Stimulus SBA Loan and Forgiveness Program ("Paycheck Protection Program") As part of the new stimulus package making its way to the House and President for signature this Friday, $349 billion is earmarked to assist small businesses with loans. The loans will be administered through the SBA 7a loan program via [...]
National News The White House and Senate leaders agreed on the highly anticipated $2 trillion dollar massive stimulus package Coronavirus Aid, Relief and Economic Security (CARES). The proposed legislation will make its way through the Senate and move along for House approval. The President anticipates signing by end of this [...]
Many clients have been asking the best way to handle changes in employees' (employment) status, with respect to the impact of the COVID-19 pandemic. Below is an outline, from a Human Resources perspective with regards to what your options and limitations, as an employer, are Furlough A furlough involves [...]
The Treasury announced today that they are extending the Tax Filing Deadline from April 15th to July 15, 2020. This follows the announcement earlier in the week, that tax payments were being deferred by 90-days, without interest or penalties. This latest change now sensibly aligns tax payments with the [...]
Update on the Federal 90-Day Waiver of Penalties and Interest on Tax Payments Back on March 17, 2020 Treasury Secretary Mnuchin announced a 90-day grace period on the payment of individual and corporate Federal taxes, normally due April 15th. Individuals and corporations have until July 15th without being assessed [...]
Small Business Relief: Yesterday the Baker-Polito Administration announced administrative tax relief measures for small local businesses which have been impacted by the ongoing COVID-19 outbreak, especially in the restaurant and hospitality sectors. This tax relief includes postponing the collection of regular sales tax, meals tax, and room occupancy taxes [...]
As of yesterday afternoon, the SBA Economic Injury Disaster Loan (EIDL) program is now activated for Massachusetts. Primary eligible Counties: Barnstable, Berkshire, Bristol, Dukes, Essex, Franklin, Hampden, Hampshire, Middlesex, Nantucket, Norfolk, Plymouth, Suffolk, Worcester Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela/Information/ApplyOnline [...]
As a follow up to our previous article regarding SBA Economic Injury Disaster Loan (EIDL), we wanted to inform you that Governor Baker has requested an EIDL disaster declaration to the U.S. Small Business Administration and as of right now its status is pending. (That is why if you have attempted to apply [...]
Yesterday (March 17, 2020) Treasury Secretary Mnuchin announced a 90-day grace period on the payment of individual and corporate taxes normally due April 15th. Individuals and corporations have until July 15th without being assessed penalties and interest. Individuals can defer payment on up to $1 million in tax and corporations up to $10 [...]
If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax. Under the estate tax rules, life [...]
