Here’s what is happening so far

Please note: The posts below will continue to be amended with the most up-to-date information to better help you navigate resources for financial relief.

Upcoming Sales Tax Holidays

Posted By: Tax Department , August 7, 2020

Maryland and Virginia are holding sales tax holidays in the month of August. The “Shop Maryland Tax-Free Week” for 2020 is Sunday, August 9 – Saturday, August 15. Virginia is holding its annual sales tax holiday on August 7-9, 2020. See below for more details. Maryland: Dates: August 9-15 Items Included: Qualifying apparel and footwear…

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Borrower Accounting for PPP Loans

Posted By: Hertzbach , August 4, 2020

Although the legal form of the PPP loan is debt, some believe the loan is, in substance, a government grant. This has caused confusion on how borrowers should account for the loans under Generally Accepted Accounting Principles (GAAP). There is no guidance in existing GAAP that specifically addresses the accounting for forgivable loans obtained from,…

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Notice: Paycheck Protection Program has reopened.

Posted By: Hertzbach , July 6, 2020

The Paycheck Protection Program began accepting new applications July 6, 2020, at 9:00 AM EDT in response to the Paycheck Protection Program Extension Act. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program  

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IRS Confirms July 15th Deadline Won’t be Pushed Back Again

Posted By: Tax Department , June 30, 2020

On June 29, 2020 the IRS confirmed that the July 15th tax deadline will not be pushed off again.  Taxpayers who will not be able to file their returns by this date should file automatic extensions.  However, taxpayers that will owe taxes will still need to pay by July 15th, or face penalties and interest….

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New PPP Loan Forgiveness Applications

Posted By: Hertzbach , June 18, 2020

This article was published on June 18, 2020. The SBA has finally released updated Paycheck Protection Program (PPP) Loan Forgiveness Applications and instructions. You read that right, two forgiveness applications were released. The initially released PPP Loan Forgiveness Application (Form 3508) combined the instructions and the various parts of the application into a single 11…

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IRS Extends Due Dates on Balance Due Notices

Posted By: Tax Department , June 16, 2020

Due to the COVID-19 pandemic, the IRS was unable to mail some previously printed balance due notices.  As a result taxpayers may receive notices with due dates that have already passed.  The IRS has extended due dates on all notices indicating a balance due which are currently being sent out. If a notice is received…

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Government Response Resources

"To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). Borrowers may also complete this application electronically through their Lender. "

Click here for the Paycheck Protection Program – Loan Forgiveness Application

 

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Contact Us- COVID
Amidst the changes every day to legislation, business procedures, and our prospective futures - decision making can be extraordinarily challenging. We are doing our best to help you understand the options and make the best decision for your business. For more information, please fill out the form below to contact the Hertzbach COVID-19 Task Force.
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Stay Up To Date

Congress: Pass liability protection for employers who follow health guidelines: http://uschamber.com/jobsnotlawsuits #JobsNotLawsuits https://twitter.com/USChamber/status/1292803775594405888

We must protect our job creators and educators from frivolous lawsuits that follow public safety guidelines. #JobsNotLawsuits

Congress: pass temporary liability protection now: http://www.lubbockchamber.com/news/details/lubbock-chamber-joins-nationwide-coalition-fighting-for-covid-19-liability-protections

Is your #smallbusiness in a historically underutilized business zone? It may qualify for the #HUBZone federal contracting program.

▶️ Here's what else you need to know: https://www.sba.gov/brand/assets/sba/resource-partners/hubzone-fact-sheet.pdf
▶️ Learn more: http://www.sba.gov/hubzone

📧 𝙎𝙩𝙖𝙮 𝙞𝙣𝙛𝙤𝙧𝙢𝙚𝙙! 📧

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