COVID-19 News

• Federal Reserve Board has released new terms regarding Main Street Lending Program
• Goal is to make loan more accessible for smaller businesses

The Main Street Lending Program was announced in April with the intent of providing loans to larger borrowers … Continue reading

• “Today is a great day for science & humanity.” – Pfizer CEO
• DOW seeing major success after Monday’s news of possible COVID-19 vaccine
• Vaccine predicted to be a cure for Covid-19 and the market

After a whirlwind of 2020 election … Continue reading

• The PPP loan was created with the intention of being forgiven
• What’s the catch? Forgiven funds are non-deductible

The Payroll Protection Program Loans were created earlier this year as an immediate response to COVID-19 relief, providing millions of small businesses … Continue reading

• H.R. 11 proposed to permanentize provisions of 2017’s TCJA which are set to expire in 2025
• Kevin Brady: “House Republicans are committed to restoring the American Dream”
• Rebuild economy: promote American innovation and independence from China

H.R. 11, The Commitment … Continue reading

• Pelosi and Mnuchin to discuss the gap between Dem’s and GOP’s offers
• Pelosi to wait for a “full” package, but America needs immediate help
• Mnuchin to recycle leftover PPP funds, in favor of immediate relief

Between urging tweets for lawmakers … Continue reading

• Senate set to vote on stand-alone $500 billion coronavirus stimulus package today
• “Skinny” bill provides for more PPP funding, unemployment benefits, limited liability protections
• Widely expected to fail due to Democrat resistance, putting them in a bind weeks before Nov

… Continue reading

• Interim Final Rule: PPP loan forgiveness for small borrowers under $50,000
• Clarification for outstanding PPP loans during changes of ownership

October 7: The Small Business Administration (SBA) and Department of the Treasury earlier this month issued an Interim Final Rule … Continue reading

• New stimulus package passed House of Representatives on October 1
• What’s included in the budget?
• When can we expect the next round of stimulus checks, if any?

Democrats’ newest contribution to Coronavirus relief just passed the House last Thursday after … Continue reading

• “Virtual parking lot” lets funds sit, allowing taxpayers to smear lines on assets
• Social media aspect publicizes transactions and prevents privacy
• E-commerce lifeline: Venmo leads the way for new virtual economy

No one could have predicted the 2020 COVID-19 outbreak. … Continue reading

• AICPA rumors a pardon on late filing fees for taxpayers affected by COVID-19
• Wolters Kluwer CCH is prepared to help users after the deadline date software crash

Rumors are spreading from the American Institute of CPAs (AICPA) that the IRS … Continue reading