Corona Virus Updates

Business and Personal Tax Resources

Visit this page often, bookmark and share it. I will be posting resources regularly having to do with business and tax resources pertaining to changes due to COVID-19

NEW INFO JANUARY 2021!

PPP Reopening
Applications for First and Second Draw Loans:
Additionally, Treasury and the SBA released on January 8 the following top-line overviews of general eligibility requirements and terms for First and Second Draw Loans:
  • Relief for taxpayers affected by COVID-19 who take distributions or loans from retirement plans
  • The SBA has recently released new guidance and criteria for PPP forgiveness that will significantly simplify the application process for many borrowers. Borrowers now have the option of choosing one of two applications: the Full Forgiveness Application or the new EZ Forgiveness Application. The new EZ application is available to borrowers that:
    • Are self-employed and have no employees; OR
    • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
    • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.

    The new EZ application will streamline the documentation submission process for forgiveness. If your organization does not meet the criteria listed above, you must apply via the full forgiveness application.