April 2020 - Wiss & Company, LLP

New Jersey’s Amended Family Leave and Temporary Disability Laws

Written on April 24, 2020. Posted in Human Resources.

By Lisa Calick In response to the ongoing COVID-19 pandemic, on April 14, Governor Murphy recently signed into law new amendments to the New Jersey Family Leave Act (NJFLA) and New Jersey Temporary Disability Benefits Law (NJTDBL) to provide additional coverage for employees whose need for leave relates to an epidemic of a communicable disease, known or suspected exposure to a communicable disease, or efforts to prevent the spread of a communicable disease. The NJFLA had previously...

The Path to PPP Loan Forgiveness: Start Preparing Right Away

Written on April 24, 2020. Posted in Financial Planning, General Business.

Update: On Friday, May 15th, the SBA released the application for Paycheck Protection Program Loan forgiveness. Please see this article, which highlights key elements and guidance to the application process. By Travis Miskowitz Paycheck Protection Program (PPP) loans are designed to be forgiven, but it doesn’t happen automatically. It’s best to get a plan in place to work toward maximum forgiveness as soon as you receive your PPP loan. The SBA is expected to issue additional guidance...

Congress Agrees to Additional Funding for Small Businesses

Written on April 21, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz This is a developing story and information contained in this article is subject to change. We will continue to provide updates as new information becomes available. Congress has agreed upon a Bi-Partisan deal to provide an additional $484 billion in funding for small businesses, hospitals, and coronavirus testing. The Senate and House are expected to quickly approve the bill with the backing of the White House. The bill is expected to be signed into law as early...

Latest Cyber Security Threats

Written on April 16, 2020. Posted in Technology.

By David Singletary As more people start working from home, they are taking advantage of online conference services like Zoom. Over 500,000 unique Zoom account credentials were discovered on dark web hacker forums. Exposed data includes victims’ email addresses, passwords, personal meeting URLs, and HostKeys, and were likely gathered through credential stuffing attacks. NJCCIC “The New Jersey Cybersecurity and Communications Integration Cell “ recommends the following when using...

SBA Curtails Acceptance of EIDL Applications

Written on April 16, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz The SBA just announced they are unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. Due to incredibly high demand, the SBA had recently amended some key benefits of the EIDL Loan program. With millions...

Updated PPP Guidance: Self-Employed Business Owners and Partnerships

Written on April 16, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz Paycheck Protection Program Updates – April 14, 2020 NOTE: As of April 16, 2020 the SBA is advising applicants that funds for the PPP loan program have been exhausted. Congress is currently negotiating and working to infuse an additional $250 billion into the program. This guidance is applicable when the SBA begins accepting applications again. We will continue to provide updates as more information becomes available. On April 14, 2020 the U.S. Small business...

Net Operating Losses Under the CARES Act

Written on April 10, 2020. Posted in Tax, Tax Alerts.

By Evan Gernant On Thursday, April 9, the IRS issued guidance on the treatment of net operating losses under the provisions of the CARES Act. Revenue Procedure 2020-24 provides procedures to elect to revoke the carryback period for NOLs arising in 2018 and/or 2019 Background: The Tax Cuts and Jobs Act changed the treatment of NOLs. It generally provided that NOLs arising in tax years beginning after December 31, 2017 were no longer permitted to be carried back and are deductible...

Additional Tax Filing Relief from the IRS

Written on April 10, 2020. Posted in Tax, Tax Alerts.

By Michael Bodrato The IRS released yesterday additional tax return filing and payment relief in Notice 2020-23, which 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 non-corporate tax filers. In addition, Notice 2020-23 provides that this period of time will be disregarded by the IRS in calculating any interest, penalty, or additions to tax...

Documenting Expenses to Support PPP Loan Forgiveness

Written on April 7, 2020. Posted in Advisory Services, Financial Planning, General Business.

By Travis Miskowitz The Paycheck Protection Program allows loans of up to $10 million at 1% interest to employers with fewer than 500 workers. The purpose of the program is for employers to retain their employees; the loan amount is intended to cover two months of payroll and overhead. The government will forgive most or all of the loan if the company keeps its workers and does not cut wages. The maximum amount of the PPP loan that is eligible for forgiveness is equal to the amount...

Workforce Reduction Considerations: Layoff vs Furlough

Written on April 6, 2020. Posted in Human Resources.

By Lisa Calick Many businesses are struggling to manage their workforces in the current climate. While recently passed economic stimulus packages have provided incentives for companies to retain their employees, in many cases companies have had significant business interruptions and still may be forced to consider letting some employees go. Business owners may be considering layoffs or furloughs, but may not understand the difference. A layoff is a separation from payroll and may...

NYC Relief Available for Small Businesses

Written on April 1, 2020. Posted in Financial Planning, General Business.

By Tricia Meola In an effort to help small businesses deal with the overwhelming impacts of COVID-19, New York City has launched the following two initiatives: NYC Employee Retention Grant Program Created to help companies retain employees as businesses face decreased revenue as a result of COVID-19 Eligible businesses will receive a grant covering up to 40% of their payroll for two months; maximum funding of $27,000 Eligibility requirements include: Must be located within the...

New Jersey Economic Initiatives for Small Businesses

Written on April 1, 2020. Posted in Financial Planning, General Business.

By Tricia Meola Many small businesses are already aware of the options made available to them under federal programs enacted by the CARES Act. The State of New Jersey is also backing these businesses in an effort to stimulate growth through various economic initiatives. Small Business Emergency Assistance Loan Program Created to provide total of $10 million to NJ small businesses and non-profits to cover operating expenses and ensure continuity of business during COVID-19 outbreak;...

SBA Preps Banks for Mobilizing Around PPP Applications, Provides Further Clarity Regarding Parameters

Written on April 1, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin yesterday announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need. The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program...

Month: April 2020

New Jersey’s Amended Family Leave and Temporary Disability Laws

The Path to PPP Loan Forgiveness: Start Preparing Right Away

Congress Agrees to Additional Funding for Small Businesses

Latest Cyber Security Threats

SBA Curtails Acceptance of EIDL Applications

Updated PPP Guidance: Self-Employed Business Owners and Partnerships

Net Operating Losses Under the CARES Act

Additional Tax Filing Relief from the IRS

Documenting Expenses to Support PPP Loan Forgiveness

Workforce Reduction Considerations: Layoff vs Furlough

NYC Relief Available for Small Businesses

New Jersey Economic Initiatives for Small Businesses

SBA Preps Banks for Mobilizing Around PPP Applications, Provides Further Clarity Regarding Parameters

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