Paycheck Protection Program Flexibility Act Grants PPP Borrowers Some Relief

Paycheck Protection Program Flexibility Act Grants PPP Borrowers Some Relief

A little more than two months after creating the Paycheck Protection Program (PPP), Congress and the President listened to the pleas of business owners and passed a law easing some of the requirements for PPP loan forgiveness. The Paycheck Protection Program Flexibility Act (PPPFA) not only grants more time for borrowers to use and payback [...]

Paycheck Protection Program – Q&A

Now that the Paycheck Protection Program (PPP) has been open for applications for a little over two weeks, more details about the process, payroll calculations, and loan forgiveness are becoming available from the Small Business Administration (SBA) and Treasury Department. This $349 billion program is designed to help small and mid-sized businesses retain employees and [...]

CARES Act Signed Into Law

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law March 27. The largest economic aid bill in US history, the ACT allocates $2 trillion in an attempt to lessen the economic damage from the COVID-19 pandemic, including $1.5 trillion in spending and tax cuts, along with $500 billion in loans. The [...]

Paycheck Protection Program – Forgivable Loans for Small Businesses

You’ve probably heard about last week’s signing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act—the largest aid package in history. Here’s a summary of the Act that we just published. There’s one provision you’ll want to be aware of if you’re a small business owner: the Paycheck Protection Program. This program offers loans [...]

Georgia Tax Deadline Also Extended Until July 15

Yesterday evening, Governor Brian Kemp announced that Georgia will extend the tax filing deadline until July 15, 2020. This matches recent IRS announcements, so both deadlines are now July 15. We expect other states to follow - click here to see the AICPA’s running list. Here’s what this means for you: If you are due a [...]

Georgia Partial Unemployment Claim Changes

Georgia Department of Labor Changes Rules for Partial Unemployment Claims Like most government agencies, the GDOL is changing policies and rules due to the coronavirus outbreak. One update, which began March 15, is especially important to our business clients. The GDOL website does a good job of describing this new Emergency Rule: Employers are required [...]

IRS Delays Tax Deadlines

IRS Postpones Tax Filing and Payment Deadline Until July 15 With Friday’s announcement, the April 15, 2020 tax deadline for filing and payments has now been delayed 90 days. The filing deadline is now July 15 for all filers. No extension request is required. That’s the most recent update. The extended payment deadline, announced earlier [...]

Important Updates as COVID-19 Continues

For assistance managing your accounting needs during the coronavirus outbreak or any other time, don’t hesitate to contact the accounting professionals at Cross Accounting. If you have any questions, please contact us. We’re here to help everyone get through these stressful times. Find updates pertaining to COVID-19 below: CARES Act Signed Into Law Paycheck Protection [...]

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