On Thursday, April 30, the IRS released Notice 2020-32. The announcement effectively disallows a tax deduction for any expenses that are paid via a forgiven Paycheck Protection Program (PPP) loan. The PPP was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a historic $2.2 trillion stimulus package. The loan program allows small...
St. Louis County Executive Sam Page unveiled the Small Business Relief (“SBR”) Program on Friday May 1st. The SBR will provide grants of up to $15,000 to businesses that were closed due to the Stay at Home Order. The funding comes from the $173.5 million in federal aid the County expects to receive with regard...
The SBA continues to add questions to its Payroll Protection Program FAQ first published on April 3, 2020. On April 23, 2020, the SBA added FAQ 31 referring to large companies who may have adequate sources of liquidity to support the business’s ongoing operations and whether or not they qualify for a PPP loan. Although...
On Friday, April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act into law. The new aid bill boosting funding for various initiatives in response to the coronavirus pandemic was passed in the Senate on Tuesday and by the House on Thursday. The legislation includes the following: Approximately $310 billion or...
On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economics Security (CARES) Act. The historic $2.2 trillion stimulus bill includes a $349 billion paycheck protection program (PPP) that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The PPP uses the already-existing small-business loan framework of the Small...
On March 27, 2020, President Donald J. Trump signed into law a sweeping $2.2 trillion stimulus package designed to abate the economic damage caused by the coronavirus (COVID-19) pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is the third piece of legislation crafted to address the economic havoc created by COVID-19. The bill...
To our valued clients and friends, As the national, state, and local response to COVID-19 continues to develop, we wanted to share the following new developments with you. Missouri Governor Mike Parson has announced that Missouri will be mirroring the 3 month tax filing and payment extension previously announced by the IRS (IR-2020-58); Missourians will...
To our valued clients and friends, We are facing a time of constant flux and challenges. The following are a few recent developments: US Treasury Secretary Mnuchin has announced an additional 3 months for businesses and individual taxpayers to file and pay their taxes. The deadline is now July 15, 2020. At this point, there has not...
To our valued clients and friends, With the uncertainty surrounding COVID-19, we want to assure our clients and associates that we are committed to their health and to the safety of our community. The outbreak is testing us personally and the timing is challenging our firm professionally. Please know that your team at Abeles and...
At Abeles and Hoffman, P.C. we are keenly aware of the potential impact of the coronavirus (COVID-19). We are taking steps to provide for the continuity of our services as well as the safety of our employees and clients as we navigate through the uncertainty of the situation. We are staying up to date on...