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.

PPP Forgiveness: Dramatic Changes This Week

Posted By: Hertzbach , June 4, 2020

On June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the Act). The bill, which is expected to be signed into law soon, makes significant changes to the Paycheck Protection Program (PPP). Those involved with the PPP have had to deal with significant delays in awaiting vital guidance from the…

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IRS Provides Updated FAQS for Corporate Net Operating Loss Carrybacks

Posted By: Tax Department , June 4, 2020

Over the past week the IRS has posted several updates to its Frequently Asked Questions spanning multiple topic areas.  One of these updates included additional information and clarification regarding Corporate Net Operating Loss carrybacks and interplay with Alternative Minimum Taxes.  The CARES Act provides C corporations with a 5 year carryback period for NOLs in…

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PPP Loan Forgiveness: The Two New Interim Final Rules & What’s Next for Borrowers

Posted By: Hertzbach , June 3, 2020

On May 22nd, the Small Business Administration (SBA) issued the fourteenth and fifteenth Interim Final Rules, which add to what is known about Paycheck Protection Program (PPP) loan forgiveness and the SBA and lender review process. The fourteenth Interim Final Rule, “Requirements – Loan Forgiveness” focuses on, as the name suggests loan forgiveness, and the…

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Maryland Business Owners Getting Around Federal SALT Deduction Cap? (and Maryland Paper Return Processing)

Posted By: Tax Department , May 30, 2020

Pass-Through Entity-Level Tax 2020 Maryland Senate Bill No. 523 of Maryland’s 441st Session of the General Assembly will become effective on July 1, 2020. For tax years beginning on or after January 1, 2020, pass-through entities (PTE) will be allowed to elect entity-level taxation. This effectively allows taxpayers to avoid the $10K state and local…

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Have You Considered the Employee Retention Credit?

Posted By: Hertzbach , May 27, 2020

If you did not receive a Paycheck Protection Program loan, you may want to consider the CARES Act Employee Retention Credit. The Employee Retention Credit (ERC) may offer a tax credit up to $5,000 per employee for wages paid from March 13 to December 31, 2020. It’s one of the relief programs within the Coronavirus…

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SBA Issues PPP Loan Forgiveness Guidance

Posted By: Hertzbach , May 18, 2020

Click here for the Paycheck Protection Program – Loan Forgiveness Application The Small Business Administration (SBA) has issued the first major source of guidance surrounding Paycheck Protection Program (PPP) loan forgiveness via their Paycheck Protection Program Loan Forgiveness Application. The PPP provides funds to eligible borrowers in the form of loans, which are up to…

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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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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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🔜 The certification process for the Women-Owned Small Business Federal Contracting program is changing.

Here's what you need to know. 👇

#NEWS: Commerce @SecretaryRoss announced today that Commerce's @TradeGov and @USCommercialSvc are temporarily reducing or eliminating the costs of several of their export services, providing relief to U.S. businesses affected by #COVID19. https://www.trade.gov/press-release/international-trade-administration-granting-relief-us-companies-during-covid-19

Brian & Lisa McKinney of Newton purchased Cardinal Lanes 5 years ago, transforming it into a family-friendly entertainment venue. An #SBA-backed PPP loan thru First Newton National Bank supported 14
employees salaries, utilities & mortgage interest before re-opening this summer.