The Tax Gap and How is It Being Addressed
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The Tax Gap and How is It Being Addressed

ByThanasi Preovolos

The “Tax Gap” is the difference between the tax owed by all taxpayers for a given ear and the amount that is actually paid, on time, for that same year.  The Tax Gap has three primary components: Why the Gap? The most recent Tax Gap data was released in 2019 and it was for tax…

SBA Paycheck Protection Program – Safe Harbors
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SBA Paycheck Protection Program – Safe Harbors

ByOlin Lewin

Borrowers who received Paycheck Protection Program (PPP) loan proceeds may want to wait to apply to their lender for loan forgiveness until after June 30, 2020.  Borrowers may apply to their lenders to receive loan forgiveness at the end of the covered eight-week period (i.e. the conclusion of the 56 days from receipt of the…

PPP Loan – To Forgive or Not to Forgive
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PPP Loan – To Forgive or Not to Forgive

ByKrista Gilb, CPA

For the loan amount to be considered forgivable, no less than seventy-five percent (75%) of the loan must be spent on payroll and payroll related costs. If this marker is not met, it is possible that none of the loan will be considered forgivable.   How does the CARES Act define payroll and payroll related costs? Salaries…

PPP Loan Forgiveness Application
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PPP Loan Forgiveness Application

BySite Admin

On May 15th, the SBA released the application borrowers under the Paycheck Protection Program (“PPP”) must use to calculate the amount that may be forgiven by the lender. According to SBA regulations, the SBA will allow lenders to rely on certifications of the borrower in order to determine eligibility of the borrower and use of…

Paycheck Protection Program (PPP) Loan Update
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Paycheck Protection Program (PPP) Loan Update

ByThanasi Preovolos

The PPP loan opened on Friday, April 3, 2020, two weeks ago today.  These loans are being approved by the SBA, but they are being made through lenders and various FinTech companies (think Square and QuickBooks).  While any lender can make the loan, we found out quickly that banks restricted applications to their existing clients. …

The SBA Will Make Your Payments for Six Months!
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The SBA Will Make Your Payments for Six Months!

ByThanasi Preovolos

In addition to the Paycheck Protection Program (“PPP”) loans available to small businesses, the CARES Act appropriated an additional $17 billion to subsidize certain small business loans. This act applies to loans made under: Section 7(a) of the Small Business Act, Title V of the Small Business Investment Act, or Section 7(m) of the Small…

Paycheck Protection Program – How to Apply
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Paycheck Protection Program – How to Apply

ByThanasi Preovolos

We want to make sure our clients are taking advantage of the Paycheck Protection Program (“PPP”). This loan program helps small businesses (generally 500 employees or less) keep their employees on the payroll and to provide funds to operate their businesses. Small businesses can get a PPP loan from their bank and use it to pay payroll,…

Can New Rules Regarding Pension Plans and IRAs Help During This Crisis?
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Can New Rules Regarding Pension Plans and IRAs Help During This Crisis?

ByThanasi Preovolos

The CARES Act passed by Congress on March 27, 2020 is a monster of a bill at 895 pages long.  Law makers, lobbyists, lawyers, accountants, and media pundits will be examining, learning, reporting and debating all its provisions for the weeks and months to come. This article is intended to focus in on relief for…

COVID-19 Relief: Small Business Loans for Payroll & Other Expenses
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COVID-19 Relief: Small Business Loans for Payroll & Other Expenses

ByThanasi Preovolos

As part of the $2 trillion dollar stimulus package, The CARES Act includes provisions for small employers to obtain loans to help continue and maintain payroll and other critical expenses for their employees and companies.  The Paycheck Protection Program (PPP) is the program that provides this relief. We have received a number of inquiries about…