CARES Act Archives - Frost PLLC

December 21, 2020

Congress’ COVID Relief Package

Author: Lindsey Jackson, CPA Sunday afternoon Congress reached an agreement for the next round of COVID relief. While the text of the bill has yet to be released, the anticipated legislation is expected to include a few favorable tax provisions as well as updates to the Paycheck Protection Program (PPP). The expected provisions from this coming legislation […]

September 10, 2020

Agriculture, Business Advisory, CARES Act, COVID-19, Financial Services, PPP Program, Small Business, Tax

Employee Payroll Tax Deferral – Guidance Provided by IRS Notice 2020-65

Author: Lindsey Jackson, CPA The Internal Revenue Service issued guidance regarding the employee payroll tax deferral described in the Presidential memorandum from August 8th. IRS Notice 2020-65 provides details to employers who are considering taking advantage of the Presidential Memorandum and defer the withholding and payment of the employee’s portion of Social Security tax.Participating in […]

August 7, 2020

CARES Act, COVID-19, PPP Program

Initial PPP Loan Forgiveness FAQ Released

Author: Lindsey Jackson On Tuesday, August 4th, the SBA released an FAQ specifically related to the PPP loan forgiveness process. A copy of the full document may be found here. Similar to the FAQs for the initial application, we anticipate that over the coming weeks the SBA will continue to build and expand this file […]

July 9, 2020

CARES Act, COVID-19, PPP Program, Uncategorized

PPP Loan Application Extended

Author: Lindsey Jackson, CPA An extension to the loan application window for the Paycheck Protection Program (PPP) moved through the Senate, and after a unanimous vote in the House yesterday, is headed to the White House for signature. The extension will keep the program open until August 8th instead of expiring on June 30th as originally intended. With […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]

Congress’ COVID Relief Package

Employee Payroll Tax Deferral – Guidance Provided by IRS Notice 2020-65

Initial PPP Loan Forgiveness FAQ Released

PPP Loan Application Extended

New PPP Loan Forgiveness Applications and Guidance Released

Paycheck Protection Program Flexibility Act Passes Senate

Interim Final Rule Summary

Updated! New Guidance for Paycheck Protection Program

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

Economic Injury Disaster Loans Authorized For Agricultural Enterprises

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