March 29, 2020 Sharon Kreider, CPA – Western CPA, eTax Alert   The Coronavirus has infected our life in many ways. Family and friends are sick, quarantined or under a stay-in-place order. The stock market has crashed. The kids are out of school. Restaurants and shopping malls are closed. More than three million unemployment claims… Read More

Everything you need to know about the administration’s direct cash relief The Trump administration and lawmakers are moving ahead with a plan to give many American households direct cash relief amid the economic fallout from the coronavirus outbreak. The payments are expected to be $1,200 per adult for those with adjusted gross incomes of up… Read More

SBA Coronavirus Relief Loan President Trump recently announced an unprecedented $50 billion (now raised to $367B) that will be added to the SBA lending authority in the wake of the COVID-19 pandemic. Fountainhead is one of only 14 nonbank lenders licensed to make SBA 7(a) loans, so they will be actively making COVID-19 SBA 7(a)… Read More

Economic Injury Disaster Loan Assistance www.sba.gov 1 min read On Friday, March 27, 2020, President Trump signed into law the CARES Act, which provides additional assistance for small business owners, including the opportunity to receive up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL) for emergency capital. The SBA is updating our… Read More

Sen. Chris Van Hollen on Thursday sought to reassure small business owners who already had to lay off their workers about a major facet of the Senate’s $2 trillion coronavirus economic stimulus package. “If you use these funds to rehire those employees … then you qualify,” the Maryland Democrat said on CNBC’s “Squawk Box.” “There are lots of people… Read More

The Department of Labor (DOL) has published the Families First Coronavirus Response Act (FFCRA) Employee Notice, available here. The DOL also issued a corresponding Frequently Asked Questions Advisory, which clarifies that an employer must post the Notice by emailing or direct mailing this notice to employees, or posting this notice on an employee information internal or… Read More

March 24, 2020 As the COVID-19 (coronavirus) outbreak continues, the Internal Revenue Service is taking multiple steps to protect our employees, America’s taxpayers and our partners. Although we are curtailing some operations during this period, the IRS is continuing with mission-critical functions to support the nation, and that includes accepting tax returns and sending refunds. “As… Read More

The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective… Read More

As provided under the legislation, the U.S. Department of Labor will be issuing implementing regulations. Additionally, as warranted, the Department will continue to provide compliance assistance to employers and employees on their responsibilities and rights under the FFCRA. DEFINITIONS “Paid sick leave” – means paid leave under the Emergency Paid Sick Leave Act. “Expanded family and… Read More

WASHINGTON — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief… Read More