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 Update – Form 3508S

Posted By: Hertzbach , October 12, 2020

On October 8, 2020, the SBA released a new PPP Loan Forgiveness Application, Form 3508S. This form is for borrowers with PPP loans of $50,000 or less. (Borrowers who, together with their affiliates, received PPP loans totaling $2 million or more cannot use Form 3508S.) SBA Form 3508S requires fewer calculations and less documentation for…

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HHS Issues New Guidance for Provider Relief Fund Reporting

Posted By: Health Care , September 24, 2020

On September 19, 2020, the Department of Health and Human Services (HHS) released much-anticipated post-payment reporting requirements for the Provider Relief Funds (PRF).  The guidance will have a significant impact on many providers as it not only provides information on reporting requirements; it also provides guidance and clarification on eligible uses and “lost revenue.” Under…

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IRS Addresses the President’s Executive Order on Employee Payroll Tax Deferral in Notice 2020-65

Posted By: Tax Department , September 2, 2020

Update:  Guidance released on August 28th clarified that taxes deferred must be withheld and remitted by employers ratably between 1/1/21 – 4/30/21.  More information is available here. On August 28, 2020, the IRS issued Notice 2020-65 that provides some needed guidance for employers wondering whether and how to comply with the employee payroll tax deferral described in…

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Important Information About IRS Tax Notices

Posted By: Tax Department , August 31, 2020

Over the past few months, taxpayers who have sent payments to the IRS have still been receiving balance due notices. This is due to an IRS backlog in processing mail because of COVID-19 related closures. In response to a letter from the chairman of the House Ways & Means Committee, the IRS is working to…

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IRS Delivers Temporary Midyear Relief to 401(K) and 403(B) Safe Harbor Plans

Posted By: Hertzbach , August 21, 2020

Plan sponsors that have already or are considering reducing or suspending contributions to their safe harbor 401(k) or 403(b) plans as a result of the coronavirus pandemic now have helpful relief thanks to new guidance from the Internal Revenue Service (IRS). In Notice 2020-52, the IRS recognized that many employers are facing unprecedented financial challenges as…

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President Enacts Option to Defer Certain Payroll Taxes Until the End Of 2020

Posted By: Hertzbach , August 17, 2020

On August 8, 2020, President Trump issued an executive order which will allow deferral of certain payroll tax payments. This action only applies to employees who generally earn less than $4,000 per biweekly pay period (approximately $2,000 per week or $104,000 annually). Such an employee may temporarily defer their portion of Social Security tax (6.2%)….

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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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