YHB is committed to responding as quickly as possible to developments regarding COVID-19 (Coronavirus) and keeping you informed. We will continue to share helpful resources related to tax changes and other key issues as they develop to ensure you are prepared to navigate these unprecedented issues.
On December 21, 2020, Congress passed another stimulus bill, which was signed by President Trump right before year-end, aimed to help individuals and businesses during the COVID-19 pandemic. Discover what these changes mean for you in 2021.
On October 8th, 2020 the U.S. Small Business Administration (SBA) released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. The SBA is hoping this simpler forgiveness process will help the countries smallest businesses who were impacted by COVID-19 by removing some of the red tape around forgiveness.
Many loan recipients are anxious to submit an application for forgiveness, especially if it seems apparent on the surface that 100% forgiveness will be obtained. However, the decision to apply for forgiveness is not one to be done in haste. The consequences could include an unexpected reduction in the forgiveness amount as well as an administrative burden with the application that may be avoidable.
The new law follows the May 22, 2020, release of an interim final rule from the SBA on PPP loan forgiveness requirements. Among other areas, that guidance addresses the calculation of full-time employees and total salary or wages for purposes of loan forgiveness reductions.
On Friday, May 15, 2020 the Small Business Administration (SBA) and the Department of the Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application and instructions for the application.
The SBA has released several resources to assist small businesses impacted by the COVID-19 including low-interest disaster loans, among other business friendly programs.
The AICPA’s Center for Plain English Accounting released a report addressing financial reporting matters that should be considered in light of the COVID-19 Pandemic. (External Link)
Our team works with community banks all over the region. We have compiled resources to help your financial institute during this time.
No matter the status of your not-for-profit, it’s important to keep up with legislation responding to the COVID-19 crisis.
U.S. states are providing tax filing and payment due date relief for individuals and businesses. The AICPA has compiled the latest developments.
The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the CARES Act. Among other things, it provides additional funding to PPP.
If you have not yet received your Economic Stimulus Payment, you may want to open all envelopes right now, and be extra careful in deciding what to keep and what to toss. For those in this last wave of payments – be on the lookout for a very unassuming and unlabeled envelope arriving at your home.
The payments, also referred to by some as stimulus payments, are automatic for most taxpayers. No further action is needed by taxpayers who filed tax returns in 2018 and 2019 and most seniors and retirees.
The safety and well-being of our clients and team members are always the highest priority at YHB. We have taken proactive steps to provide for the continuity of our services and care for our team members during this time. Our thoughts remain with everyone affected by the COVID-19 crisis as we navigate these unprecedented times. YHB is committed to walking alongside you and the communities we serve in the days ahead. It is a privilege to serve you during this time.