In the wake of the COVID-19 pandemic, the U.S. government launched several programs to offer financial benefits to small businesses. While we’ve outlined the CARES Act and the Payment Protection Program Flexibility Act of 2020 and explained their differences, there’s one other thing that needs to be discussed – the impact on your tax return. Every type of financial aid program comes with tax implications.
The widespread effects of COVID-19 continue to impact the U.S. economy. You may have heard that the deadline to apply for the Paycheck Protection Program (PPP) was extended until August 8, 2020. If you are still in need of funds, and have not applied, I encourage you to do so.
Boris Benic and Associates recently received the 2020 Best of Garden City Award in Accounting. The award honors the achievements and accomplishments of local businesses. (more…)
The Payroll Protection Program (PPP) loan is a key piece of the CARES Act. The program offers low-interest, forgivable loans to small businesses through their banking institution. The loans are meant to help businesses stay afloat and keep employees on the payroll.
The rapid spread of COVID-19 has created more than a health crisis. The “stay home” directive that quickly spread across the country is creating a financial emergency for many businesses. And, as we continue to self-isolate, businesses need to find a way to minimize the impact.