If your business is struggling, you may be able to get some help from the federal Small Business Administration (SBA), which is authorized to provide loans to small businesses on an as-needed basis.
companies have already used up their PPP Proceeds but are still needing additional working capital due to the delay in being able to open back up.
Generally, the first 10 days of leave can be unpaid and then paid leave is required, pegged to the employee’s pay rate and pay hours.
The Families First Coronavirus Response Act, the “Act,” provides a refundable income tax credit for sick leave of a self-employed person
Small businesses have 12 days from the time of this post to submit an application. If you have “thought about it,” but not yet taken action, call a trusted advisor. Discuss the reasons for your hesitation; this might just be a golden opportunity to salvage your business. Make the call, start the discussion – what do you have to lose?
the penalty tax will not apply to up to $100,000 of coronavirus-related distributions during 2020.
The “Act” provides a refundable income tax credit for sick leave of a self-employed person for qualified Sick Leave. The credit first reduces a self-employed individual’s income tax liability and any balance is refunded.
The IRS has created an online form for people who don’t normally file a tax return, known as non-filers. It’s a free and easy way to provide basic information so non-filers can receive their economic impact payment as soon as possible.
The Payroll Protection Program (“PPP”) has helped many small businesses survive around the country by providing funding for payroll and some other operating costs.
You, like all the other borrowers, immediately want to know how much of the loan proceeds can be forgiven. After all, “free” money is significantly more desirable than a loan, even if the interest rate is only 1%.