COVID-19 Archives - Wiss & Company, LLP

PPP “Yeah, You Know Me” – 3rd PPP Application Window Opening Soon

Written on January 8, 2021. Posted in PPP, State & Local Tax Services, Tax.

By Travis Miskowitz, Manager, CFO Advisory Late Wednesday evening, the U.S Small Business Administration (SBA) in coordination with the Department of Treasury, issued guidance for the revamped Paycheck Protection Program (PPP) authorized by the Economic Aid Act of 2020. The newly released guidance includes: Interim Final Rule (IFR) “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended” an 82-page consolidation of existing PPP guidance in the form of 24...

Breaking Down the Employee Retention Credit in the New COVID Relief Bill

Written on January 6, 2021. Posted in State & Local Tax Services, Tax, Tax Alerts.

By Ilya Brodetskiy, Tax Manager Some significant updates are affecting the Employee Retention Credit, but there are still some important unknowns. Businesses that were ineligible for the ERC because they applied for PPP funding or who had over 100 full-time employees should reevaluate their eligibility based on the expanded program. The Consolidated Appropriations Act of 2021 introduced major changes to the Employee Retention Credit (ERC). The first change allows businesses that...

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...

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...

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

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...

Anticipating COVID-19 Impact on Commercial Real Estate

Written on March 30, 2020. Posted in General Business, Real Estate.

By Russell L. Faye With the global pandemic caused by the COVID-19, the commercial office market has felt an immediate impact. For commercial real estate professionals, please consider the following as you navigate through these challenging times: Be prepared for enhanced cleaning for an extended period. Government officials have suggested enhanced cleaning procedures and measures and building operators across the county have quickly implemented these enhanced measures. Consider...

Economic Injury Disaster Loans & Emergency Economic Injury Grants: What You Need to Know

Written on March 29, 2020. Posted in Advisory Services, Financial Planning, General Business.

By Travis Miskowitz SBA’s Economic Injury Disaster Loan THE BASICS What is the criteria for a loan approval? Credit History – applicants must have a credit history acceptable to SBA Repayment – SBA must determine that the applicant business has the ability to repay the SBA loan Eligibility – the applicant business must be physically located in a declared county and suffered working capital losses due to the declared disaster, not due to a downturn in the economy or other reasons How...

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...

Coronavirus Retirement Plan Review

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

By Craig Erickson With the continual uncertainty we are facing each day, it is important to keep in mind that changes in legislation may impact your current design of your employee benefit plan. Following are some topics Plan sponsors and fiduciaries of employee benefit plans may overlook. 401(k) and Profit-Sharing Plans: Employer Contributions – Plan sponsors and fiduciaries may want to consider reducing or halting employer contributions. For non-safe harbor plans (match or non-elective...

IRS Releases Official Guidance After Treasury Secretary’s Announcement

Written on March 21, 2020. Posted in Tax, Tax Alerts.

by Evan Gernant Following Secretary Mnuchin’s earlier announcement, the Treasury Department released guidance on Friday, which supersedes and expands upon the guidance issued earlier this week that gave taxpayers extra time to pay their taxes but not to file. The new guidance provides for the following relief: The filing of 2019 federal income tax returns and the payment of 2019 federal income tax (including tax on self-employment income) due on April 15, 2020, is automatically...

Family First Coronavirus Response Act

Written on March 19, 2020. Posted in Healthcare, Human Resources.

By Lisa Calick President Trump has now signed into law the Families First Coronavirus Response Act, providing emergency economic relief and support to American workers who may be impacted by the COVID-19 pandemic. The Act applies to businesses with less than 500 employees and will take effect on April 2, 2020. There are two main aspects of the Act as outlined below: Emergency Paid Sick Leave This portion of the Act allows eligible employees to take two weeks of paid sick leave in...

How U.S. Healthcare Organizations can Secure Their Operations to Better Support Patient Care

Written on March 18, 2020. Posted in Healthcare.

by Michael Castle Uncertainty still abounds on whether and how the virus could mutate as well as how many waves of the outbreak might take place. And with the Centers for Disease Control and Prevention (CDC) warning that it’s no longer a matter of if but when the coronavirus spreads further within the United States, patient care is priority #1. Still, for U.S. healthcare organizations, business continuity management is critical, and they must have a proper risk plan in place sooner...

U.S. Treasury Response to the Coronavirus

Written on March 18, 2020. Posted in Tax, Tax Alerts.

by Evan Gernant The Coronavirus has intruded into all facets of our lives. As we all try to grapple with the uncertainty this situation brings we still find ourselves in the midst of tax filing season, an already stressful time for business owners and other taxpayers. The Treasury Department issued guidance yesterday clarifying Secretary Mnuchin’s announcement on Tuesday that taxpayers can delay income tax payments due April 15, 2020. The guidance provides that for all taxpayers...

Coronavirus Relief Update for Employers in New York and New Jersey

Written on March 18, 2020. Posted in General Business, Human Resources.

By Lisa Calick Like many of you, we have been working to keep up with current news regarding information for businesses and their employees. The speed at which there are changes and announcements at the federal and state levels is rapid, and our goal is always to relay that information. Federal, state and local governments are working to develop financial aid packages to help businesses that are struggling as a result of the pandemic. As companies struggle with how to continue their...

Continual Planning to Keep your Business Running Effectively During This Crisis

Written on March 16, 2020. Posted in General Business, Technology.

By David Singletary As we all continue to face the abrupt changes in the way in which we work and the pressures on all of us to keep our businesses going during this crisis, I want to share with you some key insights and things to continue to think about as we move through this “remote” time. Please know that I along with our team are here to help you in any way that we can. There are some key elements that each of us needs to ensure are in place to create the most effective way...

5 Questions to Prepare Your COVID-19 Readiness

Written on March 13, 2020. Posted in Advisory Services, General Business.

By Paul Ursich Beyond the immense impacts the coronavirus (COVID-19) outbreak is having on public health, the pandemic directly impacts economic activity and poses unique challenges to businesses across industries because of its potentially compounding and unpredictable consequences. With massive quarantines, travel restrictions and factory shutdowns, companies are struggling to quantify potential exposure. Attempting to mitigate potential losses from an unknown number of variables...

Employer Concerns in the Wake of the Coronavirus

Written on March 9, 2020. Posted in Healthcare, Human Resources.

by Lisa Calick The Coronavirus is on everyone’s mind, and while news channels continue to report on the speed in which the virus is spreading, fear and panic has started to set in. Employers should take proactive steps to not only communicate to their employees, but to also develop contingency plans should an outbreak disrupt their normal business operations. Your employees want to know that you care about their safety and have a plan in place, so if your business has not yet started...

Tag: COVID-19