On October 8, 2020, the Treasury and the Small Business Administration (SBA) announced a streamlined process for all loans under $50,000, and published a simplified application form.
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Last month, an executive order was signed deferring a portion of payroll taxes. This means that employers can opt to not withhold certain taxes from their staff compensation for the rest of this year. For the employees, it means that they will get more take‐home pay now on the understanding that the sums not withheld […]
Dear Clients & Friends, As part of the CARES Act (Coronavirus Aid, Relief and Economic Security Act), the government created distinct provisions with regard to Required Minimum Distributions (RMDs) for 2020. Specifically, for all taxpayers (including individuals that turned 70 ½ in 2019) who are required to receive an RMD from their defined contribution benefit plan in 2020, this […]
Dear Clients & Friends, In our last article, we promised to update readers as soon as we could in order to clarify certain ambiguities in the Paycheck Protection Program Flexibility Act (PPPFA). We were especially concerned about an apparent ‘cliff edge’ that would result in no loan forgiveness at all, if borrowers spend less than […]
On Friday June 5th, 2020, the Protection Program Flexibility Act (PPPFA) was signed into law, which attempts to address certain concerns from the original Paycheck Protection Program (PPP).
Dear Clients and Friends, We, at CJBS, understand the strain that debt can put on a business, even at the best of times. With many businesses now dependent on PPP loans to meet payroll costs, we know that the complex forgiveness calculation can feel overwhelming. That’s why we are on hand to help you manage […]