The Consolidated Appropriations Act, 2021 made significant changes to the Employee Retention Tax Credit, paid sick and family leave as well as Flexible Spending Accounts. In this video, we will provide an overview of the changes and how they apply for the 2020 and 2021 tax years.
Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or missed loan payments. Instead of filing for bankruptcy in court, delinquent debtors may reach out to lenders about restructuring their loans. Restructuring vs. Chapter 11 Out-of-court debt restructuring is a... Read More →
The U.S. Small Business Administration will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET. The portal will fully open on Tuesday, January 19, 2021 to... Read More →
On December 27, 2020, the President signed the Consolidated Appropriations Act, 2021 into law. In this video, we cover the major provisions of the $900 billion stimulus relief package that affect businesses and individuals.
At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA, 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans). It also... Read More →
IMPORTANT UPDATE TO PAYROLL PROTECTION ACT LOANS AND FORGIVENESS The Treasury Department and the IRS weighed in again on the taxability of the Payroll Protection Act Loans. Guidance was released Wednesday clarifying that the expenses used for the loan are not deductible in the year paid or incurred whether or... Read More →
Today, many banks are working with struggling borrowers on loan modifications. Recent guidance from the Financial Accounting Standards Board (FASB) confirms that short-term modifications due to the COVID-19 pandemic won’t be subject to the complex accounting rules for troubled debt restructurings (TDRs). Here are the details. Accounting for TDRs Under... Read More →