TBC Information Network

Teal, Becker & Chiaramonte offering valuable insights, impressions and commentary on today’s financial and business world.

Small Business Administration Releases FAQs on Paycheck Protection Program Loans

The US Treasury and the Small Business Administration (SBA) released FAQs addressing certain questions regarding the Paycheck Protection Program (PPP). The 29-point FAQs can be found here: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf Notable highlights of the FAQs include: Payroll costs are calculated on a gross basis without regard to federal taxes imposed or withheld, such as the employee’s and… [keep reading…]

CARES Act – Paycheck Protection Program Interim Final Rule Issued

Last night the US Treasury released interim final guidance on the recently enacted CARES Act Paycheck Protection Program (PPP) loan provisions. TBC wanted to share our latest takeaways from this final guidance. The loan application is on a first come first serve basis, we recommend applying with your bank as soon as possible. Banks will… [keep reading…]

CARES Act – Unemployment Insurance Coverage

The CARES Act generally provides assistance to individuals who are unemployed, partially unemployed, or unable to work due to COVID-19. The CARES ACT provides for the following unemployment benefit programs: Pandemic Unemployment Assistance (PUA) – this program will extend benefits to those individuals who are not otherwise eligible for unemployment benefits (i.e. independent contractors, self-… [keep reading…]

CARES Act – SBA Loan Enhancements

The Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the COVID-19 pandemic. The CARES Act was designed to stimulate the economy with over $2 trillion in relief and provide support for taxpayers.  Loan Enhancements were added to the Small Business Administration Loan Programs under the CARES Act.  Please… [keep reading…]

CARES Act – Individual Provisions

The Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the COVID-19 pandemic. The CARES Act is designed to stimulate the economy with over $2 trillion in relief and provide support for taxpayers.  Below are certain CARES Act highlights, tax law changes, and Frequently Asked Questions with respect to… [keep reading…]

CARES Act – Business Provisions

The Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the COVID-19 pandemic. The CARES Act is designed to stimulate the economy with over $2 trillion in relief and provide support for taxpayers. Below are certain CARES Act highlights, tax law changes, and Frequently Asked Questions with respect to… [keep reading…]

Extension of Tax Deadlines

At TBC we have been continuously monitoring all developments regarding the coronavirus (COVID-19).  March 20, 2020 the US Treasury Secretary announced an additional three months to file taxes amid the coronavirus pandemic. U.S. Tax Day is moving from April 15 to July 15.  All taxpayers and businesses will have this additional time to file and… [keep reading…]

SBA Loan Program and Application Process

The Small Business Administration (SBA) has expanded its Economic Injury Disaster Loan program to provide working capital loans of up to $2 million to give much needed economic relief and support to small businesses across the country. To learn how you can apply for a loan keep reading and if you have any questions please… [keep reading…]

Family First Coronavirus Response Act

On March 18, 2020, President Trump signed the Family First Coronavirus Response Act.  Included in this law, was a refundable credit for paid sick leave and paid family leave taken on the Employer’s Quarterly Federal Tax Return (Form 941).  Employers with fewer than 500 employees must provide an employee with paid sick time if the… [keep reading…]

TBC Update – COVID-19

Like you, we at TBC are continuously monitoring developments regarding the coronavirus (COVID-19).  We appreciate the trust you have placed in us, and are committed to the well-being and safety of our staff, clients and community.  We are reaching out to assure you that we remain fully staffed, and are committed to providing the level… [keep reading…]

Teal, Becker & Chiaramonte Certified Public Accountants