SMALL BUSINESS PAYCHECK PROTECTION PROGRAM
The CARES Act provides small businesses a forgivable loan through the Small Business Administration (SBA). The SBA released the following reminder summary to assist in applying for a loan.
The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
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PAYCHECK PROTECTION PROGRAM APPLICATION FORM
The Paycheck Protection Program (PPP) loan can help small business retain employees and stay afloat. Your company may be eligible for the loan if your company has fewer than 500 employees and was in business as of February 15, 2020. Nonprofits, sole proprietors, people who are self-employed, and people who make their income as independent contractors are also eligible.
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COVID-19 RESOURCES
As a result of the Coronavirus pandemic, there has been a flurry of new legislation and multiple new programs to assist businesses and individuals. Some of the legislation and programs include tax law changes, government supported business loans, employee retention, paid sick leave, and expanded unemployment. Below is a brief summary of some of the most significant changes followed by useful links to government agencies administering the new programs.
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IRS Issues Standard Mileage Rates For 2020
Happy New Year from our Bormel, Grice & Huyett, P.A. family to yours! As we all know, a new year comes with new tax updates, regulations, and rates. The Internal Revenue Service issued a notice (Notice 2020-05), which provides the optional 2020 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes.
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IRS Finalizes 2020 W-4
The IRS has issued the final 2020 Form W-4, effective January 1, 2020. The form was revamped to provide more transparency and accuracy for withholding.
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