Resources For Employers
COVID-19 RESOURCE CENTER
IRS Issues Guidance on Executive Order to Defer Payroll Taxes
Late Friday, the IRS issued Notice 2020-65 entitled Relief with Respect to Employment Tax Deadlines Applicable to Employers Affected by the Ongoing Coronavirus (COVID-19) Disease 2019 Pandemic. This Notice provides guidance to employers on how to implement the...
NEW PPP Loan Forgiveness Guidance
NEW Paycheck Protection Program (PPP) Loan Forgiveness Guidance A new interim final rule was released last night addressing several issues related to the qualification of certain expenses for PPP loan forgiveness. The first provision of the new rule provides that the...
IRS Notices: What You Need to Know
Did you receive a notice from the IRS advising you that you owe money for your 2019 tax return? Had you already paid the amount being requested? Unfortunately you are not alone. The IRS is currently working through an enormous backlog of mail due to the Coronavirus...
How the Executive Order to Defer Payroll Taxes Impacts Employers and Employees
After Congress failed to act with additional economic relief legislation, the President issued four executive orders this past weekend. The most significant order provides for a deferral of payroll taxes. The remaining three orders address increased unemployment...
Pennsylvania Department of Community and Economic Development (DCED) Establishes “COVID-19 PA Hazard Pay Grant Program”
The Pennsylvania Department of Community and Economic Development (DCED) has established the “COVID-19 PA Hazard Pay Grant Program” which has been designed to assist employers in paying additional hazard pay to life-sustaining business “front-line workers” during the...
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...
COVID-19 Relief Pennsylvania Statewide Small Business Assistance
Governor Wolf recently announced a relief package for Pennsylvania small businesses. The COVID-19 Relief Pennsylvania Statewide Small Business Assistance program will provide grants ranging between $5,000 and $50,000 to small businesses that have been economically...
U.S. Treasury Releases NEW Paycheck Protection Program (PPP) Loan Forgiveness Applications
Earlier this week, the Treasury Department released a new Paycheck Protection Program (PPP) Loan Forgiveness Application. You can access the application here and the related filing instructions here. The revision was necessary to take into account the changes made to...
Update on Paycheck Protection Program (PPP) Loan Forgiveness and Main Street Lending Program
Loan Forgiveness Relief Last week we told you about the recently-passed Paycheck Protection Program Flexibility Act. One of the favorable provisions in this law was reducing the requirement that 75% of a borrower’s loan proceeds be used on payroll costs. The new limit...
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...
Guidance for Completing the SBA Paycheck Protection Program (PPP) Loan Forgiveness Application
As we communicated earlier, the SBA recently released its PPP loan forgiveness application, which you can access here. This 11-page document includes filing instructions that answer many but not all the questions borrowers have on the…
SBA Issues Paycheck Protection Program (PPP) Loan Forgiveness Application
Over the past weekend the U.S. Treasury along with SBA issued the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application which can be found here. This application is subject to change and many unanswered questions remain. We anticipate additional...
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…
SBA Allows Increased Paycheck Protection Program (PPP) Loans to Partnerships and Seasonal Employers
On April 14, 2020, after many borrowers had already submitted their PPP loan applications, the SBA issued guidance for individuals with self-employment income. This rule prohibited partners in a partnership from submitting a loan application for themselves. Instead,...
Paycheck Protection Program (PPP) Loan Eligibility Update: SBA Guidance on Good Faith Certification
We recently alerted you to the SBA guidance which tightened eligibility rules on who qualifies for a PPP loan. You may recall that under the CARES Act, a borrower needed to certify that “current economic uncertainty makes this loan request necessary to support the...
IRS Provides Relief for Mid-Year Changes to Health and Dependent Care Flexible Spending Arrangements (FSAs)
In response to the COVID-19 crisis, on Tuesday, May 12 the IRS announced relief for Section 125 cafeteria plans during calendar year 2020, providing increased flexibility for: employer-sponsored health coverage health Flexible Spending Arrangements (health FSAs)...
CARES Act Update: Paycheck Protection Program (PPP) Forgiveness and the Employee Retention Credit
The Small Business Administration has promised additional guidance on loan forgiveness (as a whole) as it relates to the Paycheck Protection Program (PPP). While we await that guidance, the SBA – in conjunction with the U.S. Treasury – continues to release partial...
Paycheck Protection Program (PPP) Required Documentation and Update on Nondeductibility of PPP Loan Expenses
PPP Loan Eligibility Certification Presumably as a result of the public outcry over large publicly-traded companies receiving PPP loan proceeds while many small businesses were locked out of the program, the Treasury Department…
Expenses of Paycheck Protection Program (PPP) Loan Ruled Nondeductible by the IRS
Late April 30, the IRS issued additional guidance on the Paycheck Protection Program (PPP). You may recall the proceeds of a PPP loan can be forgiven if spent on qualified expenses – such as payroll costs, mortgage interest, rent and utilities – within a certain...
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…
U.S. Department of Labor (DOL) Issues Additional Guidance on Families First Coronavirus Response Act (FFCRA)
A few weeks ago President Trump signed into action the Families First Coronavirus Response Act (FFCRA), which includes the Emergency Paid Sick Leave Act (herein referred to as “sick leave”) and the Emergency Family and Medical Leave Expansion Act (herein referred to...
$10,000 Loan Advance Now Available to Small Business Owners as Part of the SBA Economic Injury Disaster Loan (EIDL)
As part of an expanded Economic Injury Disaster Loan (EIDL) Program, the U.S. Small Business Administration (SBA) will provide a $10,000 loan advance to anyone applying for EIDL which is subject to loan forgiveness reduction under the Paycheck Protection Program...
U.S. Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL): What Is It and Can I Apply?
What is an Economic Injury Disaster Loan (EIDL)? The U.S. Small Business Administration (SBA) is offering an Economic Injury Disaster Loan (EIDL) of up to $2 million in assistance created to provide vital economic support to small businesses to help overcome the...
CARES Act | Exclusion from Income of Employer Payment of Employee Student Loan Debt
As a general rule, if someone pays a debt on your behalf, you have taxable income. As part of the CARES Act, an employer can pay up to $5,250 in 2020 of an employee’s student loan obligation on a tax-free basis. Note, however, that this provision modifies existing...
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 | Paycheck Protection Program EXTENSION OF SMALL BUSINESS ACT (these are SBA loans)
Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, businesses, not-for-profits and self-employed individuals that do not have more than 500 employees can receive a loan for payroll…
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…
Links to Government Resources
U.S. Small Business Administration (SBA) Paycheck Protection Program Loans FAQs
U.S. Small Business Administration Three-Step Process: SBA Disaster Loans
PA Department of Labor Form UC-1921W Refusal of Suitable Work Notification
PA Employer UC & COVID-19 FAQs
PA Department of Community and Economic Development
US Department of Labor (DOL) Poster for Employers
US Department of Labor (DOL) Families First Coronavirus Response Act: Questions & Answers
PA Industry Operation Guidance
(Life-Sustaining Businesses)
Bucks Back to Work Small Business Grant
Montgomery County MontCo Strong Small Business Grant Program: Eligible small businesses in Montgomery County can apply for up to $25,000 to help with making rent or mortgage payments, meeting payroll expenses, and covering utility bills.