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 [...]
Are you a business owner with employees? Did you know that you have a duty to collect, truthfully account for and pay over your employees’ withheld income tax and their portion of FICA? If you fail to do so, you could be personally subject to a 100% penalty known as the Trust Fund Recovery Penalty [...]
Small businesses are at the highest risk for employee theft or embezzlement. According to the Association of Certified Fraud Examiners (ACFE) 2018 Report to the Nations, fraud occurs 42% more often compared to larger corporations. This is both frightening and disappointing, as many small businesses place their trust in employees in accounting or financial positions. [...]
