COVID-19 Business Resources

Payroll

DON’T LEAVE MONEY ON THE TABLE! Employee Retention Credit Now Available to PPP Loan Recipients
DON’T LEAVE MONEY ON THE TABLE! Employee Retention Credit Now Available to PPP Loan Recipients 400 400 SAX LLP - Advisory, Audit and Accounting

Due to legislation passed in late December 2020, eligible employers with a Paycheck Protection Program (PPP) loan can now claim the employee retention credit (ERC) when they previously could not.

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Loan Application

NJEDA Defers Pre-Registration Date for Phase 2 of the Small Business Emergency Assistance Loan Program
NJEDA Defers Pre-Registration Date for Phase 2 of the Small Business Emergency Assistance Loan Program 400 400 SAX LLP - Advisory, Audit and Accounting

The New Jersey Economic Development Authority (NJEDA) recently announced that the date for pre-registration for Phase 2 of its Small Business Emergency Assistance Loan Program, which was originally scheduled to…

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Qualified Opportunity Fund

IRS Extends Additional Relief for Qualified Opportunity Funds and Investors Affected by Ongoing Pandemic
IRS Extends Additional Relief for Qualified Opportunity Funds and Investors Affected by Ongoing Pandemic 400 400 SAX LLP - Advisory, Audit and Accounting

Quick Recap On the evening of January 19, the IRS issued Notice 2021-10 that provides additional relief by extending certain deadlines for investing in Qualified Opportunity Funds (“QOFs”) and relaxed…

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Paycheck Protection Program Borrower Application Form

SBA RELEASES REVISED PPP LOAN FORGIVENESS APPLICATION FOR BORROWERS WITH LOANS OF $150,000 OR LESS
SBA RELEASES REVISED PPP LOAN FORGIVENESS APPLICATION FOR BORROWERS WITH LOANS OF $150,000 OR LESS 400 400 SAX LLP - Advisory, Audit and Accounting

On January 19, 2021, the Small Business Administration (SBA) released the revised Form 3508S for First Draw and Second Draw Paycheck Protection Program (PPP) borrowers seeking forgiveness on loans of…

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Paycheck Protection Program

SBA and Treasury Issue Guidance for First Draw and Second Draw PPP Borrowers
SBA and Treasury Issue Guidance for First Draw and Second Draw PPP Borrowers 400 400 SAX LLP - Advisory, Audit and Accounting

With the recent re-opening of the Paycheck Protection Program (PPP) portals for all borrowers, the Small Business Administration (SBA), in conjunction with the U.S. Treasury Department, has been busy issuing…

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PPP Applications

SBA AND DEPARTMENT OF TREASURY ISSUE TWO NEW INTERIM FINAL RULES ON THE PAYCHECK PROTECTION PROGRAM
SBA AND DEPARTMENT OF TREASURY ISSUE TWO NEW INTERIM FINAL RULES ON THE PAYCHECK PROTECTION PROGRAM 400 400 SAX LLP - Advisory, Audit and Accounting

On January 6, 2021, the Small Business Administration (SBA) and U.S. Department of Treasury issued two Interim Final Rules (IFRs) surrounding the Paycheck Protection Program (PPP).  The IFRs include the…

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Loans

SBA Extends EIDL Program to December 31, 2021
SBA Extends EIDL Program to December 31, 2021 400 400 SAX LLP - Advisory, Audit and Accounting

On December 30, 2020, the Small Business Administration (SBA) extended the deadline to apply for Economic Injury Disaster Loans (EIDLs) from December 31, 2020 to December 31, 2021, pending the…

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Senate

The Current Status of the New Stimulus Package – The Consolidated Appropriations Act, 2021
The Current Status of the New Stimulus Package – The Consolidated Appropriations Act, 2021 400 400 SAX LLP - Advisory, Audit and Accounting

After months of negotiations, Congress reached an agreement for a new round of relief for the ongoing COVID-19 pandemic.  In addition to the enhancements made to the Paycheck Protection Program…

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IRS

IRS Issues Guidance on Timing of Tax Deductions for PPP Expenses
IRS Issues Guidance on Timing of Tax Deductions for PPP Expenses 400 400 SAX LLP - Advisory, Audit and Accounting

While not the news borrowers were hoping for, on November 18, 2020, the Internal Revenue Service issued Rev. Rul. 2020-27 and Rev. Proc. 2020-51 to provide clarity in situations where…

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COVID-19 Relief

Governor Murphy Announces Additional $60M in COVID-19 Relief for Businesses
Governor Murphy Announces Additional $60M in COVID-19 Relief for Businesses 400 400 SAX LLP - Advisory, Audit and Accounting

On Tuesday, October 13, New Jersey Governor Phil Murphy made $100 million in relief available from the state’s $2.3 billion in CARES Act funding for businesses hit hard by the…

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