The Treasury Department has released the application for 7(a) loans under the Payroll Protection Program. The application is available at: Paycheck-Protection-Program-Application-3-30-2020-v3 Based upon further information provided by the Treasury Department, note the following: • Due to the expectation that a high number of companies will participate in the program, forgiveness is likely to be capped […]
[read more]
Governor Cuomo issued Executive Order No. 202.12 authorizing the Commissioner of the Department of Taxation & Finance to provide relief from tax filing and payment deadlines. Pursuant to Notice N-20-2, the Commissioner has exercised his discretion and extended the due date for personal income tax and corporation tax returns originally due on April 15, 2020 […]
[read more]
Planning Issues for Re-Hiring Employees and Payroll Protection Program Loans It is laudable and noteworthy that the Payroll Protection Program SBA 7(a) loan program accommodates the many businesses that have been crushed by COVID-19 and the mandatory closures in New York and many other states. The impact on employees has also been severe. Over 3 […]
[read more]
Payroll Protection Program As part of the CARES Act, the SBA 7(a) Loan Program would provide significant assistance to small businesses in the form of potentially forgivable loans. Eligibility: Eligible businesses include: 1. Small business concerns 2. Any for-profit business with fewer than 500 employees 3. Any 501(c)(3) or (19) not-for-profit with fewer than 500 […]
[read more]
The CARES Act includes an exception from the excise tax on distilled spirits for distilled spirits removed from bonded premises between January 1, 2020 and December 31, 2021 for use in or contained in hand sanitizer produced and distributed in accordance with FDA guidance relating to COVID-19. Furthermore, rules for labeling and bulk sales under […]
[read more]
Employers are potentially eligible for an Employee Retention Credit for 50% of payroll taxes on qualifying wages paid to employees. Employers eligible include for-profit and not-for-profit organizations that conducted a trade or business during calendar year and the operation of the trade or business is fully or partially suspended pursuant to an order from an […]
[read more]
In New York, Senate Bill S8090 was introduced at the request of the Governor. It is expected to be adopted an signed by Governor Cuomo this week. The law would create sick leave relating to the Coronavirus pandemic and would implement permanent sick leave provisions affecting all employers. Coronavirus (COVID-19) Provisions: Employers are split into […]
[read more]Sign up for our Email Newsletter. It’s free business advice in your inbox.
SUBSCRIBE