Beaird Harris will be closed on Friday, July 3rd in observance of the Independence Day holiday.
August 31, 2020
PPP Forgiveness – Apply Now or Wait?
This is the #1 question our clients have. There is broad support in Congress to simplify the forgiveness application for smaller loans. Congress reconvenes in September and there is pressure to pass another COVID relief package, which could include simplification of the Paycheck Protection Program (“PPP”) forgiveness process. Other factors to consider in this decision include:
Because of these factors, many small businesses may hold off on applying for loan forgiveness for the time being; especially if your loan is less than $150,000.
End-of-Year Tax Planning
Many business owners have reduced profits, have skipped payrolls, and are being very conservative with spending cash reserves. We will be reaching out to our business clients in the upcoming months to assist with year-end tax planning. Steps to think about now:
Local Grants/Relief Programs
Many local cities and counties are still creating grant programs to provide relief related to COVID. We encourage you to monitor your county and city websites on a regular basis for programs that could help your business. As an example, Collin County just approved a new program last week.
Employee & Labor Law and COVID
This is a tough area for small businesses. As tax professionals, we are not experts in labor law. You should consult with your attorney on any HR, employee and labor law questions. Be wary of online advice that may not apply to you. Labor law can vary greatly by state and this is a volatile area. Here are a few resources that we have found helpful with common questions related to employees and COVID from the Department of Labor (“DOL”).
Payroll Tax Breaks Related to COVID
There are three key components to this:
Health and Human Services (“HHS”) Phase II Funding for Dentists
See our post for detailed information on this. This deadline has been extended to September 13th. If you have not applied, there is still time to do so.
We hope that you have found this information helpful. As always, please reach out to us if you have specific questions so we can help. We are in this together!
Return to COVID-19 Response & Resources
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