Yesterday the Small Business Administration (SBA) issued a new FAQ which helps PPP borrowers whose employees elect not to return to work. As set forth in the CARES Act, the PPP loan amount eligible for forgiveness is to be reduced, in part, if a PPP borrower’s average number of full-time equivalent employees during the 8-week [...]
The Internal Revenue Service (IRS) recently released guidance on the deductibility of expenses reimbursed by a Payment Protection Program (PPP) loan that is then forgiven. In Notice 2020-32, the IRS states that no deduction is permitted for expenses normally deductible to the extent the expenses were reimbursed by a PPP loan that was forgiven. The [...]
On April 6, 2020, Montgomery County Board of Commissioners announced the MontcoStrong Small Business Grant Program. Applicants must be a for-profit business with a physical location in Montgomery County, Pennsylvania, employing no more than 50 individuals and impacted by the COVID-19 pandemic. For full details visit www.montcopa.org/MontcoStrongSBGP. Applications will be accepted beginning on Wednesday, April [...]
We have been informed that some banks have reached or are reaching their maximum lending limit for the SBA’s Paycheck Protection Program (PPP) and may not be able to accept additional requests for a loan through the PPP. Please contact your bank for more information. If your bank is one of the banks that have [...]
Information regarding COVID-19 support is coming fast and from many sources. We felt our clients would benefit from a summary of the Families First Coronavirus Response Act. View Summary This communication should not be construed as tax or legal advice or tax or legal opinion on any specific facts or circumstances. This communication [...]
PBGW continues to research the latest forms of assistance available to small businesses. The COVID-19 Working Capital Access (CWCA) Program is administered by the Pennsylvania Industrial Development Authority (PIDA) and provides critical working capital financing to small businesses located within the Commonwealth that are adversely impacted by the COVID-19 outbreak. All CWCA loan applications must [...]
Keystone Collections Group and Berkheimer are Pennsylvania tax administrators collecting local Earned Income Tax (EIT) for our region. According to a statement on the Keystone Collections Group website, Keystone is extending the local EIT filing deadline to match the State and Federal date of July 15, 2020. Keystone will not apply penalty and interest on Tax [...]
Additional information on relief and filing extensions for taxpayers who need more time beyond the July 15 deadline: https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed This communication should not be construed as tax or legal advice or tax or legal opinion on any specific facts or circumstances. This communication does not create any accountant/client or attorney/client privilege. The contents are intended [...]
A Message from PBGW’s President… In response to the coronavirus economic impacts, updates are happening so fast regarding such things as what are life sustaining business, applications for exemptions, government loan programs, and tax extensions and credits. PBGW strives to provide our clients and friends with the most up-to-date information as soon as possible. To [...]
The PA Department of Revenue announced the deadline for taxpayers to file their 2019 Pennsylvania personal income tax returns is extended to July 15, 2020. This PA extension applies to both final 2019 tax returns and payments, and estimated payments for the first and second quarters of 2020. On Friday, the Trump administration also announced that [...]