Two Key Provisions of the COVID-19 Relief Bill – PPP and ERC

Posted By: Jonathan Patterson, CPA, CVA The COVID-19 Relief Bill was signed by President Trump on Sunday, December 27 and BLS prepared COVID-19 Relief Bill – What we know so far, which provided highlights of significant sections of the bill. There are two key provisions within the COVID-19 Relief Bill – Second Round PPP Loans and Extension of Employee Retention … Continued

COVID-19 Relief Bill – What we know so far

Posted by Jonathan A. Patterson, CPA, CVA and Michael D. Kelly, CPA On Sunday, December 27, President Trump signed into law $900 billion in COVID-19 Relief and $1.4 trillion in government funding. The over 5,500 page bill combines financial relief for individuals, businesses, and nonprofits and includes many new provisions that are important for our clients and friends to be … Continued

U.S. Department of Health and Human Services Relief Funds Update

Posted by Mike Kelly, CPA  On April 10, 2020, the U.S. Department of Health and Human Services (HHS) automatically began distributing relief funds to “providers who billed Medicare-fee-for-service in 2019, be a known Medicaid and CHP or dental provider and provide after January 31, 2020 diagnoses, testing, or care for individuals with possible or actual cases of COVID-19, or prevented … Continued

Delaware Relief Grants Update from the Delaware Division of Small Business

    Posted by Jonathan A. Patterson, CPA, CVA   The Delaware Division of Small Business just released three important changes related to the DE Relief Grants program.     Businesses no longer need to demonstrate a revenue decline of at least 7.5 percent from 2019 to 2020. Instead, they will only need to prove they experienced a decrease in … Continued

COVID-19 Update: SBA Released Streamlined Application for Some PPP Borrowers

Posted By: Jon Patterson, CPA, CVA   On October 8,2020, following requests by many businesses and lenders across the country, the Small Business Administration released a streamlined application for Paycheck Protection Program (PPP) borrowers who borrowed $50,000 or less (affiliate groups are excluded). The application, Form 3508S. Although Form 3508S is a shorter form, it is not an automatic approval … Continued

COVID-19 Update: Three important topics for your review

Posted by Michael D. Kelly, CPA In our continued effort to provide guidance to companies and nonprofits, we have outlined three important topics in this edition of our BLS Important Update. Our firm has received numerous questions on the topics below and have prepared a summary to help provide clarity. Treatment of Owners and Forgiveness of Certain Payroll Costs On … Continued

COVID-19 Update: FAQ Updates for Economic Impact Payments

Posted by Jordon N. Rosen, CPA, AEP The IRS recently updated their FAQ page related to Economic Impact Payments (EIP), also known as Stimulus Payments. To help simplify the details of what was added to this FAQ page, the BLS Team outlined the highlights below.   EIP Update Highlights:   EIP FAQs Related to Double Payments Eligible taxpayers who filed … Continued

COVID-19 Update: FAQ Updates for PPP Economic Injury Disaster Loans

Posted by Michael D. Kelly, CPA   The IRS recently updated their FAQ page related to Economic Impact Payments (EIP), also known as Stimulus Payments. To help simplify the details of what was added to this FAQ page, the BLS Team outlined the highlights below. PPP EIDL FAQ Highlights:   If a borrower applied for an Economic Injury Disaster Loan … Continued

COVID-19 Update: SBA FAQs on PPP Loan Forgiveness

Posted By Mike Kelly, CPA   In an effort to provide guidance to companies and nonprofits that received a Payroll Protection Program (PPP) Loan, the Small Business Administration published Frequently Asked Questions related to PPP Loan Forgiveness. The guidance provided is lengthy and questions still remain. To help give a summary of what you need to know now, the BLS … Continued

2020 Income Tax Planning in Light of COVID-19

Posted By Jordon Rosen, CPA, MST, AEP In light of the pandemic, many individuals could see a dramatic shift in various sources of income, such as wages, self-employment income, interest, dividends, capital gains, retirement plan distributions and rentals. This session looks at how those income sources could impact your overall tax picture and offers timely suggestions for planning for the … Continued