Rebuild VA Grant Fund (Rebuild VA) has expanded its eligibility criteria to allow more small businesses and nonprofits to apply. Any small business or nonprofit with $10,000,000 or less in gross revenue OR 250 or fewer employees may now apply. Additional information can be found here. Governor Ralph Northam announced the $70 million for small…
Borrowers and Lenders May Rely on the Guidance Provided in the New FAQs On Oct. 13, 2020, the Small Business Administration (SBA) published a new set of answers to frequently asked questions about the forgiveness of loans issued under the federal Paycheck Protection Program (PPP). The PPP was created by the Coronavirus Aid, Relief, and Economic Security…
WASHINGTON — The Internal Revenue Service issued final regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. However, taxpayers may still deduct business expenses…
The IRS has updated the rules for using per diem rates to substantiate the amount of business expenses paid or incurred while traveling away from home. The full notice from the IRS can be viewed here. Highlights include the following: $66 for any travel locality within the continental United States and $71 for any travel…
The Paycheck Protection Program is an SBA loan designed to enable businesses to keep their workforce employed during the Coronavirus (COVID-19) crisis. The SBA routinely updates their site with important information regarding the program and loan forgiveness. SIMA encourages clients to consult the SBA website for the latest. Notice: Paycheck Protection Program closed August 8,…
In the wake of emergency assistance available to help small businesses in response to the Coronavirus pandemic (COVID-19), the SBA is urging disaster loan applicants seeking federal aid to be alert to phishing campaigns and scams. These malicious actors are impersonating the SBA and its Office of Disaster Assistance to collect personally identifiable information (PII)…
The due date for federal income tax returns and payments is Wednesday, July 15, 2020. Due to the coronavirus pandemic, the original due date for filing federal income tax returns and making tax payments was postponed by the IRS from April 15, 2020, to July 15, 2020. No interest, penalties, or additions to tax are…
Congress has passed legislation to extend the application deadline for a Paycheck Protection Program (PPP) loan through Aug. 8, 2020. Prior to the extension, the deadline to apply for these funds was June 30, 2020. The extension enables eligible small businesses to apply for funding for five more weeks. The legislation has been sent to…
When we met on the Client Call this past Friday, we were awaiting the president’s signature on legislation amending terms of the PPP and loan forgiveness. As anticipated, this legislation has since been signed. We strongly encourage all to become familiar with the revised information. As discussed, HR 7010 amends the Paycheck Protection Program and…
The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The bill passed in a unanimous voice vote hours after Wisconsin Sen. Ron Johnson initially blocked…
