President Trump’s Employee Social Security Tax Deferral Order Remains Unclear

The Treasury Department and the IRS have issued guidance on the August 8, 2020, order by President Trump to defer the withholding, deposit, and payment of certain employee payroll tax obligations on wages from September 1, 2020 through December 31, 2020. Under the guidance: 1) the due date for the withholding and payment of [...]

By |2020-09-03T09:33:11-04:00September 3rd, 2020|Governments, Taxes|0 Comments

$50 Million-Dollar Hazard Pay Grant Program

In an effort to keep our clients and our community informed we are releasing the below statement. Governor Wolf’s $50 Million-Dollar Hazard Pay Grant Program This program provides grants of up to $3 million dollars to businesses in the Healthcare, Transportation, Food, Security and Janitorial industries. The money received from this program is to [...]

By |2020-07-21T14:46:53-04:00July 21st, 2020|Financial, Governments|0 Comments

COVID-19 Relief Assistance Fact Sheet

COVID-19 Relief Pennsylvania Statewide Small Business Assistance FACT SHEET The COVID-19 Relief Pennsylvania Statewide Small Business Assistance program will provide grants ranging from $5,000 to $50,000 to small businesses that have been economically impacted by COVID-19.  This is not a first-come, first-served program.  There will be multiple rounds of application windows. The Pennsylvania CDFI Network [...]

By |2020-07-06T09:52:29-04:00July 6th, 2020|Financial, Governments|0 Comments

SBA Extends “Necessity” Certification Return-By Date to May 18, 2020

Yesterday afternoon the SBA extended until May 18, 2020 the PPP loan return-by date related to the PPP loan “necessity” certification. This is the second extension of the return-by date which allows PPP borrowers who determine they cannot meet the necessity certification required for all PPP loans to return the funds. This extension is intended [...]

By |2020-05-14T13:54:59-04:00May 14th, 2020|Financial, Governments|0 Comments

SBA to Provide Exemption from Loan Forgiveness Reduction for Non-Returning Employees

Yesterday the Small Business Administration (SBA) issued a new FAQ which helps PPP borrowers whose employees elect not to return to work.  As set forth in the CARES Act, the PPP loan amount eligible for forgiveness is to be reduced, in part, if a PPP borrower’s average number of full-time equivalent employees during the 8-week [...]

By |2020-05-05T13:00:59-04:00May 4th, 2020|Financial, Governments|0 Comments

Expenses Paid with Forgivable PPP Loans Not Deductible

The Internal Revenue Service (IRS) recently released guidance on the deductibility of expenses reimbursed by a Payment Protection Program (PPP) loan that is then forgiven. In Notice 2020-32, the IRS states that no deduction is permitted for expenses normally deductible to the extent the expenses were reimbursed by a PPP loan that was forgiven. The [...]

By |2020-05-05T12:59:25-04:00May 4th, 2020|Financial, Governments, Taxes|0 Comments

MontcoStrong Small Business Grant Program

On April 6, 2020, Montgomery County Board of Commissioners announced the MontcoStrong Small Business Grant Program. Applicants must be a for-profit business with a physical location in Montgomery County, Pennsylvania, employing no more than 50 individuals and impacted by the COVID-19 pandemic. For full details visit www.montcopa.org/MontcoStrongSBGP. Applications will be accepted beginning on Wednesday, April [...]

By |2020-04-07T12:12:18-04:00April 7th, 2020|Blog, Financial, Governments|0 Comments

Families First Coronavirus Response Act

Information regarding COVID-19 support is coming fast and from many sources. We felt our clients would benefit from a summary of the Families First Coronavirus Response Act. View Summary This communication should not be construed as tax or legal advice or tax or legal opinion on any specific facts or circumstances. This communication [...]

By |2020-04-07T08:43:12-04:00March 26th, 2020|Blog, Governments|0 Comments