Covid-19 Archives - Page 3 of 5 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

What you need to know about the executive orders signed by President Trump

On August 8, 2020, President Trump signed an executive order extending certain aspects of COVID-19 relief in the absence of a new bill from Congress. The executive order includes several measures to protect individuals as provisions of the CARES Act expire or have expired. Here’s what was in the order: Payroll tax delay – The …

The U.S. Senate and House of Representatives have both unanimously agreed to extend the Paycheck Protection Program (PPP) by five weeks in an effort to continue providing relief for small businesses hit hard by the pandemic. Applications officially closed for the program on June 30 when the Senate voted for a last-minute extension. President Trump …

Companies are being forced to pivot and adapt both internally in how they handle operations and externally in how they interact with customers and maybe even the products they sell as a result of the COVID-19 pandemic. Virtually no industry has gone untouched with either significant challenges or significant opportunities (or both) during this time. …

On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act passed on June 5, 2020. The updated guidance accounts for revisions made to the covered period, usage of funds changes, extended safe harbors, and more. Here is …

SBA issues interim final rule on PPP

On May 23, the Small Business Administration (SBA) issued an interim final rule for the Paycheck Protection Program (PPP) that included the loan forgiveness application guidance released May 15, as well as other updated guidance. The rule, Paycheck Protection Program – Requirements – Loan Forgiveness, is the formal guidance that accompanies the forgiveness application and …

The Small Business Administration (SBA) has released its long-awaited Paycheck Protection Program (PPP) forgiveness form for borrowers. The release on May 15 brought with it significant changes to the interpretation of some components of forgiveness that were not previously known. Clarity is still needed on many of the components of forgiveness. Changes were made to …

In an update to the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) FAQs, the SBA and Treasury have announced that borrowers with an original principal amount less than $2 million “will be deemed to have made the required certification concerning the necessity of the loan request in good faith.” Released just ahead of the …

The COVID-19 pandemic has thrown a wrench into many employer-sponsored health, flexible health, and dependent care plans as employees are seeing increased or decreased need, depending on the impact of the pandemic on their families. In response, the IRS is granting employees the ability to make midyear changes to some employer-sponsored health coverage, health flexible …

COVID-19 is challenging organizations in unprecedented ways. By looking at the following numbers, we can see just how fragile the current environment is for nonprofit organizations. •. Stay in place orders are affecting everyone, but not equally. Many locations are stranded in a state of uncertainty as local and state leaders decide what is best …

After you’ve been approved for an SBA Payroll Protection Program (PPP) Loan, it is important to understand how the calculation for forgiveness of the loan will work. The following information is designed to provide those who were recently funded with information that may be helpful in determining the forgivable portion of their recently funded PPP …