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Coronavirus Resource Page2020-06-08T08:09:36-05:00

IRS Releases Notice Regarding Tax Deductions and PPP Loan Funds

On Thursday, April 30, the IRS released Notice 2020-32. The announcement effectively disallows a tax deduction for any expenses that are paid via a forgiven Paycheck Protection Program (PPP) loan. The PPP was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a historic $2.2 trillion stimulus package. The loan program allows small businesses to borrow funds equal to 2.5 months of their 2019 payroll from the Small Business Association (SBA). If their [Read More]

President Enacts $484 Billion Virus Aid Bill

On Friday, April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act into law. The new aid bill boosting funding for various initiatives in response to the coronavirus pandemic was passed in the Senate on Tuesday and by the House on Thursday. The legislation includes the following: $310 billion in additional funding for the Paycheck Protection Program (PPP). The original $349 billion that funded the program was depleted last week. $60 [Read More]

Where’s My Recovery Rebate?

As part of the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act, direct economic recovery payments are being distributed to eligible American taxpayers. Distribution of recovery rebates began this week. If you are expecting a federal recovery rebate, but have not yet received it, visit the IRS website for more information. The IRS recently released a  tool to provide information about: Your payment status Your payment type Whether the IRS needs more information [Read More]

CARES Act FAQ: Mid-Sized Business Lending Program

On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economics Security (CARES) Act. The historic $2.2 trillion stimulus bill includes $454 billion to support Federal Reserve emergency lending facilities to help mid-sized businesses dealing with losses resulting from the coronavirus pandemic. The legislation instructs the US Department of the Treasury to create a Federal Reserve program designed to funnel financing to banks and other lending institutions that make direct loans to mid-sized businesses. [Read More]

CARES Act FAQ: Payroll Tax Deferral

On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill contains a variety of provisions, including a deferment of payroll taxes for employers. Below, we address some of the common questions regarding these tax law modifications. If you cannot find the answer to your question, please do not hesitate to reach out to your Pivot CPAs accounting advisor for further assistance.   For whom [Read More]

SBA Issues Supplemental PPP Guidance

On April 14, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), a $350 billion program that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The PPP was created as a part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27th. In the new release, the SBA published specific information on a variety of areas where [Read More]

Jacksonville Business Community Relief Programs

The City of Jacksonville and VyStar Credit Union recently announced that they have come together to collaborate on a loan program to assist local small businesses affected by the COVID-19 response. The City’s contribution to the Small Business Lending Program is expected to be between $20 and $30 million, which will be used to provide a combination of grants, interest payments and potential aid toward the principal of the loan, with some elements tied to [Read More]

Watch Out for Coronavirus-Related Scams

On Thursday, April 2, the Internal Revenue Service (IRS) issued a warning concerning the development of new scams related to the coronavirus, particularly the recovery rebates legislated by the CARES Act. It is not surprising that criminals are taking advantage of the chaos resulting from the coronavirus outbreak to perpetrate fraud. The IRS has observed an uptick in fraudulent requests related to the coronavirus outbreak. In particular, the economic impact payments legislated in the CARES [Read More]

CARES Act FAQ: Net Operating Loss & Other Tax Modifications

On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill contains a variety of modifications to key business tax provisions, such as regulations regarding Net Operating Losses. Below, we address some of the common questions regarding these tax law modifications. If you cannot find the answer to your question, please do not hesitate to reach out to your FIRM accounting advisor for further assistance. [Read More]

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