COVID-19 - Resources for You and Your Business

In an effort to keep you updated on the evolving situation surrounding the COVID-19 pandemic, we have created a COVID-19 Resource Center to provide guidance during these unprecedented times. We will do our best to answer your questions and help you understand the potential impact on you and your business – from Paycheck Protection Program (PPP) loan forgiveness to CARES Act accounting information analysis.

We are continuing to closely monitor this situation and will keep you informed as more details become available. If you have any questions, please do not hesitate to contact us.

The CARES Act and the Payroll Protection Program (PPP)

On-Demand Webinars

On-Demand Webinar: PPP Loan Eligibility and Good Faith Certification: Preparing to Respond to a Loan Review (Originally presented August 20, 2020)

This on-demand webinar provides an overview of existing guidance regarding good faith certification and eligibility for a PPP loan.

On-Demand Webinar: Walking Through the PPP Loan Forgiveness Application(Originally presented July 9, 2020)

This on-demand webinar is designed to assist businesses in the completion of the application and provide insight into the application’s mechanics.

On-Demand Webinar: PPP Loan Forgiveness – Latest Regulations, Application, & Flexibility Act (Originally presented June 22, 2020)

This on-demand webinar provides an overview of the forgiveness changes arising from the Paycheck Protection Flexibility Act, the latest forgiveness regulations and guidance from the SBA, forgiveness application instructions, and answers to Frequently Asked Questions.

On-Demand Webinar: Update on the Paycheck Protection Program’s Loan Forgiveness Application (Originally presented May 22, 2020)

This on-demand webinar provides a review of the PPP loan forgiveness provisions, clarification on the options for calculating payroll costs, loan forgiveness reductions based on FTEs and salary/wage reductions, answers to Frequently Asked Questions, and loan forgiveness application documentation.

On-Demand Webinar: PPP Loan Forgiveness Update (Originally presented April 29, 2020)

This on-demand webinar covers frequently-asked questions we received during our previous PPP loan forgiveness webinar, a closer look at last week’s SBA guidance that retroactively impacts PPP eligibility, and strategies to proactively plan for PPP loan forgiveness.

On-Demand Webinar: What You Need to Know About Key Individual Tax Provisions in the CARES Act (Originally presented April 24, 2020)

This on-demand webinar provides a high level overview of economic impact rebates, retirement plan distribution changes, waiver of required minimum distribution rules, and modifications for charitable contributions, student loans, and medical expenses.

On-Demand Webinar: Planning and Managing PPP Loan Forgiveness (Originally presented April 17, 2020)

This on-demand webinar provides an overview of Paycheck Protection Program (PPP) loan forgiveness guidelines and tests; case study examples; estimating, planning, and managing your loan forgiveness; integrating loan forgiveness into your broader business planning decisions; how to apply for loan forgiveness; and what to do if part or all of your loan doesn’t qualify for loan forgiveness.

On-Demand Webinar: What You Need to Know About Key Business Tax Provisions in the CARES Act (Originally presented April 6, 2020)

This 45 minute webinar provides an overview of employee retention credit; payroll tax deferral; a technical correction to Qualified Improvement Property depreciation; treatment of anticipated business losses in 2020, including a change to the rules for net operating losses (NOLs); and paid leave tax credits (included in the Families First Coronavirus Relief Act).

On-Demand Webinar: What You Need to Know About the Paycheck Protection Program Component of the CARES Act (Originally presented March 31, 2020)

This webinar covers key provisions of the Paycheck Protection Program, aspects of the related Loan Forgiveness, additional relief offered by the Economic Injury Disaster Loan Program, and how to prepare for the loan application process.

Alerts

New SBA Interim Final Rule Limits Related Party Rent and Clarifies the Owner-Employee Threshold (August 26, 2020)

The Small Business Administration (SBA), in conjunction with the Treasury, issued a new Interim Final Rule (IFR) on Monday that provided more details around the loan forgiveness aspect of the Paycheck Protection Program (PPP).

How Private Companies Can Document Compliance with the PPP’s Good Faith Certification Regarding Access to Other Sources of Liquidity (August 10, 2020)

The most confusing and subjective component of the Small Business Administration’s PPP Good Faith Certification requirements is that borrowers must take into account their “ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business.Here are four key considerations for private companies as they prepare to document compliance with their PPP loan’s good faith certification.

SBA Issues New Guidance on PPP Loan Forgiveness (August 5, 2020)

Yesterday, the Small Business Administration (SBA) released a new round of answers to frequently asked PPP loan forgiveness questions (FAQs). While many questions remain unanswered, the new FAQs do address some of the questions we routinely field from borrowers.

SBA Establishes Date for Lenders to Begin Accepting PPP Loan Forgiveness Applications (July 29, 2020)

President Trump Signs Legislation to Extend PPP Deadline by 5 Weeks (July 4, 2020)

New SBA Interim Final Rule Addresses Early Applications for PPP Loan Forgiveness (June 24, 2020)

PPP Loan Forgiveness – Navigating the 8 vs. 24 Weeks Dilemma (June 23, 2020)

SBA Issues Revised PPP Loan Forgiveness Application Form and Instructions; Also Introduces New “EZ” Version (June 17, 2020)

SBA Clarifies 60 Percent Payroll Cost Requirement to Qualify for PPP Loan Forgiveness (June 9, 2020)

President Trump Signs Paycheck Protection Flexibility Act to Revise Rules on PPP Forgiveness (June 8, 2020)

Senate Approves Legislation to Revise Rules on PPP Forgiveness (June 4, 2020)

House Passes Bill to Revise Rules on PPP Forgiveness (May 29, 2020)

SBA Releases Much-Anticipated PPP Loan Forgiveness Form; Says Additional Details Forthcoming (May 19, 2020)

SBA Will Now Allow Increased PPP Loans for Partnerships and Seasonal Employers (May 18, 2020)

PPP Safe Harbor Repayment Date Now Extended to Monday, May 18, 2020 (May 14, 2020)

SBA Issues New Guidance on Good-Faith Certification for PPP Loan Eligibility (May 13, 2020)

PPP Safe Harbor Repayment Date Extended to May 14, 2020 (May 6, 2020)

The Changing PPP Eligibility Rules – How Does a Private Company Respond? (May 4, 2020)

New IRS Guidance Denies Deduction Related to PPP Loan Forgiveness (May 1, 2020)

President Trump Signs $484 Billion Bill for Additional PPP and EIDL Funding (April 24, 2020)

House Approves $484 Billion Deal for Additional PPP and EIDL Funding (April 23, 2020)

SBA Issues New Guidance That Retroactively Impacts PPP Eligibility (April 23, 2020)

Senate Approves $484 Billion Deal for Much-Needed Additional PPP and EIDL Funding (April 22, 2020)

5 Steps You Should Take Right Now if You Are Participating in the PPP Loan Program (April 20, 2020)

The PPP’s Loan Forgiveness Provision Leaves Out Many Companies That Need it the Most (April 16, 2020)

Understanding the Loan Forgiveness Provision of the Paycheck Protection Program (April 14, 2020)

IRS Issues New Guidance for Payroll Tax Deferral (April 13, 2020)

Treasury and Federal Reserve Unveil Main Street Lending Program Authorized Under the CARES Act (April 10, 2020)

Paycheck Protection Program Loan Application Clarifications (April 9, 2020)

Plan Sponsor Guidance for Adopting New CARES Act Retirement Plan Provisions (April 8, 2020)

A Closer Look at the Employee Retention Credit Under CARES Act Section 2301 (April 7, 2020)

SBA Releases Additional Guidance for Paycheck Protection Program (April 3, 2020)

CARES Act Provisions that Apply to Individuals (April 2, 2020)

Treasury Department Releases Additional Information for Paycheck Protection Program (April 1, 2020)

Key Business Tax Provisions in the CARES Act (April 1, 2020)

Sample SBA Loan Application for Paycheck Protection Program (March 31, 2020)

Fundamentals of the Paycheck Protection Program Aspect of the CARES Act (March 30, 2020)

The CARES Act and Your Retirement Plan (March 30, 2020)

CARES Act to Provide Critical Loans for Small and Medium-Sized Businesses (March 27, 2020)

$2 Trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act Signed Into Law (March 28, 2020)

$2 Trillion Coronavirus Relief Package Passed by Senate (March 25, 2020)

 

Additional Business Relief Opportunities

PA Establishes COVID-19 Hazard Pay Grant Program – July 31 Deadline to Apply (July 29, 2020)

Pennsylvania Rolling Out $250 Million Grant Program for Small Businesses Affected by COVID-19 (Jun 10, 2020)

SBA EIDL Program Significantly Lowers Loan Amount and Limits New Applications (May 12, 2020)

State and Local COVID-19 Business Relief Programs (April 2, 2020)

 

The Families First Coronavirus Response Act

IRS Issues Additional Guidance on Paid Leave Tax Credits Included in the FFCRA (April 1, 2020)

COVID-19 Relief Bill Signed Into Law – Guidance on Paid Leave Provisions (March 20, 2020)

 

Tax News

IRS Issues Additional Details on Payroll Tax Deferral, But Many Questions Remain (September 1, 2020)

The Payroll Tax Holiday Could Lead to an Unpleasant 2021 Surprise for Your Employees (August 24, 2020)

Philadelphia’s Non-Resident Wage Tax Increasing July 1, 2020 (June 26, 2020)

PA Grants waiver of April, May, and June Accelerated Sales Tax Prepayment (April 15, 2020)

New Jersey Poised to Extend Corporate and Individual Tax Filing and Payment Deadlines to July 15, 2020 (April 14, 2020)

New IRS Guidance for Tax Filing and Payment Extensions (April 10, 2020)

Federal and State Tax Filing and Payment Extensions Explained (April 8, 2020)

Pennsylvania Extends Personal Income Tax Return Filing Deadline; Other State and Local Deadline Updates (March 23, 2020)

Tax Filing Deadline Extended to July 15 (March 20, 2020)

April 15 Tax Payment Deadline Extended (March 18, 2020)

 

General Business Guidance

On-Demand Webinar: COVID-19 Return to Work Strategies (June 24, 2020)

Join experts from Kreischer Miller, Connor Strong & Buckelew, and Semanoff Ormsby Greenberg & Torchia for this webinar that provides vital help for businesses that are developing a return to work strategy for employees.

Kreischer Miller COVID-19 Business Impact Survey (Survey results released May 7, 2020)

On-Demand Webinar: Managing Your Business Through a Crisis (Originally presented April 15, 2020)

IT Tips for a Secure Remote Work Environment (March 23, 2020)

 

Industry Updates

On-Demand CFMA Webinar: PPP Loan Forgiveness Application and Certification Process with Expanded Q&A Session (Originally presented June 3, 2020)

The Employee Retention Tax Credit is an Alternative to PPP Loans for Construction Companies (May 7, 2020)

On-Demand Webinar: Mitigating Construction Contractors’ Business and Financial Risks on the Job Site (Originally presented May 1, 2020)

Construction Industry Alert: State and Local Relief Options Available to Construction Contractors (April 29, 2020)

Investment Industry Update: Hedge Funds and Private Equity Firms Unable to Participate in PPP Loan Program (April 17, 2020)

Construction Industry Alert: 4 Critical Areas Construction Contractors Should Consider in Their COVID-19 Plans (April 24, 2020)

COVID-19 Updates and Resources for the Government Contracting, Architecture, and Engineering Industries (March 26, 2020)

Coronavirus Manufacturing Pulse Survey (Survey results released March 6, 2020)

Information contained on this page should not be construed as the rendering of specific tax, accounting, or other advice. Material may become outdated and anyone using this information should research and update to ensure accuracy. In no event will the firm be liable for any damages, direct, indirect, or consequential, claimed to result from use of the materials contained here. Readers are encouraged to consult with their advisors before making any decisions.