ppp funds Tag

Overview of Payroll Tax Relief Enacted to Help Businesses Struggling in the Midst of the Coronavirus Pandemic

Congress recently passed legislation aimed at encouraging business owners to continue paying the wages and benefits of employees by providing payroll-related tax credits, loans, and other forms of necessary relief. If you own a business, the InSight Law team wants to ensure you are fully aware of the various programs and tax incentives available to help you during this difficult and unprecedented time. Payroll Tax Relief for Businesses with Less than 500 Employees There are now tax credits available to help business owners cover the expense of paid sick leave and paid family leave. There is also tax-free forgiveness for Paycheck Protection...

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Advice to Help You on Your Path to PPP Loan Forgiveness

With the passage of the Paycheck Protection Program Flexibility Act of 2020 ("PPPFA"), small business owners will enjoy greater flexibility and a relatively easier path to toward forgiveness of their PPP loan. For example, one of the key provisions within the PPPFA is that a small business owner remains eligible for loan forgiveness even if they do not rehire all of their employees that were furloughed or laid off in the midst of the Coronavirus pandemic. The Treasury Department and Small Business Administration (the agency tasked with managing the Paycheck Protection Program), released new loan forgiveness forms that dramatically reduced the...

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