Non-Profit Provisions in Latest COVID Relief Legislation

New legislation designed to support millions of Americans as they continue to struggle with the impact of COVID-19 on their health, livelihood, and community went into effect at the end of 2020. One of the major provisions of the Consolidated Appropriations Act (CAA) is relief for not-for-profit organizations. Here are

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PPP Re-Opening Date and New Guidance from SBA & Treasury

The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make

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Employee Retention Credit Expanded – What You Need to Know

In addition to the welcome news for PPP loan recipients that associated qualified expenses are in fact tax-deductible, the Consolidated Appropriations Act (CAA) substantially expands Employee Retention Credit (“ERC”) benefits.  Some employers may now be eligible to retroactively claim the credit on qualified wages going back to March 12, 2020. 

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OMB Approves Compliance Supplement Addendum for COVID-19 Programs

On December 22, 2020, the Office of Management and Budget approved and posted the Compliance Supplement Addendum for COVID-19 programs administered in 2020. This addendum is effective for audits beginning after June 30, 2019. The reason for the addendum is to provide guidance for entities with COVID-19 program expenditures that

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COVID-19 Relief Bill Passed – Here Are the Benefit Details

On December 15, 2020, Congress introduced two bipartisan COVID-19 relief bills: the COVID-19 Emergency Relief Act of 2020 ($748 billion) and the State and Local Support and Small Business Protection Act of 2020 ($160 billion), that contain payroll-related provisions. Additional benefits to small businesses are included in the COVID-related Tax

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