Insightsstream of knowledge
Further clarity from the Treasury Department was released yesterday on the PPP Loan Process. Read More
On Friday, March 27, 2020, The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a $2 trillion stimulus bill, was signed into law. The CARES Act allocated approximately $350 billion to help small businesses keep workers employed and cover certain expenses while dealing with the impact the pandemic has had on the United States’ economy and its citizens’ health. The CARES Act established the Paycheck Protection Program (“PPP”) that enables qualifying small businesses to borrow up to $10 million. These loans are eligible to be forgiven, if the loan proceeds are used pursuant to criteria as defined in the CARES Act, and other requirements are met. Loans are available to eligible borrowers under this program through June 30, 2020. The CARES Act requires the Small Business Association (SBA) to draft regulations around implementation including a list of lenders regarding these loans. In addition, businesses who have taken out SBA Economic Injury Disaster Loans have further considerations as discussed here. Read More
To assist you with evaluating the broad range of programs now available, we have established the Anchin COVID-19 Resource Team, a coordinated group of experienced professionals that will work alongside your engagement teams, in claiming the benefits you need to meet your cash flow, maintain your workforce and handle other critical challenges. Read More
- Understanding How the Tax Provisions of the Coronavirus Aid, Relief and Economic Security (CARES) Act Provide Broad Relief3/30/2020
On Friday, March 27, 2020, the CARES Act became law. The Act includes a wide range of financial and tax relief for businesses and individuals. It is the largest stimulus package ever passed. The Anchin COVID-19 Resource Team can provide support and insight with your evaluation of benefits, coordinate assistance under different provisions of the Act, and assist you in your application for benefits.
- Senate Approves Over $2 Trillion in Relief to Ease Economic Hardship3/26/2020
The Senate finally approved legislation providing over $2 trillion of relief designed to ease the hardship caused by the coronavirus outbreak. This legislation still requires approval from both the House and President. Approval from both is expected over the next few days.
- What the Families First Coronavirus Response Package Means to You3/26/2020
As noted in an earlier release, phase two of the federal government’s legislation requires certain size employers to provide paid sick leave as well as paid family and medical leave to employees. The government then provides a fully refundable credit against payroll taxes to offset the qualified amounts paid to employees. There are additional details below. First, however, in order to understand the tax credits available, one must understand the paid leave you may be required to provide your employees.
- Coronavirus Stimulus Act Update3/25/2020
Congress and the White House have agreed on a comprehensive package of relief for business, individuals, state and local governments and hospitals. The proposed package is still pending subject to a vote by the House and Senate, and approval by the President.
- SBA Economic Injury Disaster Loans3/24/2020
An additional source of Coronavirus-related relief is being provided by the U.S. Small Business Administration (SBA) in the form of Economic Injury Disaster Loans (EIDLs). These loans consist of working capital provided to small businesses to meet their ordinary and necessary financial obligations that cannot be met as a result of the COVID-19 disaster. Anchin can help you evaluate whether the program may be an option for you to help meet your liquidity needs and to understand the various related requirements.
- COVID-19 Cyber Hygiene: Tips for Keeping Your Remote Working Environment Safe & Secure3/24/2020
Staying safe and healthy doesn’t just apply to you and your hands. As many of us move to remote work in response to the coronavirus pandemic, it is important to know how to keep our employees’ home work environments as secure and protected as our companies’ offices. Taking steps now to improve employee awareness and procedures can save headaches, costs and distraction related to breaches later. In this Anchin Alert, we will be sharing our tips for maintaining the best cyber hygiene in the wake of COVID-19 and all of the unprecedented challenges it has brought.
- Our Latest COVID-19 Update: Information On Business Relief, Tax and Financial Matters3/23/2020
The past week was one of the more challenging we have faced. Going forward, for as long as it's useful, we will bring you a regular round up of relevant COVID-19 information highlighting what you need to know to manage through this crisis.
- Thinking About Canceling on Your Factory? Here’s What You Need to Know3/23/2020
According to Anchin’s Marc A. Federbush, there’s no easy way to wrangle the thorny issue of cancelations.
- What You Need to Know About the Families First Coronavirus Act3/20/2020
The Families First Coronavirus Response Act was signed into law on March 18th. The Act requires most private employers with fewer than 500 employees to provide paid sick and family leave to employees affected by the coronavirus. It also provides certain tax relief to assist businesses in providing these additional benefits. The Act is currently scheduled to take effect April 2, 2020.
- Treasury Announces Additional Relief For Taxpayers Through Extension of April 15th Filing Deadline3/20/2020
Treasury Secretary Mnuchin announced today that the filing deadline for federal tax returns originally due April 15th will be extended 90 days until July 15th, 2020 as an additional step aimed at providing relief to taxpayers. This action followed a previous announcement that the deadline to make tax payments had been extended to July 15th.