May 27 Update on PPP Loan Forgiveness: DHJJ Urges Caution at This Time

paycheck protection program questions and answers

For our readers who are closely following developments in PPP Loan forgiveness, we offer a brief update. Officially the most recent updates were on May 22 when two Interim Final Rules (IFRs) were released providing additional guidance to borrowers and lenders with respect to the forgiveness process. With those IFRs: We now understand more clearly… Read more »

Paycheck Protection Program – Income Tax Treatment Clarified

paycheck protection program questions

Slowly the details of the Paycheck Protection Program (PPP) Loan program are coming into focus. The most recent clarification has come from the Internal Revenue Service in IRS Notice 2020-32. The IRS stated eligible expenses the business incurs in the 8 week “covered period” (i.e., those expenses that qualify for PPP loan forgiveness) will not… Read more »

Paycheck Protection Program Forgiveness – Plan Now and Avoid Another Wild Ride

small business paycheck protection program

NEW May 15: View the Paycheck Protection Program Forgiveness Application To all DHJJ business clients – words of hope, caution, and advice with the Paycheck Protection Program and Forgiveness. Without a doubt, the Paycheck Protection Program (PPP) Loan has been viewed as a lifeline to millions of small businesses. As you emerge from the application… Read more »

CARES Act Overview: The Impact on Taxpayers and Businesses

Cares Act Overview

On March 27, 2020, President Trump signed into law the latest COVID-19 relief bill: Coronavirus Aid, Relief, and Economic Security (CARES) Act. The bill brings with it several elements of relief for businesses, employees, and families in an effort to maintain livelihoods throughout the crisis and after. The expected cost of the bill is nearly… Read more »

Small Business Administration (SBA) Loans Under the CARES Act

SBA Loans Under The Cares Act

SBA 7(a) Loans under the CARES Act-Paycheck Protection Program (PPP) The purpose is to incentivize small businesses to maintain their workforce and rehire workers who were laid-off due to COVID-19 interruptions. View the Paycheck Protection Program details on the Small Business Administration website. Underwritten by SBA, modeled after the existing SBA 7(a) loan program Expanded… Read more »

Key Tax Implications for Individuals in The CARES Act

Cares signed into law.

Key Updates for Friday, March 27: The “Coronavirus Aid, Relief, and Economic Security Act” (the CARES Act) has been signed into law by President Trump after passing the House of Representatives on Friday, March 27, after passing the Senate on Wednesday, March 25. Below is a summary of the major individual income tax provisions in the… Read more »

Families First Coronavirus Response Act Provides Relief to People Impacted by COVID-19

COVID-19 Families First Text

On March 18, 2020, President Trump signed the Families First Coronavirus Response Act (FFCRA or Act) to provide relief to those impacted by COVID-19. The act requires employers with less than 500 employees to provide family medical leave and paid sick leave to employees for COVID-19 related reasons. Employers will receive 100% reimbursement for qualified… Read more »

Important Office Update from DHJJ

As we all continue to adapt to growing concerns and uncertain times due to COVID-19, we want to make sure we do everything we can to keep our employees and clients safe & healthy. DHJJ remains committed to the needs of our clients and employees while taking steps to minimize risk and exposure for everyone…. Read more »