The New England Accounting Advisor

Recent Posts by Jake McDonald

Paycheck Protection Program Extended Through Q2 2021

Posted by Jake McDonald on Wed, Mar 10, 2021 @ 11:30 AM

On March 8, the Federal Reserve announced it is extending its application deadline for Paycheck Protection Program (PPP) loans until June 30, 2021. The announcement that the loan facility that supports the PPP would run through June comes at the end of the temporary restrictions on PPP loan applications. Designed by the Biden administration to give priority access to small businesses, the limitation spanned Wednesday, Feb. 24 through Tuesday, March 9, 2021. During that window, the Small Business Administration was only accepting PPP loan applications from businesses with less than 20 employees.

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Topics: CARES Act, Coronavirus Aid, Relief, and Economic Security Act, PPP, charitable contributions, SBA, loan forgiveness, PPP2

8 Ways Organizations Can Take Advantage of the New Stimulus

Posted by Jake McDonald on Wed, Jan 6, 2021 @ 12:04 PM

The Consolidated Appropriations Act passed on Dec. 27, 2020 provided some much needed COVID-19 relief measures along with its government funding provisions. After much back and forth among Congress about the size and scope of the stimulus package, several opportunities emerged in the final legislation, the first major stimulus package released since the spring’s Coronavirus, Aid, Relief, and Economic Security (CARES) Act. Below are eight actions your organization may want to take as part of its recovery from COVID-19 disruption.

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Topics: payroll taxes, FSA, student loans, tax credit, tax legislation, Paid Family and Medical Leave, COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Employee Retention Credits, PPP, charitable contributions, SBA, loan forgiveness, Stimulus, Employee Payroll Tax Deferral, PPP2

New Details Emerge on the Main Street Lending Program

Posted by Jake McDonald on Tue, Jun 23, 2020 @ 06:24 PM

More information is coming to light about the Main Street Lending Program, an initiative to facilitate lending to small and mid-sized businesses. Interest in the program, which was expanded by coronavirus legislation, has been stymied while the Federal Reserve (the Fed) worked out some of the logistical details, including recommendations for term sheets. On June 15, more of those details emerged including opening the lender registration for the program, and so activity may finally be picking up.

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Topics: COVID19, Coronavirus, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, main street business lending program, MSNLF, Main Street Lending Program

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