News & Articles

June 17, 2020
CARES Act, COVID-19, PPP Program, Small Business

New PPP Loan Forgiveness Applications and Guidance Released

Author:  Lindsey Jackson Late yesterday the SBA finalized and released two loan forgiveness applications which can be accessed online at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.  The first is a revised application (very similar to the previous application) incorporating the changes from the Paycheck Protection Program Flexibility Act (PPPFA).  The second is a more simplified EZ Application which borrowers may […]
Read More
June 4, 2020
Audit, CARES Act, COVID-19, Financial Services, PPP Program, Tax

Paycheck Protection Program Flexibility Act Passes Senate

Author: Lindsey Jackson Congress reached an agreement yesterday evening on the Paycheck Protection Program Flexibility Act and the bill is now headed to President Trump’s desk for signature.  This is great news as it provides some much-needed relief for businesses with PPP loans.  The bill updates several provisions from the CARES Act and provides a […]
Read More
May 26, 2020
Agriculture, Business Advisory, CARES Act, COVID-19

Interim Final Rule Summary

Author: Lindsey Jackson, CPA | Tax Manager Late Friday the SBA published an Interim Final Rule addressing several items related to PPP loan forgiveness.  The IFR is rather lengthy at 26 pages, but does address many frequently asked questions we have received the past couple of weeks.  Several key takeaways from the latest release are […]
Read More
May 14, 2020
Agriculture, Business Advisory, CARES Act, COVID-19, PPP Program, Small Business, Tax

Updated! New Guidance for Paycheck Protection Program

Our prior announcement of May 6th provided information on additional guidance issued for the Paycheck Protection Program (PPP) regarding the repayment of funds received.   Initially the guidance provided that recipients of PPP funds had until May 7th to carefully review the required certification on the Borrower Application Form that current economic uncertainty makes the loan […]
Read More
May 11, 2020
Financial Services, Small Business, Tax, Uncategorized

Using a Walton GRAT for Estate Planning

The current market conditions created by the COVID-19 pandemic have forced businesses across the country to grapple with a number of difficult challenges. With the stock market dropping to historic lows and closely-held family businesses experiencing a downturn in shareholder equity, many business owners may have doubts about the future of their companies. These same […]
Read More
May 6, 2020
CARES Act, COVID-19, PPP Program, Small Business

North Carolina COVID-19 Rapid Recovery Loan Program Launched by Governor Cooper

On Monday, May 4th N.C. governor Roy Cooper signed House Bill 1043 which included $125 million to provide funding for the NC COVID-19 Rapid Recovery Loan Program.  This program seeks to assist North Carolina businesses by providing additional funding to small businesses directly impacted by the COVID-19 pandemic.  Under House Bill 1043, N.C. seeks to […]
Read More
April 30, 2020
Agriculture, CARES Act, COVID-19, PPP Program

Economic Injury Disaster Loans Authorized For Agricultural Enterprises

The Paycheck Protection Program and Health Care Enhancement Act that was signed into law on April 24th included two notable provisions regarding Economic Injury Disaster Loans (EIDL) and grants. The funding for EIDL is increased from $10 billion to $20 billion Eligible entities are now amended to include agricultural enterprises with fewer than 500 employees. Historically […]
Read More
April 30, 2020
CARES Act, COVID-19, PPP Program, Tax

Payroll Tax Relief, New Guidance on Depreciation and Employment Tax Deferment for PPP Loan Recipients

DEFERRAL OF EMPLOYMENT TAX DEPOSITS The IRS has issued frequently asked questions (FAQs) on the payroll tax deferral opportunity provided by the Coronavirus, Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136). Under that provision, employers of all sizes (including tax exempt/non-profit employers) can defer the deposit and payment of the employer’s share of […]
Read More
April 30, 2020
Business Advisory, CARES Act, COVID-19, Small Business, Uncategorized

Main Street Business Lending Program Announced by the Federal Reserve

On April 9, the Federal Reserve announced additional actions it will take, providing up to $2.3 trillion in loans to support the U.S. economy. The Federal Reserve believes this funding will assist households and employers of all sizes, bolstering the ability of state and local governments to deliver critical services during the coronavirus pandemic. One of the […]
Read More