I’ve got some good news for you, but first let’s start with a little history. When Congress passed the CARES Act back in March of 2020, they gave business owners such as you, two choices. You could take advantage of the Paycheck Protection Plan (PPP) and get a fully reimbursed loan designed to help you stay afloat. (Free money!) Or You could get an “employee … [Read more...]
Legislation
Sorted by Date
If the SBA Makes Loan Payments on Your Behalf, Are You Taxed?
Don’t miss my new article! As you probably know, the Small Business Administration (SBA) established programs designed to provide cash infusions to businesses affected by the COVID-19 pandemic. I’m talking about… The Paycheck Protection ProgramEconomic Injury Disaster Loans (EIDLs) But did you know that the SBA established several other loan programs that pre-date … [Read more...]
COVID-19 Relief Law Boosts Temporary Tax Deductions and Credits
Don’t miss my new article! In the new COVID-19 relief law, lawmakers enacted some extremely important legislation. It was designed to provide tax relief during the devastating COVID-19 pandemic. Some of the relief came in the form of direct government financial assistance.Most of the provisions of the law came in the form of extra deductions or tax credits that put … [Read more...]
Lawmakers Extend the Tax Extenders With the COVID-19 Relief Law
Okay. Let’s pretend you’re back in college and you have to turn in an essay to your professor by Monday. But you know that you can’t meet that deadline so you ask your prof for an extension. Well, that’s what lawmakers have done. They’ve granted themselves an extension (and didn’t even have to ask anyone for permission!) Here’s why lawmakers wanted to put things … [Read more...]
PPP Alert: New Shot for Your Tax-Free Cash
Did you get the free cash you were entitled to under the Paycheck Protection Program (PPP)? If you failed to apply for your money in the first round of the PPP payout, you missed a terrific opportunity. If that’s the case, Uncle Sam has some good news for you: Thanks to the new COVID-19 stimulus law, that took effect just days ago, you’ve got a second chance to get your … [Read more...]