Under the CARES Act, several types of loans were made available to business owners. The loan program which has generated the greatest discussion (and controversy) is known as the Paycheck Protection Program (“PPP”). The PPP loan was designed to aid businesses which might be imperiled by the Covid-19 Coronavirus. With…
Category: CSBB Blog
A few weeks ago, we wrote about how the dramatic reduction in interest rates presented planning opportunities. Each month, the IRS announces the minimum interest rate required to be charged for loans in order to avoid a gift (known as the applicable federal rate). This rate is determined based upon…
The CARES Act provides for expanded distribution options and favorable tax treatment for up to $100,000 of coronavirus-related distributions from an eligible retirement plan (e.g., 401(a), 401(k), 403(b), and 457 plans), and IRAs to qualified individuals, as well as special rollover rules with respect to such distributions. A coronavirus-related distribution…
Following the 8-week period ends from the date a PPP loan is disbursed, a borrower must actually petition the SBA for forgiveness of the loan. The SBA has just published the PPP Forgiveness Application and Template. You can also visit sba.gov for additional Small Business Guidance & Loan Resources.
With the Coronavirus pandemic causing widespread disruption, the IRS has given taxpayers one less thing to worry about. On March 20, the IRS issued Notice 2020-18, which automatically postpones until July 15 the due date for filing a Federal income tax return and paying Federal income tax. Here’s what you need…