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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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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! 

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. 

Most businesses, including rental property owners, have been impacted by COVID-19. There are various government programs and tax credits available to you.
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Karyn Finkelson, CPA •

​In response to our country’s current state of emergency, the President has signed the “Families First Coronavirus Response Act” which includes some important provisions that will directly affect employers with fewer than 500 workers, particularly in regards to emergency sick leave. These provisions will take effect no later than April 2, 2020.
 
Emergency Sick Leave Act (EPSLA) key points:
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The IRS has created a website dedicated to the Coronavirus. The site focuses on steps to help those affected by the virus. So far the IRS web page includes relevant news releases, and guidance issued in Notice 2020-15. It also has options for tax help.​
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​Alyssa Hodges, CPA •

As you prepare your QuickBooks file for your accountant, make sure you don’t have any other changes that need to be made in 2019 before sending your accountant a copy of the file. If you use QuickBooks Online, be sure to communicate when you are done making changes to your accountant. 
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​As you wait for your tax return to be prepared, you want to make sure you don’t make any changes to the past year. A simple solution is to add a closing date and password in QuickBooks. 
 
To enable a closing date: