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COVID-19 Updates from CPA Partners

Posted by Admin Posted on May 18 2020
Our focus continues to be on keeping you informed on topics and changes relevant to you as changes continue to occur. Here are the latest updates:
 
PAYROLL PROTECTION PROGRAM (PPP):
  • The U. S. Small Business Administration (SBA), in consultation with the Department of Treasure released an application form on Friday for the Paycheck Protection Program (PPP) loan forgiveness along with instructions for completing the form.  The form still leaves many questions and has some changes from earlier interpretations of the CARES ACT.  To help clients with PPP Loan debt forgiveness requirements, we developed debt forgiveness services which can be tailored to your organization’s situation. If your organization received PPP funds and you are interested in outsourcing the monitoring and forgiveness analysis, or need professional advice on technical matters with respect to calculations, please contact us.
 
(Proposed) HEROES ACT:
  • In an effort to further support the economy during the pandemic closures, the House of Representatives passed the fourth COVID-19-related stimulus package, the Health and Economic Recovery Omnibus Emergency Solutions (Heroes) Act. The $3 trillion bill contains multiple spending measures designed to encourage employers to retain employees, provide additional economic impact payments to individual taxpayers and their families, extend the weekly unemployment compensation payments through January 2021, and further modify tax and benefit changes from the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Tax Cuts and Jobs Act.  The centerpiece of the plan is nearly $1 trillion of aid to state and local governments, which, it seems clear, will require financial assistance to get through this crisis. Some in the Senate may resist state and local aid, but this appears to be the issue that will drive negotiations forward since the current bill is unlikely to pass the Senate as is. Many of the tax items included in this bill could find their way into final legislation
We continue to keep an eye on the latest changes and are posting changes to social media as soon as we see them. We hope you continue to stay safe and healthy.
 
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