Am I eligible? You are eligible to apply for your first PPP loan in 2021 if: Your business was operational before February 15, 2020 Your business is still open and operational You have no more than 500 employees If your business has multiple locations, you have no more than 500 employees per location Current economic [...]
On Monday, December 21, Congress released relief bill text also known as Consolidated Appropriations Act, 2021 which contains 5,593 pages and has been long awaited by taxpayers. This legislation has many provisions to aid businesses and individuals as we are approaching the end of 2020, but not the end of the pandemic. The bill is [...]
The CARES Act created the Paycheck Protection Program (PPP) in March 2020, and since then, nearly 5 million small businesses received loans through this program. PPP loans were especially attractive to business owners because the loans could be forgiven if a designated portion was used for payroll expenses within a given period. However, guidelines found [...]
On October 12, the South Carolina Department of Administration announced a new grant program to help businesses adversely affected by the coronavirus pandemic. The SC CARES Minority and Small Business Relief Grant Program (“grant”) provides funds to reimburse businesses for qualifying expenditures or revenues lost due to the COVID-19 virus. The grants range from $2,500 [...]
On August 8, 2020, the White House issued the Memorandum on Deferring Payroll Tax Obligations in Light of the COVID-19 Disaster. Although the IRS issued some guidance on the memorandum on August 28, there remains many unanswered questions surrounding the mechanics of the deferral and repayment. The central idea of the notice is to allow [...]
Prior to the coronavirus pandemic, the tax law required individuals to take annual distributions from tax-deferred retirement accounts commencing with the year one reached the age of 72. This amount, known as a Required Minimum Distribution (RMD), was recalculated annually based on actuarial tables and taken into income over the remaining lifespan of the taxpayer. [...]
