CARES Act Employee Retention Credit

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 on employee wages paid, and then claimed when filing the quarterly IRS Form 941. Don’t neglect this funding! Eligible employers are those whose business has[…]

SBA PPP Loan Bookkeeping

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 will be required to document the use of the funds in order to seek forgiveness of the loan.  Step-by-step instructions for QuickBooks entry simplifies the reporting:[…]

QuickBooks 2020

If you’re using QuickBooks 2017 or earlier, you may have received notices about your software support being discontinued at the end of May.  Support for QuickBooks 2017 will end on May 31, 2020.  What’s the cheapest way to update?  If you are not using the payroll features, the older versions will continue to function.  However,[…]

Paycheck Protection Program

The third legislation, the CARES Act includes a program that provides resources for small businesses and non-profit organizations to keep their employees on their payroll.  The funding is in the form of a loan that will be forgiven if it is used for payroll and eligible expenses during the eight weeks after the loan is[…]

Families First Coronavirus Response Act

The first legislation to address the current pandemic dealt with preparedness and federal agencies.  The second bill, the Families First Conoravirus Response Act, requires all employers to offer up to two weeks (80 hours, or a part-time employee’s two-week equivalent) of paid sick leave in certain situations from April 1 through December 31, 2020 when[…]