Coronavirus Archives - Wiss & Company, LLP

IRS Backlog Causing Incorrect Late Payment Notices

Written on August 24, 2020. Posted in Tax.

By Mike Bodrato The Internal Revenue Service, in its most recent update on IRS Coronavirus Tax Relief webpage, has posted information regarding the handling of incorrect late payment notices. The IRS notes that they continue to process returns and issue refunds and are working hard to get through its correspondence backlog. However, the IRS states that it is experiencing delays in processing returns, due to limited staffing. The backlog of correspondence includes checks that have...

Main Street Lending Program modified to provide greater access to Nonprofits

Written on July 17, 2020. Posted in Not For Profit.

By Diana Miller On Friday, July 17th, the Federal Reserve Board modified the Main Street Lending Program, providing additional access to nonprofit organizations such as social service organizations, hospitals, and educational institutions. Nonprofit organizations are vital to the communities they serve and these changes are welcomed news to the nonprofit sector. Although not yet operational, 2 new loan options were released today to help nonprofit organizations due to the COVID pandemic....

Families First Coronavirus Response Act Paid Leave Update: Summer Childcare

Written on July 8, 2020. Posted in Human Resources.

By Lisa Calick With the passage of the Families First Coronavirus Response Act (FFCRA) earlier this year, employers have been addressing their obligations to provide employees with paid leave for various COVID-19 related reasons, including leave for employees who are not able to work or telework due to a need to care for a child whose school or place of care is closed as a result of the pandemic. Now that the school year has ended, it is important for employers to understand that...

How Companies Can Plan To Reopen the Office

Written on June 12, 2020. Posted in General Business, Healthcare.

By Lisa Calick States have begun to ease restrictions put on businesses due to the COVID-19 pandemic, including laying out timelines for when many businesses may open. Companies now face significant challenges regarding how to reopen their offices safely. A carefully planned approach to returning to work will be necessary to make sure workers are safe and confident and that the business can thrive. Planning the Approach The approach to opening is fairly straightforward — plan, open...

Are You Applying For the PPP in Good Faith? How to Document Your PPP Loan Application Decision

Written on May 4, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz One important aspect of applying for a PPP loan is certifying in good faith that your loan request is necessary. The PPP application asks you whether “current economic uncertainty makes your loan request necessary to support your ongoing operations.” We have put together this list of considerations to help you assess in good faith and officially justify your need for this emergency funding. Read this today to ensure your business has made an informed decision...

Frequently Asked Questions About the Families First Coronavirus Response Act

Written on May 4, 2020. Posted in General Business, Human Resources.

By Lisa Calick I’ve been forced to furlough my employees due to a slowdown in business operations. Are they still eligible for the leave entitlements as part of the Families First Coronavirus Response Act? Unfortunately no. If you have furloughed your employees because there is not enough work for them, they are not entitled to take paid sick leave or expanded family and medical leave under the Act. They may, however, be eligible for unemployment benefits through your State. Many...

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...

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...

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