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Where Things Stand with the Paycheck Protection Program
Posted by Jake McDonald on Mon, Jun 7, 2021 @ 11:33 AM

The window of opportunity to take advantage of the Paycheck Protection Program (PPP) has closed, but considerations for the program, particularly around its most appealing benefit, remain.

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Topics: tax, NFP, COVID19, COVID-19, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Paycheck Protection Program, PPP, PPP Loan, SBA, Small Business Administration, PPP Loan Forgiveness

No PPP Loan for Your Not-For-Profit? Consider Shuttered Venue Operator Grants
Posted by Sean Haggerty on Mon, Mar 1, 2021 @ 12:00 PM

Additional relief from COVID-19 disruption came at the end of 2020 that may be beneficial for not-for-profit organizations. While much of the attention has been on the updates to the Paycheck Protection Program in the Consolidated Appropriations Act, 2021 a second law brought changes that not-for-profit organizations may want to note as well.

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Topics: Grants, COVID-19, PPP, EIDL, SBA, PPP Loan Forgiveness, Consolidated Appropriations Act, PPP2, The Act, gross revenue, SVO, relief, Shuttered Venue Operator

Small Businesses Granted Priority for Remaining PPP2 Funds
Posted by Jake McDonald on Fri, Feb 26, 2021 @ 09:42 AM

On February 22, the White House announced changes to the Paycheck Protection Program that give exclusive access to certain small businesses.

Year-end legislation provided additional funding and an extension of the Small Business Administration’s Paycheck Protection Program (PPP) for the first quarter of 2021. Effective February 24, the Biden-Harris administration is instituting a 14-day holding period on new PPP applications (sometimes referred to as PPP2 loans) for businesses with 20 or more employees. The goal of the hold is to lessen the PPP competition for small businesses and sole proprietorships that may have had difficulty accessing the federal funds previously.

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Topics: Election, COVID-19, CARES Act, Paycheck Protection Program, PPP, PPP Loan, SBA, PPP Loan Forgiveness, PPP2

Your Questions on PPP2 and PPP Loan Forgiveness Answered
Posted by Jake McDonald on Fri, Jan 29, 2021 @ 04:43 PM

The Paycheck Protection Program (PPP) while popular, left borrowers and lenders with a great deal of questions. Incremental guidelines from the Small Business Administration (SBA) that is administering the federal funds for COVID-19 relief, the IRS, and most significantly, Congress, have answered some of the most pertinent, but the need for further clarification on provisions remain. Some of the most significant questions involve how loan recipients can have their PPP (or if they access the new funding, PPP2) loans forgiven and what proof of documentation may suffice for those loans to be eligible for forgiveness. Keep in mind that the original rules and guidelines of the PPP are in place unless otherwise revised.

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Topics: not-for-profit, NFP, COVID-19, PPP, SBA, PPP Loan Forgiveness, FTE, Covered Period, PPP2, gross revenue, corporate, eligible expenses, payroll, partial loan forgiveness

Ways Not-For-Profits Can Maximize the Consolidated Appropriations Act Stimulus Relief
Posted by Nate Smith on Thu, Jan 28, 2021 @ 04:53 PM

Provisions in the year-end stimulus bill known as the Consolidated Appropriations Act, 2021 (the Act) benefit beleaguered not-for-profit organizations in a number of ways. The COVID-19 relief measures clarify important elements for recipients of Paycheck Protection Program (PPP) loans, and offer fresh funding for new loans (PPP2) that may be particularly important to not-for-profits. An employer tax credit was also enhanced and employee benefit modifications extended. Read on to learn how your organization can take advantage of the newest stimulus legislation and find some stability in these trying times.

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Topics: not-for-profit, NFP, tax credit, Employee Benefits, Paid Family and Medical Leave, COVID-19, CARES Act, PPP, SBA, PPP Loan Forgiveness, Consolidated Appropriations Act, PPP2, The Act, ERTC

Don’t Miss Out on the Newly Supercharged Employee Retention Tax Credit
Posted by Craig Klein on Fri, Jan 22, 2021 @ 09:29 AM

The Employee Retention Tax Credit (ERTC) was established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but limitations on its availability tempered interest in the relief measure. That is about to change, thanks to significant changes made on Dec. 27, 2020, by the Consolidated Appropriations Act, 2021 (the Act). The ERTC is now available to employers that received loans under the Payroll Protection Program (PPP), so any employer meeting ERTC eligibility criteria can benefit. Because employers potentially benefit from the enhanced ERTC on a retroactive basis, employers should immediately begin analyses to identify and calculate the value of retroactive or prospective ERTC benefits.

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Topics: not-for-profit, IRS, NFP, tax relief, tax credit, employees, COVID-19, CARES Act, PPP, PPP Loan Forgiveness, Consolidated Appropriations Act, Employee Retention Tax Credit, The Act, ERTC

Loan Necessity Guidance Issued for Not-For-Profit Organizations
Posted by Jake McDonald on Tue, Dec 1, 2020 @ 09:37 AM

A key deadline for organizations that received a Paycheck Protection Program (PPP) loan is fast approaching. The PPP has a safe harbor for bringing back Full Time Equivalent (FTE) headcount that is measured on Dec. 31, 2020. Employee headcount is vital to determining PPP loan forgiveness applicability since the purpose of the COVID-19 stimulus program was to help organizations retain their employees. Organizations looking to take advantage of the safe harbor will have to be mindful of their FTE numbers, particularly when completing their PPP loan forgiveness application, which also has stringent timeline guidance. PPP loan forgiveness applications must be submitted to the PPP lender within 10 months of the end of the Covered Period (an 8-week or 24-week tracking period of the PPP loan).

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Topics: not-for-profit, NFP, COVID-19, PPP, OSHA, SBA, PPPFA, PPP Loan Forgiveness, Loan Necessity Questionnaire, FTE, Full Time Equivalent, Covered Period, CDC, DHHS

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