Second Draw PPP Loans & SVO Grants

PPP Loans and Shuttered Venue Operators (SVO) Grants PPP – Round Two In accordance with the recently passed Economic Aid Act, the Small Business Association (SBA) resumed the Paycheck Protection Program (PPP) on January 11, 2021, First and Second Draw PPP loans are now available for application. First Draw PPP Loans are available for those…

New Stimulus Package Passed December 21, 2020

The U.S. House of Representatives and U.S. Senate passed the Consolidated Appropriations Act, 2021 (bill), a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus aid package. The emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver checks to individuals and provide…

IRS Updates FAQs on CARES ACT Employee Retention Credits and Payroll Tax Deferrals

The IRS recently updated its frequently asked questions (FAQs) on the Employee Retention Credit (ERC) and payroll tax deferrals under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136). These provisions encourage businesses to keep employees on their payroll during the COVID-19 global pandemic. Although the FAQs cannot be relied upon as legal…

5 Things PPP Borrowers Need To Do Now

For small and midsize businesses struggling because of the coronavirus, the Paycheck Protection Program (PPP), included as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, provided much-needed funding to cover necessary expenses. One of the chief benefits of the loans made through this program is the potential for the loans to be…

How Furloughs and Layoffs May Affect Company Retirement Plans

The coronavirus pandemic has forced many employers to implement some form of workforce reduction to continue operating. While furloughs and layoffs have a significant and immediate impact on a company’s operations, plan sponsors also need to understand the longer-term effects workforce reductions have on participants’ benefits and retirement accounts. Over the next several months, employers…

​More Flexibility for Paycheck Protection Program Loan Forgiveness and Payroll Tax Deferral

The Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) (PPP Flexibility Act), enacted on June 5, 2020, makes welcome changes to the forgiveness rules for Paycheck Protection Program (PPP) loans made to small businesses in response to the novel coronavirus global pandemic (COVID-19). The PPP Flexibility Act greatly increases the likelihood that a large percentage…

SBA Releases PPP Loan Forgiveness Clarification and Application

The SBA released its Paycheck Protection Program (PPP) Loan Forgiveness Application and some much anticipated clarification for definitions and documentation requirements in its instructions. The forgiveness application is completed by the small-business borrower and is submitted to their bank or lender from whom they processed their PPP loan. The following are some highlights from the update…

GJC’s Response to COVID-19 – Office Update

Dear Clients and Friends, We hope you, your colleagues and your families are doing well during this difficult and unprecedented crisis. As you know, the Governor has extended the Stay Home, Stay Safe Order until April 30, 2020.  As a result of an extension of the Executive Order, GJC will continue to operate with a 100% virtual…

CARES Act Webinar Presentation

Crucial legislation has been passed to assist self-employed individuals, non-profits and small businesses. The Coronavirus Aid, Relief and Economic Security (CARES) Act, a $2.2 trillion stimulus package, provides funding for unemployment benefits which include the self-employed (if you qualify), also SBA loans, and other resources. In case you missed the Webinar hosted by the BDO…