Protective Refund Claim Update – Affordable Care Act (ACA)
On June 17, 2021, the U.S. Supreme Court upheld the Affordable Care Act in the case brought before the Court, California v. Texas, commonly known as the Affordable Care Act Repeal Lawsuit. In the lawsuit the constitutionality of provisions of the ACA was addressed including the following: Additional Medicare tax of 0.9% on earned income […]
PPP Loan Application Deadline Extension
On March 30, 2021, President Biden signed the PPP Extension Act of 2021, H.R. 1799 into law, providing loan applicants two additional months to apply for a first or second draw PPP loan. The current deadline for PPP loan applications has been extended to May 31, 2021. The PPP loan application deadline extension was made […]
Updates to PPP Loan, Grant Relief and SBA Programs – The American Rescue Plan Act 2021
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021, H.R. 1319 (ARPA), into law, providing $1.9 trillion in additional stimulus, including $7.25 billion in Paycheck Protection Program (PPP) funding for small businesses. The ARPA expands PPP eligibility to most nonprofit entities and internet publishing organizations that meet certain conditions, as […]
IRS and California Postpone 2020 Filing and Payment Deadline to May 17, 2021
On March 17, 2021, the IRS announced that the tax year 2020 federal income tax filing due date for individuals will be postponed until May 17, 2021. Individual taxpayers needing additional time to file may still request an extension on Form 4868 for an extended deadline of October 15, 2021. Individual taxpayers can also postpone […]
Update to PPP Loan and SBA EIDL Programs by the Consolidated Appropriations Act
On December 27, 2020, the President signed the Consolidated Appropriations Act (CCA), which provides $900 billion in new COVID-19 relief funding and renewed and expanded the Paycheck Protection Program (PPP), and the Economic Industry Disaster Loans and Grants (EIDL), and made changes to the programs, some of which are retroactive. The CCA includes significant modifications […]
Extension to PPP & EIDL Loan Programs
Extension to PPP & EIDL Loan Programs The Senate has approved and the house should vote tomorrow to approve additional funding under the PPP and EIDL loan programs. Our very strong advice if you haven’t submitted your application for the PPP or EIDL program or have and it wasn’t processed when the funds ran out […]
Main Street Loan Program
Main Street Loan Program Benefits Under the Program Loan size is 1m to 25m There are two programs (you can only participate in one of them): The Main Street New Loan Facility (MSNLF) – This is for new loans originated afterApril 8, 2020 – The loan amount is based on a minimum of 1m, and […]
CARES Act Update
As the Treasury continues to release guidelines in response to the COVID-19 crisis, we will provide a summary of important provisions for your consideration. Extended 1031 exchange identification and exchange periods Exchangers whose 45-day identification period or 180-day exchange period falls between April 1, 2020, and July 15, 2020, will have until July 15 to […]
