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Author Archive for Wayne Naegele

wnaegele

EIDL Loan Increase to $500,000 and Changes to PPP

March 30, 2021 Dear Clients, Colleagues and Friends, On March 24, 2021, the U.S. Small Business Administration (SBA) announced that it is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan […]

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IRS Urges Employers to Claim Employee Retention Credit

IRS Urges Employers to Claim Employee Retention Credit The IRS is urging employers to take advantage of the newly-extended employee retention credit (ERC), which makes it easier for businesses that have chosen to keep their employees on the payroll despite challenges posed by COVID-19. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Division […]

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wnaegele

Employee Retention Credit (ERC) Important Changes For PPP Loan Recipients

February 8, 2021 Dear Clients, Colleagues and Friends, By this point, many of us are familiar with some of the key highlights of the Consolidated Appropriations Act, 2021 (CAA) which was signed into law on December 27, 2020. Some of the key highlights include a new round of PPP Loans, new stimulus payments and streamlined […]

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wnaegele

PPP Opens For All Participating Lenders

January 14, 2021 Dear Clients, Colleagues and Friends, The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, announced yesterday that they will re-open the Paycheck Protection Program (PPP) Loan portal to all participating PPP lenders to submit First Draw and Second Draw PPP Loan applications beginning Tuesday, January 19, 2021. The SBA […]

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wnaegele

New PPP Anticipated Start Date

January 8, 2021 Dear Clients, Colleagues and Friends, The U.S. Small Business Administration (SBA) announced today that beginning on Monday, January 11, 2021, there will be a targeted rollout of a new round of Paycheck Protection Program (PPP) Loans. The new round will initially be made available exclusively for first-time borrowers who apply at community financial […]

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wnaegele

COVID-19 Relief Bill

December 22, 2020 Dear Clients, Colleagues and Friends, On Sunday night, it was announced that a deal was reached on a $900 billion COVID aid bill, which includes financial assistance and provisions for households and businesses. At the time of this email, the final version of the bill has passed in the House of Representatives […]

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PPP Loan Forgiveness and Deductions Update

November 23, 2020 Dear Clients, Colleagues and Friends, The Internal Revenue Service has issued new guidance concerning the deductibility of expenses used to obtain Paycheck Protection Program (PPP) loan forgiveness. This new guidance is provided in Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The new guidance provides much needed clarity as to whether a PPP loan borrower’s decision […]

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wnaegele

PPP Loan Forgiveness Applications – Update

November 12, 2020 Dear Clients, Colleagues and Friends, Your Paycheck Protection Program (PPP) loan forgiveness strategy may impact your 2020 year-end tax planning. P&N is here to assist you in evaluating your specific circumstances so that you may make an informed decision regarding your PPP loan forgiveness application. PPP loan forgiveness applications are currently being […]

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wnaegele

Guidance Released on Employee Payroll Tax Deferral

Guidance Released on Employee Payroll Tax Deferral The Treasury and IRS have issued guidance on the recent order by President Trump to defer certain employee payroll tax obligations on wages paid from September 1, 2020, through December 31, 2020. Under the guidance: the due date for the withholding and payment of the employee’s portion of […]

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wnaegele

PPP Forgiveness Application

October 5, 2020 Dear Clients, Colleagues and Friends, As you may be aware, many banks and lenders have released their applications for PPP loan forgiveness. At this time, we recommend holding off on submitting forgiveness applications until at least November, as further modifications to the application and lender processes are expected. We will share significant […]

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