CARES Act Archives - Wiss & Company, LLP

Expenses Relating to PPP Forgiveness are Nondeductible

Written on May 4, 2020. Posted in Financial Planning, Tax, Tax Alerts.

By Evan Gernant On Thursday, April 30, the IRS issued Notice 2020-32 clarifying that to the extent a Paycheck Protection Program (PPP) loan is forgiven, the associated expenses will be nondeductible for federal tax purposes. The CARES Act made it clear that any amount of forgiveness of a PPP loan would be non-taxable. What was not addressed and left for interpretation was whether the associated expenses would be tax-deductible. Many were hopeful for a better ruling from the IRS...

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...

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...

Paycheck Protection Enacted For Small Businesses

Written on March 27, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz [Updated 4/3/2020] Congress passed “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which included the “Paycheck Protection Program” (PPP) for small businesses. PPP applications can be obtained from participating SBA lenders beginning today. Many banks have reported that they may be requiring submissions to come from current banking clients while others have been struggling to get all the necessary steps in place. While each bank is creating...

Key Tax Provisions of the $2 Trillion CARES Act

Written on March 26, 2020. Posted in General Business, Tax, Tax Alerts.

By Mike Bodrato The Senate voted last night, 96-0, to approve the Coronavirus Aid Relief, and Economic Security Act or the CARES Act, which has more than $2 trillion in spending and tax breaks to assist economically and fund a nationwide effort to stop the coronavirus. At this writing, the CARES Act is still awaiting House approval and the President’s signature, which is not expected until tomorrow. The bipartisan legislation includes about $500 billion that can be used to back...

401(k) Plans and the Coronavirus

Written on March 25, 2020. Posted in Employee Benefit Plan Audits.

By Craig Erickson With the global pandemic caused by COVID-19 causing vast uncertainties in the economy, employers that sponsor employee benefit plans and the plan fiduciaries must continue to manage and administer their benefit plans, as well as address inquiries from their participants. The following are some topics that may be helpful during these times. Hardship Withdrawals Plan sponsors may receive calls from plan participants in the near future asking for ways they can financially...

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Tag: CARES Act