We are here with another PPP update and message. By now, dealing with the PPP Loan program has become a daily conversation that you are probably ready to bring to an end. Please do not get discouraged. We are here to help as you go through the “Covered” period to...
Articles
SBA’s April 23 FAQ 31/37 – More Guidance on PPP Loans
In light of some public companies and some other large and/or wealthy organizations (for example, the LA Lakers) receiving PPP loans, the government has expounded on who should have and have not received a PPP Loan. Under the original CARES Act, the PPP funding was intended to help businesses where...
PPP Application Submitted, Loan Approved, Money Received – now what do I do to make sure the money will be forgiven tax free?
In a year that is full of twists and turns, we now turn our attention to the next stage of funding from the Government – Calculation of Forgiveness of the PPP Loan. The SBA has not issued final guidelines on many issues relating to the forgiveness calculation, but based on...
Tracking Receipt & Disbursements of PPP Loan Funds
Once you have applied and been approved for your Paycheck Protection Program Loan (PPP), your attention needs to be turned towards tracking the receipt and subsequent disbursement of the funds. We recommend establishing a new bank account for these funds. Money Market or Savings accounts will be the quickest and...
Resource Articles re: Coronavirus Stimulus Packages
Payroll Assistance Families First Act Summary CARES Act – Individual Tax Provision CARES Act – Business Tax Provisions
Making Federal and NC Tax Payments Online
When making tax payments to the IRS or to the NC Department of Revenue (NCDOR), paying online is an available option. Payments for Tax Due with Returns, for Estimated Taxes and for Extensions can be made using this method. To Make A Federal Tax Payment: Go to the IRS website...
New FLSA Overtime Rules Take Effect on Dec. 1st
UPDATE, NOVEMBER 22, 2016 On Tuesday, November 22, 2016, a federal judge blocked implementation of the Obama Administration rule increasing the salary threshold for avoiding overtime from pay of $455/week to pay of $913/week. With the transition in administrations currently in process, the future of this rule is clearly in...