

We hope you are continuing to stay safe and healthy as Southeastern Pennsylvania plans to move into the “Yellow” phase of reopening. We’re pleased to report that good news for business owners arrived late last evening when the Senate passed the Paycheck Protection...

Bucks County Back To Work Small Business Grant

The Bucks County Board of Commissioners has allocated $6 million to establish the Bucks Back to Work Small Business Grant program which will provide grants up to $25,000 or 25% of annual operating expenses (whichever is lower). The program fact sheet can be found here. Applicants must be…

Additional Guidance on CARES Act, Families First Act, Unemployment

As we continue our quest for clarity on the coronavirus-related Acts and Bills passed by Congress we offer the following updates on several clarifications that came out during the week of April 13 impacting various parts of the CARES Act, the Families First Act (FFCRA), and unemployment claims. Part of the CARES Act, this provision…

CARES Act | Business Provisions

Net Operating Losses – 2303
The taxable income limitation on the deduction for NOLs is repealed for tax years beginning before 1/1/2021. In addition, losses arising in years 2018, 2019 and 2020 are now able to be carried back 5 years to offset prior year’s profits.
Excess Business Losses – 2304
The limitation on the ability…

CARES Act | Deferral of Employer Payroll Taxes

The Coronavirus Aid, Relief and Economic Security (CARES) Act offers a deferral of employer payroll taxes (specifically Social Security) to be repaid over two years. Who is Eligible? Any business that is remitting Social Security tax payments. The Bill originally...

CARES Act | Employee Retention Credit for Employers

The Coronavirus Aid, Relief and Economic Security (CARES) Act offers a payroll tax credit for up to 50% of wages paid on the first $10,000 of wages paid to each employee (max of $5,000 per employee). However, employers cannot take this credit if they are utilizing the...

Planning for Your Business in the Time of Coronavirus

The presence of COVID-19 is impacting our communities and the way that we live our daily lives. It affects everyone’s health and personal finances. Business owners and managers have the dual challenge of dealing with these issues not only on a personal level with respect to themselves and their families but also on a corporate front in planning for their business…

$2 Trillion Coronavirus Relief Package Moving Through Congress

The White House and Senate leaders reached agreement on an estimated $2 trillion coronavirus record stimulus plan earlier this week. On Wednesday the Senate approved an 880-page bill – the Coronavirus Aid, Relief, and Economic Security (CARES) Act – that now goes to the House where…

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