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Recent presidential action seeks to extend key relief measures put in place as a result of the COVID-19 pandemic, but likely faces legal challenges.
 
On Saturday, August 8th, 2020, President Trump issued four executive orders regarding his administration’s response to the ongoing COVID-19 pandemic relating to: 1) unemployment, 2) evictions, 3) student loans, and 4) payroll taxes.  

Time is running out to apply for a loan under the Paycheck Protection Program. You have until August 8th to apply for a loan for your business. You can apply for a loan through any existing SBA lender, typically your local bank.  Funds spent on payroll and other qualified expenses may be forgiven if you meet certain criteria.
 
For more information on these loans check out the details on the SBA webpage or contact your accountant.
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Mallory Vincent, MBA •

The CARES Act allows any taxpayer required to take required minimum distributions (RMDs) from IRAs, 401(k)s, 403(b)s, and certain other plans in 2020 to skip those RMDs in 2020. This includes anyone who turned 70 ½ in 2019 and would have had to take their first RMD by April 1, 2020.

The New Hampshire Self Employed Livelihood Fund (SELF) application period is open until Friday, July 17 at 4pm.

This is a grant available to New Hampshire self employed business owners who don't pay any wages and did not receive a Main Street Relief Fund.

For more information, check out the details here or take a look at the FAQs.

Not sure if you qualify? Contact your accountant! 

Travis O'Hara •

Many Americans are going through tough times due to COVID-19; when times get tough, that's when scammers often work their hardest to take advantage of people! There are many ways that con artists may try to take advantage of support given to Americans by the government. Scammers may try phishing, fake-check scams, and phone calls to collect personal information. 

Lena Rozzi, CPA •

​Congratulations to the Class of 2020! Graduating from school can mark an exciting time for new graduates as they transition from being a student to becoming a working professional. This three part series will dive into some helpful information and tips on what to expect as you journey down your career path.

Last week the SBA released the PPP Forgiveness Form that will need to be used by borrows for applying forgiveness of their PPP loans. The SBA attempted to provide a simple form but the lack of detail has left some ambiguity for borrowers. 
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Today, May 14, is the deadline for businesses to return PPP funds if they did not comply with SBA guidance. As there is still much confusion, the SBA has provided an additional safe harbor for PPP Loans below $2 Million. 

The SBA extends safe harbor for returning PPP funds until May 14 and there will be more guidance provided by the SBA before May 14 on how it will review borrowers’ certifications that were made with the initial PPP application.  Please read the article from the Journal of Accountancy for more details. 

The IRS recently released an application to check the status of when taxpayers should be receiving their Economic Impact Payments. There are two options, one for taxpayers who filed a tax return in 2018 or 2019 and another for taxpayers who did not file a tax return. 
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