IRS grants broad coronavirus-related tax relief

  • 10 April 2020
  • Author: machele
  • Number of views: 1185
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Taxpayers were granted additional, broad tax filing and payment deadline relief by the IRS late on Thursday, in line with relief requested by the AICPA over the past several weeks amid the coronavirus pandemic. The new relief, issued in Notice 2020-23, applies to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020, including individuals, trusts, estates, corporations, and other noncorporate tax filers, and that period will be disregarded by the IRS in calculating any interest, penalty, or addition to tax for failure to file the forms specified in the notice.

AICPA applauds additional clarity in Treasury FAQs on Paycheck Protection Program

Key changes are in line with AICPA recommendations and advocacy points.

  • 7 April 2020
  • Author: machele
  • Number of views: 1142
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Late Monday night, Treasury and the U.S. Small Business Administration (SBA) released FAQs on the Paycheck Protection Program (PPP), the $349 billion small business relief program that is a key part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136.

Over the past week, the AICPA and our small business funding coalition have been advocating for additional clarity on certain provisions of the PPP. We've been working hard to drive a common understanding and approach around PPP implementation. The AICPA has been leading with recommendations and interpretations based on our understanding of the intent of the program.

SBA issues details for Paycheck Protection Program loans

  • 3 April 2020
  • Author: machele
  • Number of views: 994
  • 0 Comments
The U.S. Small Business Administration on Thursday issued an interim final rule for the Paycheck Protection Program (PPP), which is offering $349 billion in forgivable loans that small businesses impacted by the coronavirus pandemic can use to cover costs including payroll and rent.  

Applications for small business Paycheck Protection Program open April 3

  • 1 April 2020
  • Author: machele
  • Number of views: 900
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Small businesses and sole proprietorships affected by the coronavirus pandemic can apply for loans under the federal Paycheck Protection Program (PPP) beginning Friday.

Starting April 10, independent contractors and self-employed individuals can apply.

Coronavirus Emergency Loans Guide and Checklist for Small Businesses and Nonprofits

  • 31 March 2020
  • Author: machele
  • Number of views: 860
  • 0 Comments

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses and nonprofits keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to eligible organizations.

Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help organizations understand what to expect and prepare to file for a loan

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