On March 27, President Trump signed a historic stimulus bill: the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This legislation’s many provisions provide emergency relief for those suffering financial hardships due to COVID-19 including individuals, businesses, state and local governments, and the health care system. The CARES Act is in addition to the Families First Coronavirus Response Act (FFCRA) which President Trump signed into law on March 18. FFCRA makes substantial changes to sick and family and medical leave for businesses and employees amid the emerging COVID-19 pandemic.
Small businesses are now eligible for up to $2 million in Economic Injury Disaster Loans from the Small Business Administration (SBA). Knowing what to expect before starting the loan process will help prevent unnecessary errors and rework. Completing the application process quickly and accurately will be key as there will be high demand and processing times will likely increase. We’ve put together the following summary of what business owners can expect when applying for an SBA loan.
One of the many key provisions in the CARES Act is the Employee Retention Credit. This credit is geared toward employers subject to partial or full COVID-19-related closures. This credit impacts compensation, furlough and layoff strategies. If you are considering making workforce reductions, it is important to understand your options under the CARES Act.
On March 27 President Trump signed the latest COVID-19 relief bill: Coronavirus Aid, Relief, and Economic Security (CARES) Act. For funding dedicated to taxpayers and businesses, the bill currently includes provisions related to taxes, unemployment, small business loans, and a large business lending program.
In an effort to help consolidate the various pieces of legislation and important information from the Department of Labor (DOL), we’ve created a list of the most frequently asked questions regarding unemployment insurance benefits, the Family and Medical Leave Act (FMLA), and the changes made by the FFCRA and the Fair Labor Standards Act (FLSA).
It was announced on March 20 that Tax Day would be postponed from April 15 to July 15 to coincide with the delayed tax payment deadline at the direction of President Trump. Treasury Secretary Steven Mnuchin announced the postponement via Twitter, stating that all taxpayers and businesses will have until July 15 to file and make payments without interest or penalties. We know you have lots of questions. Below is a summary of the 10 most common questions and the IRS’s response.
Congress passed and President Trump signed the Families First Coronavirus Response Act (FCCRA) on March 18, 2020; it will become law 15 days after the signing. The bill provides paid sick leave, free coronavirus testing, expansion of food assistance and unemployment benefits, and requires employers to provide additional protections for health care workers.
Small but mighty – that’s how Ashley Mahoney, owner of Kansas City design firm Hello Big Idea, would describe her growing business. Hello Big Idea is a business by women for women, and it’s evident in the way Ashley and her team operate that they are committed to helping their fellow women business owners succeed.
2020 is here, and it’s a chance for a fresh start for your business. Milestone years can be motivational in making the business improvements you may have been delaying, and it’s an opportune time to set the tone for the next 10 years. From taxes, to accounting, to processes and growth, here are some tips we’ve compiled to help you make the most of 2020.