On October 8th, the SBA released Form3508S, to be used by employers whose PPP loans were $50,000 or less. This form asks for your verification that all of the
According to IRS rules, income tax withholding for ministers is voluntary. If you do not complete a W-4 form, or if you indicate “exempt”, no federal tax will be
If you (as a Massachusetts employer) paid any of your employees or 1099 contractors for time that you were closed due to COVID-19 and they were not performing any work
On August 8th, President Trump declared that he was deferring the collection of the employee portion of FICA, a 6.2% payroll tax that funds retirement and disability payments to American
Every employer must comply with the Families First Coronavirus Response Act, which gives two weeks of paid leave for COVID-related absences that occur between April 1 and December 31, 2020.
On June 5, the Paycheck Protection Program Flexibility Act was signed into law, extending the time period during which employers have to use the funds and have their loan forgiven.
The SBA has released their PPP Loan Forgiveness Calculation Form, PPP Schedule A, and PPP Schedule A worksheet. Your bank may have their own loan forgiveness application, but
If you did not receive a Paycheck Protection Program loan, you may be eligible for an Employee Retention Credit of up to $5,000 per employee. This credit is calculated based
If you’ve received a Paycheck Protection Program loan from the Small Business Administration, it is very important to proactively approach your use of the funds so that you can maximize
The SBA’s Paycheck Protection Program works through local banks to support small businesses and non-profits with a forgivable loan to cover eight weeks of payroll, rent and utilities. Each recipient