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FEMA COVID-19 Funeral Assistance Program Blog

FEMA is now offering U.S. citizens, non-citizen nationals, or qualified aliens who incurred funeral expenses after Jan. 20, 2020 for a death in the U.S. attributed to COVID-19 funeral assistance up to $9,000 per funeral or $35,500 per application (for several funerals). To apply:visit www.DisasterAssistance.gov,or call COVID-19 Funeral Assistance Helpline at844-684-6333 (TTY: 800-462-7585).Hours of Operation: Monday […]

More about PPP and ERC

Regarding the PPP and ERC: That said we discussed two scenarios this morning. The first was a restaurant that opened up in November 2019 and their PPP 2nd draw has been rejected by BOA, Stride and Liberty banks. These banks cited SBA guidance that says if you opened in 2019 that you use the receipts you […]

More Assistance Has Arrived

Fortunately, this past week the Senate finally passed the house version of a bill to extend the 2nd Draw PPP program for another two months.   To recap, in order to qualify for the PPP 2nd Draw request a business must experience a 25% drop in revenue for a quarter in 2021 as compared to […]

Tax and Financial News Updates

1-The biggest tax news regarding the filing of your 2020 tax return contained in the recent stimulus bill passed signed by President Biden is that up to $10,200 of unemployment benefits will not be subject to federal income tax. Unfortunately, no state has yet to follow suit. The filing of some returns maybe delayed as […]

Important changes were made to the Employee Retention Credit

Important changes were made to the Employee Retention Credit (ERC) that increases its availability and benefit. The most important factors are that the credit is now available for those businesses that availed themselves of the Payroll Protection Program (PPP) and extended the credit through the second quarter of 2021. In order for a business to […]

The 2nd round of PPP is here

Congress has approved and President Trump has signed a second COVID-19 Relief Bill that includes another set of imminent business funding and certain loan provisions for existing COVID-19 business loans and expansion of the Employee Retention Credit. PPP Loan Forgiveness for 1st round applicants who have not finalized their loan forgiveness and for future 2nd round […]

Key points to keep in mind in regards to your EIDL Loan

If you were the recipient of the EIDL (Economic Injury Disaster Loan) from the SBA,   there are some key points to keep in mind: Per SBA guidelines you have to have a Hazard Insurance Liability policy on your business if your EIDL proceeds were $25,000 or more. If your corporation received the EIDL loan, […]

COVID-19 on the rise

As the number of Covid-19 cases are rapidly rising, and in an abundance of caution, our office will be instituting the following policies: For the Thanksgiving holiday our office will be closed on Thursday, November 26 and Friday, November 27. Our staff will be working remotely for the week following Thanksgiving, November 30 to December […]

PPP Forgiveness Loan Application

Any business that received a Paycheck Protection Program Loan will now have to complete SBA Form 3508 and submit it via their lending institution to the SBA. Unfortunately, completing the form requires complicated calculations and backup documents. You will likely need assistance completed the application. If you would like us to complete your Form 3508, […]

Your PPP forgiveness application

In order to complete your PPP forgiveness application; If you received $50,000 or less, you will need the following information handy: The EIDL advance amount, if any, that you received The EIDL application number The business’ bank statements for your covered period that begins as of the date the PPP funds were received. Your covered […]