During the COVID-19 pandemic many organizations received some form of federal relief funding. The CARES Act and the American Rescue Plan provided a wide range of programs to assist governments and organizations with much needed funding. In some instances, the increase in funding has created additional audit requirements. State and local governments and nonprofits who… [keep reading…]
Category: COVID-19
The NYS COVID-19 Small Business Recovery Grant Program
The NYS COVID-19 Small Business Recovery Grant Program offers approximately $800 million in funding for qualified small businesses and organizations. The businesses must have been in operation on or before March 1, 2019 and continue to operate as of the date of the application. The program is now accepting applications at: https://nysmallbusinessrecovery.com/ Grant Amounts Grant… [keep reading…]
Considerations for Nonprofits in Response to the Pandemic
In New York State alone there are thousands of not-for-profit organizations that employ over 1 million people and provide services to vulnerable children, adults and families. As a result of COVID-19 many of these organizations are facing a higher demand for their services. Some not-for-profits were already struggling financially before the pandemic and are now… [keep reading…]
NYS PPP Deductibility
On January 13, 2021, New York State issued an update on tax conformity related to tax stimulus provisions passed by Congress throughout 2020. One significant change is related to the taxability of the Paycheck Protection Program (PPP) loan forgiveness income and the related deductibility of expenses paid with PPP funds. New York State has posted… [keep reading…]
COVID-19’s Impact on State and Local Governments
The pandemic has had a huge impact on the economy. The impact has been far and wide affecting individuals and businesses. State and local governments have also been severely impacted. The pandemic has created significant declines in sales and other taxes and fees because consumption of goods and services have fallen. People are staying home… [keep reading…]
Economic Aid Act – Expanded PPP Guidance
On January 6, 2021 the Small Business Administration (“SBA”) issued two interim final rules (“IFR”) related to the Paycheck Protection Program (“PPP”) and the changes to the program made under the Economic Aid Act (“the Act”). The Act makes an additional round of PPP funding available through March 31, 2021. Businesses and self-employed individuals who had not previously taken a PPP loan may… [keep reading…]
Congress Passes COVID-19 Relief Package And Tax Extenders
The Consolidated Appropriations Act, 2021 (the Act) was passed by Congress on December 21, 2020, and has been sent to the President for his signature. This Act, consisting of 5,593 pages, incorporated a significant number of changes and enhancements to the CARES Act and existing tax law. Among the most anticipated items in the Act… [keep reading…]
IRS Releases Updated PPP Guidance – No Deduction for Expenses in 2020 if Forgiveness is Expected
On November 18, 2020, the IRS issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The revenue ruling denies a deduction for PPP qualified forgiveness expenses if the taxpayer reasonably expects to receive forgiveness of the PPP loan regardless of whether the taxpayer has submitted a forgiveness application by the end of 2020. This pertains to… [keep reading…]
PPP – Loan Forgiveness/Updates
In recent weeks, the SBA has issued various interim final rules and Frequently Asked Questions (FAQ) regarding the PPP loan program. Additionally, there have been discussions between the Treasury Department and various Congressional representatives regarding possible changes to the program. We are currently watching any developments closely. We are providing updates below regarding the PPP… [keep reading…]
PPP – Loan Updates
The US Treasury and Small Business Administration (SBA) have posted various updates to the PPP loan program over this week. These updates integrate the new Paycheck Protection Program Flexibility Act of 2020 (PPPFA) with previously issued guidance. You can find more information about this act HERE. Highlights of the new provisions are noted below. As… [keep reading…]