COVID-19 Tax & Business Implications
There is good news for small businesses and nonprofits that received Economic Injury Disaster Loan (EIDL) funds. The U.S. Small Business Administration (SBA) has extended the deferment period for COVID-19 EIDL payments for the third time in 12 months. The extension is effective for all COVID-19 EIDL funds approved in…
Read MoreThe Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding PPP loans. The guidance comes…
Read MoreA critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could…
Read MoreThe first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 — unless, that is, they opt-out. Most eligible families won’t need to do anything to receive the payments, but you need to understand the implications and…
Read MoreMore than 30% of borrowers of Paycheck Protection Program (PPP) loans in 2020 have not submitted for loan forgiveness. PPP loan borrowers may submit a loan forgiveness application any time before the loan maturity date. This maturity date would be either two or five years from the loan date depending…
Read MoreMitch Gerstein, CPA, was quoted in the June 17, 2021, Small Business section of the Philadelphia Inquirer regarding PPP loans for small business owners. Mitch Gerstein, a senior tax adviser at Isdaner & Company in Bala Cynwyd, agrees that focusing just on the ERTC and not paying down their PPP…
Read MoreIf you are eligible, this tax credit could be even more lucrative for your small business than the Paycheck Protection Program (“PPP”) loans. Plus, you may be eligible even if you received a PPP loan! Consider these questions: Was your business fully or partially closed during 2020 due to governmental…
Read MoreEligible parents will soon begin receiving payments from the federal government. The IRS announced that the 2021 advance child tax credit (CTC) payments, which were created in the American Rescue Plan Act (ARPA), will begin being made on July 15, 2021. How have child tax credits changed? The ARPA temporarily…
Read MoreGood news for restaurants and business owners – temporary 100% deduction of restaurant meals! The IRS recently released guidance addressing when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for IRC 274 purposes (Notice…
Read MoreMitch Gerstein’s quote appeared in the March 30, Philadelphia Inquirer article “Didn’t get $1,400 stimulus checks? Took money from retirement accounts? Q&A with readers.” Read the full article.
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