As part of the American Rescue Plan Act of 2021 (ARPA), which was signed into law March 11, 2021, employers who are subject to COBRA or state mini-COBRA law, must pay 100% of their involuntarily terminated employees’ COBRA premiums during
American Rescue Plan Act Extends COVID-19 Sick Paid Leave
The FFCRA paid sick leave provisions ended December 31, 2020, as a requirement for employers, but was extended through March 31, 2021, for employers who wished to continue the program for their employees and for employer’s payroll tax credits. However,
President Trump’s Employee Social Security Tax Deferral Order Remains Unclear
The Treasury Department and the IRS have issued guidance on the August 8, 2020, order by President Trump to defer the withholding, deposit, and payment of certain employee payroll tax obligations on wages from September 1, 2020 through December 31,
THE PAYCHECK PROTECTION PROGRAM FLEXIBILITY ACT (PPPFA)
The Paycheck Protection Program Flexibility Act (PPPFA) passed nearly unanimously by the U.S. House of Representatives and U.S. Senate. President Trump signed it into law on Friday June 5, 2020. The PPPFA was intended to ease some of the forgiveness
House Passes Bill to Loosen Rules on PPP Loans
On May 28, 2020, the House overwhelmingly passed a bill to loosen key rules for the Paycheck Protection Program (PPP). The plan would: Reduce the percentage of aid money that must be spent on payroll from 75% to 60% Extend
Bucks Back to Work Small Business Grant
Bucks County has outlined a new grant program to help small businesses that have been negatively impacted by COVID-19. http://buckscounty.org/government/CommunityServices/BacktoWorkGrantProgam To qualify, applicants must be for-profit businesses, founded no later than 2018, that have less than $700,000 gross annual revenue
SBA Extends “Necessity” Certification Return-By Date to May 18, 2020
Yesterday afternoon the SBA extended until May 18, 2020 the PPP loan return-by date related to the PPP loan “necessity” certification. This is the second extension of the return-by date which allows PPP borrowers who determine they cannot meet the
SBA Announces Safe Harbor for PPP Loan “Necessity” Certification
Today the SBA again updated its FAQs related to PPP loans, this time with a welcome safe harbor to the “necessity” certification required by all borrowers. In FAQ46, the SBA announced that “any borrower that, together with its affiliates, received
SBA to Provide Exemption from Loan Forgiveness Reduction for Non-Returning Employees
Yesterday the Small Business Administration (SBA) issued a new FAQ which helps PPP borrowers whose employees elect not to return to work. As set forth in the CARES Act, the PPP loan amount eligible for forgiveness is to be reduced,
Expenses Paid with Forgivable PPP Loans Not Deductible
The Internal Revenue Service (IRS) recently released guidance on the deductibility of expenses reimbursed by a Payment Protection Program (PPP) loan that is then forgiven. In Notice 2020-32, the IRS states that no deduction is permitted for expenses normally deductible