COVID-19 Tax & Business Implications

New PPP Forms & Applications: Deadline March 31

March 5, 2021

The Small Business Administration issued new Paycheck Protection Program (PPP) guidance for self-employed individuals filing Form 1040, Schedule C to calculate their maximum loan amount using Gross Income instead of Net Profit. This new calculation is explained in SBA Interim Final Rule on Loan Amount Calculation and Eligibility. Click the…

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PPP Revisions Target Smallest Businesses

March 3, 2021

The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration imposed a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also…

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Healthcare Alert – Relief Fund Recipients May Need an Audit

February 19, 2021

In response to the COVID-19 pandemic, $178 billion of Provider Relief Funds (PRF) were distributed to healthcare providers from the Department of Health and Human Services under the Coronavirus Aid, Relief, and Economic Security Act. Recipients with expenditures of PRF funds totaling $750,000 or more are subject to a single…

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COVID-19 Relief Bill Helps PA Small Businesses & Residents

February 9, 2021

Last Friday, Pennsylvania Governor Tom Wolf signed legislation providing additional COVID-19 relief. The Covid-19 Relief Bill provides funds to establish the Hospitality Industry Recovery Program, provides for emergency education relief to private schools, and establishes the Rental and Utility Assistance Grant Program along with additional relief.  The $912-million package is…

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Updated PPP Loan Forgiveness App & Rules for Loans Under $150k

January 26, 2021

The Consolidated Appropriations Act of 2021 (CAA) approved on December 27, 2020, included aid to small businesses. CAA provides $284.5 billion of additional funding for the Paycheck Protection Program (PPP) through the Small Business Administration (SBA). The legislation also added direction for a simplified application for PPP which covered loans…

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Philadelphia’s Response to Remote Workers & Wage Tax

January 26, 2021

The City Wage Tax is a tax on salaries, wages, commissions, and other compensation. The tax applies to payments that a person receives from a Philadelphia employer in return for work in Philadelphia. All Philadelphia residents owe the City Wage Tax, regardless of where they work. Non-residents who work in…

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Status of Temporary COVID Tax Relief Measures after the New Appropriations Act

January 13, 2021

The Consolidated Appropriations Act (CAA) signed into law on December 27, 2020 had an impact on several temporary COVID-19-related federal tax relief measures set to expire on December 31, 2020. This article explains the current status of seven important temporary relief measures and whether the (CAA) extended them. 1. The…

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PPP Loan Changes Included in the New Appropriations Act

January 13, 2021

The Consolidated Appropriations Act (CAA) extends, liberalizes and expands the Paycheck Protection Program (PPP). Originally established by the CARES Act, the PPP expired on August 8, 2020. Now the CAA resurrects it. Here are the most important things small businesses should know from this section of the new law. What’s…

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Finally Trump Signs COVID-19 Relief & Government Funding Bill

December 28, 2020

Uncertainty, turmoil, and speculation as to what might happen if the legislation was not signed into law has come to a welcome halt. Yielding to the pressure from lawmakers of both parties, President Trump signed the COVID-19 relief and government funding bill.  President Trump disagreed with the recovery rebate of…

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Coronavirus Relief Package Finally Arrives

December 24, 2020

THIS RELIEF PACKAGE IS BEING SENT TO PRESIDENT TRUMP TO SIGN BUT HE HAS INDICATED HIS DISPLEASURE WITH THE PACKAGE AND IT IS UNCLEAR AT THIS TIME IF & WHEN HE WILL SIGN THIS LEGISLATION INTO LAW. The $900 billion pandemic relief package (COVID-related Tax Relief Act of 2020 or…

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