December 8, 2021 | Blog, COVID-19 Strategy Hub | Jonathan Levens, CPA, and Elizabeth Michaels
Congress signed the Infrastructure Investment and Jobs Act (IIJA) into law on November 15, 2021, which included a retroactive termination of the Employee Retention Credit (ERC) as of September 30, 2021 (except for recovery startup businesses). The ERC had previously... continue reading »
September 20, 2021 | Blog, COVID-19 Strategy Hub | Bert Mills, CPA; Chris Arnone, CPA; and Andy Starnes, CPA
Disclaimer: This information was correct at the time of publication; however, new guidance from government agencies may be issued at any time, causing some or all of this information to change. Please visit our COVID-19 Business Strategy Hub for the latest news and... continue reading »
August 13, 2021 | Blog, COVID-19 Strategy Hub | Andy Starnes, CPA
On Tuesday, August 10, 2021, the Internal Revenue Service (IRS) released guidance through Rev. Proc. 2021-33 stating that businesses applying for an employee retention tax credit (ERTC) will now have a safe harbor option, which will allow them to exclude certain items... continue reading »
July 30, 2021 | Blog, COVID-19 Strategy Hub | Bert Mills, CPA; Andy Starnes, CPA; and Chris Arnone, CPA
Businesses that have received loans under the Paycheck Protection Program (PPP) should be aware of the possibility that they’ll be audited by the U.S. Small Business Administration’s (SBA) Office of Inspector General, with support from the IRS and other federal... continue reading »
July 29, 2021 | Blog, COVID-19 Strategy Hub | Bert Mills, CPA; Andy Starnes, CPA; and Chris Arnone, CPA
The U.S. Small Business Administration (SBA) announced on July 9, 2021, that it would no longer require the Paycheck Protection Program (PPP) Loan Necessity Questionnaire, or SBA Forms 3509 (for-profit) and 3510 (non-profit), for PPP loans in excess of $2 million.... continue reading »
July 14, 2021 | Blog, COVID-19 Strategy Hub | Bert Mills, CPA; Andy Starnes, CPA; and Chris Arnone, CPA
For small business owners that received Paycheck Protection Program (PPP) loans in 2020, the period to apply for forgiveness is almost over. For those PPP borrowers that do not apply for forgiveness, the PPP loan will automatically turn into a standard loan with a 1%... continue reading »