The novel coronavirus, or COVID-19, has affected our lives in a number of ways. From social distancing to suddenly homeschooling our children to trying to understand the short- and long-term potential impacts, we’re all struggling to cope and to keep up with the flurry of information released daily. PP&Co has created this resource page to provide industry updates, news, information, and resources to help you navigate the ‘new normal.’ After all…we’re in this together.
Things are changing rapidly. This material is accurate at the time of the posting and is provided for informational purposes only. It is not intended to constitute, nor should be relied upon for, tax advice. Please consult with a certified tax professional and/or certified lender for advice and recommendations.
Please feel free to contact us with questions or concerns. Although we will do our best to respond timely, please understand that response times may be delayed due to the situation.
by Sr. Partner Tom Wagstaff
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ft. Dr. Chris Thornberg
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Changes to Paycheck Protection Program and Second Draw PPP Loan
PPP Loan Forgiveness Application Form 3508 (revised 1-19-2021)
PPP Loan Forgiveness Application Form 3508EZ (revised 1-19-2021)
PPP Loan Forgiveness Application Form 3508S (revised 1-19-2021)
President Signs Consolidated Appropriations Act, 2021
Prop 19 Means Changes to CA Property Tax Rules
Potential Protective Claim for Refund Related to SCOTUS Review of ACA
Tax Filing Deadline Remains July 15th
SBA Releases New PPP Loan Forgiveness Applications, Including an “EZ” Form
HR 7010 Passes, Changes PPP Loan Forgiveness Rule
SBA Has Released the PPP Loan Forgiveness Application
SBA Extends Safe Harbor Deadline to Return PPP Loan Proceeds to May 18th
SBA Updates PPP Loan FAQ to Address ‘Good Faith’ Certification
Property Tax Penalties & Interesed Waived Until May 6, 2021
PPP Loan Funds: Spending and Tracking
The Paycheck Protection Program and Health Care Enhancement Act: additional funding for the PPP, EIDL and other relief
SBA Clarifies PPP Loan Rules for Partnership Compensation and Schedule C Earnings
The CARES Act: Opportunities to Amend Prior Year Tax Returns to Net Cash Now
Proposed Regs Will Change How Clubs Report Unrelated Business Income (UBI)
QIP and Business Losses – Opportunities for Review
Additional Economic Relief Efforts by the State of California
Paycheck Protection Program Apps and Info Now Available
The CARES Act: Taking Action
The Paycheck Protection Program
Employee Benefit Plan Provisions of the CARES Act
2020 Tax Filing Deadline Extension Infographic
Summary of the Coronavirus Aid, Relief, and Economic Security (CARES) Act
Measures to Protect Homeowners, Tenants and Landlords
U.S. Small Business Administration Economic Injury Disaster Loans
Emergency Paid Sick Leave Act and Expansion of the Family Medical Leave Act
California Tax Collectors Issue Statement Regarding Collection Deadlines
IRS Removes Amount Thresholds on Income Tax Payments that can be deferred
Federal Reserve Takes Unprecedented Action to Shore Up US Credit Markets
Economic Relief for Businesses and Individuals
- The Silicon Valley Strong Fund has $1.5M in grants available. Eligible small businesses can qualify for up to $10,000 in capital grants.
- Paycheck Protection Program (PPP) Loans: HERE is a list of lenders currently accepting PPP loan applications. Click HERE to find eligible lenders in your area.
- The Federal Reserve announces additional $2.3 trillion in programs to support the economy. Get details of the Main Street Lending Program HERE.
- Governor Newsom announced additional assistance for California small businesses and workers impacted by the COVID-19 crisis.
- Paycheck Protection Program Borrower Fact Sheet
- Paycheck Protection Program Lender Eligibility Information
- Paycheck Protection Program Application
- SBA Economic Injury Disaster Loan (EIDL) Application.
- The Small Business Administration has created a Coronavirus (COVID-19) Small Business Guidance & Loan Resources page on their website.
- Small businesses impacted by the coronavirus pandemic are eligible for low interest Small Business Association Economic Injury Disaster Loans of up to $2,000,000.
- Economic Impact Payments – what you need to know.
- The California Infrastructure and Economic Development Bank (iBank) has created a Covid-19 resource page, outlining information, support, and resources for California small businesses.
- The IRS has posted new FAQs regarding carrybacks of NOLs for taxpayers who have had Section 965 inclusions.
- IRS Notice 2020-23 details extensions for section 1031 ‘Like-Kind’ Exchanges.
- The IRS has created a FAQ page regarding FFCRA Covid-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses.
- IRS extends more tax deadlines to cover individuals, trusts, estates, corporations, and others.
- Treasury and IRS extend tax return filing deadline to July 15th
- The IRS has established a webpage with information and updates related to the Covid-19 pandemic.
- The FTB has created a Covid-19 Guidance page on their website for updates and information.
- FTB postpones until July 15th the filing payment deadline for 2020 1st and 2nd quarter estimated payments for all individuals and business entities. Learn more HERE.
- Get updated information on property tax payments and due dates at the Department of Tax & Collections.
- Governor Gavin Newsom’s most recent executive order provides tax and regulatory licensing extensions for businesses.
- The AICPA has created a grid detailing the tax filing and payment guidance for various states during the novel coronavirus pandemic.
- The IRS unveils new People First Initiative to help people facing the challenges of dealing with coronavirus outbreak-related issues. They’ve also created a FAQs page on their website in response to coronavirus-related questions about filings and payment extensions.
Employment and Human Resources Information
- Families First Coronavirus Response Act FAQs on the Department of Labor website.
- The US Department of Labor has established an online resource center for information related to the coronavirus outbreak.
- Out of work due to the Covid-19 pandemic? HERE is a job matching resource for unemployed workers.
- Governor Gavin Newsom announces statewide ‘Shelter in Place’ for all Californians
- The Department of Homeland Security outlines the 16 federal critical infrastructure sectors within which workers are exempted from the mandatory ‘shelter in place’ order for Californians.
- Want to know the rules for the statewide ‘shelter in place?’ Click HERE for a quick rundown of essential businesses and employees, what’s open, what’s closed, where you can go and what you can do.