CARES Act
2020
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04.21
Congress Announces Additional Appropriations for Disaster Loans
AAFCPAs would like to make clients aware that Congress announced today an additional $310 billion in funding for the very popular Paycheck Protection Program (PPP). The PPP was initially introduced by the CARES Act on March 27th, 2020. $60 billion of the additional $310 billion will be allocated to small lenders and community banks. Other […]
2020
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04.17
Watch Now: Business & Individual Tax Planning Guidance Related to COVID-19 & the CARES Act
OnDemand Webinar – Watch Below The Coronavirus pandemic has spawned a flurry of stimulus legislation and efforts taken by Congress, the Treasury, the IRS, and state & local governments to ease the impact on businesses and individuals. The most sweeping changes have come from Congress’s coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security […]
2020
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04.16
SBA Disaster Loan Funds Exhausted
UPDATED: On April 21st a new round of funding became available for the PPP loan program. The EIDL program is also still accepting applications. The deadline to apply for the PPP remains June 30th. As you may now be aware, the US Small Business Administration (SBA) announced today, April 16th, that Paycheck Protection Program (PPP) […]
2020
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04.16
CARES Act Healthcare Provider Relief Fund
AAFCPAs would like to make healthcare providers aware that as part of the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation, $100 billion in Provider Relief Funds was pledged to hospitals and other healthcare providers. These funds are designed to reimburse healthcare-related expenses and lost revenue related to COVID-19, and to guarantee uninsured Americans […]
2020
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04.15
Federal Reserve Authorizes Main Street Loans for Companies Impacted by COVID-19
AAFCPAs would like to make clients aware that the Federal Reserve, effective April 9, 2020, authorized a series of programs to provide up to $2.3 trillion in loans to households, businesses, and state and local governments struggling to deal with the COVID-19 pandemic. AAFCPAs has provided the below overview based on available information of the […]
2020
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04.10
Unemployment Relief for Self-Insured Nonprofits as part of CARES Act
Update June 8th, 2020: Unemployment Insurance: 120-Day Deadline Extension for Nonprofits AAFCPAs would like to make clients aware of a provision in Section 2103 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which provides emergency unemployment relief for governmental entities and nonprofit organizations. Emergency Unemployment Relief (Section 2103): The Act provides for additional […]
2020
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04.10
Health Centers Awarded $1.3 Billion Through CARES Act
AAFCPAs would like to make community health center clients aware that on April 8, 2020, the Health Resources and Services Administration (HRSA) awarded $1.3 billion to the nation’s community health centers under the Health Center Coronavirus Aid, Relief, and Economic Security (CARES) Act Funding. The distribution of funding was determined based on a $503,000 base, […]
2020
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04.09
Retirement Plan Provisions of the CARES Act
AAFCPAs would like to make clients aware of retirement plans provisions included in the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation. These provisions include expanded and penalty-free withdrawal rights, expanded loan rights, extended rights to repay loans and withdrawals, and a deferral of mandatory distributions. Coronavirus-Related Hardship Distributions The 10% early distribution penalty […]
2020
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04.06
Will Paycheck Protection Program Loans Be Subject to Uniform Guidance for Nonprofit Organizations?
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes many provisions that are applicable to nonprofit organizations. One of the provisions is the Paycheck Protection Program (PPP) Loans which provides 100% Federally guaranteed loans to covered entities who meet certain criteria. A consideration for nonprofit organizations is whether the loans will be subject […]
2020
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04.03
Payroll Tax Credits and Other COVID-19 Payroll-Related Benefits
AAFCPAs would like to make clients aware of sections of the laws enacted over the past several weeks by the Federal government to ease the economic impact on employees and employers as they relate to payroll-related benefits. Employers are presented with two types of new tax credits, and a tax deferral option available as part […]