The Small Business Administration (“SBA”) is increasing the maximum amount small businesses and nonprofits can borrow through its COVID-19 Economic Injury Disaster Loan (“EIDL”) program. Starting the week of April 6, the SBA is raising the loan limit for the COVID-19 EIDL program from six months of economic…
The Internal Revenue Service (“IRS”) announced Wednesday evening that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year…
It is anticipated that the Internal Revenue Service (“IRS”) will delay the April 15 tax-filing deadline until mid-May. This will give taxpayers additional time to file their 2020 tax returns and pay any amounts owed to the IRS. The move from the IRS and Treasury Department comes after calls to…
The House of Representatives voted Wednesday to approve a $1.9 trillion Covid relief plan, a top legislative priority for President Joe Biden. Having passed both houses of Congress, the stimulus package will now be sent to President Joe Biden to be signed into law. The President is expected to enact…
Under the CARES Act, enacted March 27, 2020, employers that experienced a significant business impact from COVID-19 based on specific parameters are eligible for a fully refundable federal payroll tax credit, the Employee Retention Credit (ERC). However, as originally enacted, employers (or members of their controlled groups) that received…
This past Tuesday night, the US Small Business Administration (“SBA”) and Treasury Department published updated Paycheck Protection Program (“PPP”) loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less. This new form, called the PPP Loan Forgiveness Application Form…
