Employee Retention Credit Optimizing Payroll Tax Relief during the COVID-19 Pandemic
Revised December 29, 2021 Employers experiencing economic hardship due to COVID-19 may be eligible for payroll relief. The employee retention credit (ERC) for eligible employers can be claimed for up to $5,000 per employee in 2020 and up to $21,000 per employee in...
Unexpected Employee Retention Credit Refund Delays
The IRS is experiencing continued delays The IRS is currently backlogged with millions of unprocessed payroll tax returns due to the changes in COVID-19 safety protocols and the volume of Employee Retention Credit (ERC) refund requests. As of November 17, 2021, the...
Infrastructure Bill Terminates ERC Earlier Than Expected
On Monday, November 15th, President Biden signed into law the bipartisan Infrastructure Bill. The $1.2 trillion bill included a few tax provisions in the legislation, one significant change being the earlier end date for the Employee Retention Credit (ERC). The ERC...
Guidance for Claiming Employee Retention Credit in 2021
The IRS has issued guidance for employers claiming the employee retention credit enacted by the American Rescue Plan Act of 2021 (ARP), which provides a credit for wages paid after June 30, 2021, and before January 1, 2022. The guidance amplifies previous notices...
HHS has announced new Provider Relief Funding. Application opens September 29, 2021
The Provider Relief Fund (PRF) is managed by the Office of the Secretary of the Department of Health and Human Services (HHS) and dollars are held within its Health Resources Services Administration (HRSA). These funds have been distributed to healthcare providers and...
HHS has announced a 60-day grace period for September 30, 2021 Reporting Deadline
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was passed and signed into law. This bill included $100 billion in funding to a Provider Relief Fund (PRF) for aid during the COVID-19 pandemic. The fund is managed by the Office of the...
First Deadline for HHS PRF Funds – September 30, 2021
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was passed and signed into law. This bill included $100 billion in funding to a Provider Relief Fund (PRF) for aid during the COVID-19 pandemic. The fund is managed by the Office of the...
IRS gives an update for COBRA under the American Rescue Plan Act of 2021
The IRS released a notice providing guidance for employers, plan administrators and health insurers regarding the new tax breaks available under the American Rescue Plan Act of 2021 for the continuation of health coverage under the Consolidated Omnibus Budget...
Insights on the Paycheck Protection Program and Loan Forgiveness Tips
The Paycheck Protection Program offered small businesses a rare opportunity: access to SBA-backed loans that can be fully forgiven—if you meet certain criteria. Now that lenders are opening up for forgiveness applications, it’s time to start collecting the documents...
American Rescue Plan Act of 2021 Signed Into Law by President Biden
The American Rescue Plan Act of 2021 is the latest $1.9 trillion coronavirus relief package President Biden signed into law on Wednesday, March 11, 2021 that is designed to continue to facilitate recovery from the economic and health effects of the ongoing pandemic....
CARES Act Provider Relief Fund Reporting Update
Congress provided relief for Americans, businesses, and healthcare institutions through a record stimulus deal in response to the COVID-19 pandemic, The Coronavirus Aid, Relief, and Economic Security Act (CARES). Providers and facilities were granted financial relief...
SBA gives clarification for confusion over PPP forgiveness application due date
Many small businesses and companies have been widely affected by the Coronavirus and the financial destruction that ithas caused. Congress created the Paycheck Protection Program as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act to help ease...
Phase 3 – HHS Earmarks Another $20 Billion to be Distributed to Eligible Recipients through the Provider Relief Fund
The Department of Health and Human Services (HHS) recently announced that they added $20 billion to the Provider Relief Fund (PRF) as part of phase 3 efforts to support healthcare organizations during this very trying year. Those who have previously applied for...
HHS Releases Reporting Requirements for Provider Relief Fund (PRF)
At long last, the Department of Health and Human Resources published the reporting requirements for recipients of the Provider Relief Fund (PRF). This release offers healthcare providers much-needed guidance on what kinds of documentation they need in the event of a...
Strategic Planning – Why It’s Critical Now More than Ever and How We Can Help
By: KHA Consulting Team - Unprecedented times call for firmware evaluation. From customer, cost, and operational analysis, all of these are worthy and necessary but the starting point is strategic planning. To evaluate what is best done next, we must know who we are...
Provider Relief Fund Update: Nursing Homes to Receive $5 Billion Distribution
On August 7, 2020, the U.S. Department of Health and Human Services (HHS) announced it would make an additional distribution from the Provider Relief Fund to nursing homes. The funds, totaling approximately $5 billion, will be used to protect residents of nursing...
Medicaid and CHIP Providers: Don’t Miss This Provider Relief Fund Deadline
When the Coronavirus, Aid, Relief and Economic Security Act (CARES Act) was signed into law in late March, it included relief funds for our country’s heroes in the crisis: health care providers. These funds, known collectively as the Provider Relief Fund, were...
IRS issues FAQs on provider relief payments made under the CARES Act (authored by RSM US LLP)
Authored by RSM US LLP TAX ALERT On July 6, 2020, the IRS released FAQs providing guidance to health care providers with respect to the taxability of payments received from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Provider Relief Fund....
Paycheck Protection Program Flexibility Act Loosens Rules on Employment Tax Deferrals
Among the many relief provisions included in the Coronavirus Aid, Relief and Economic Security Act (CARES Act) is one that allows employers to defer the deposit and payment of employment taxes for the remainder of 2020. To provide businesses with much-needed...
Integral Updates to the Paycheck Protection Program Loan Forgiveness
This week, the Small Business Administration (SBA) published two new PPP Loan Forgiveness Applications and an Interim Final Rule that gives further clarity to the changes found within the Paycheck Protection Flexibility Act of 2020 that passed on June 5, 2020....
SBA Issues Additional Loan Forgiveness Guidance – May 22, 2020
Interim Final Rule on Loan Forgiveness June 18, 2020 - Additional updates have been made to this program. Click here for additional information. May 27, 2020 On Friday, May 22, 2020, the Small Business Administration published an Interim Final Rule (IFR) relating to...
SBA Issues Loan Forgiveness Procedures for Lenders
Interim Final Rule: Loan Review Procedures and Related Borrower and Lender Responsibilities May 27, 2020 On Friday, May 22, 2020, the Small Business Administration (SBA) published an Interim Final Rule (IFR) relating to the Paycheck Protection Program (PPP). This rule...
SBA Issues Loan Forgiveness Application
May 18, 2020 June 18, 2020 - Additional updates have been made to this program. Please click here for additional information. On Friday, May 15, 2020, the Small Business Administration (SBA) published the loan forgiveness application, SBA Form 3508, to be completed...
Loan Increases Allowed for Certain PPP Loans
Interim Final Rule: Loan Increases May 14, 2020 On Wednesday May 13, 2020, the Small Business Administration (SBA) published an Interim Final Rule relating to the Paycheck Protection Program (PPP). This item summarized key loan increase provisions of the PPP and...
FAQ 46 Certification Rule Clarity
Subsequent to the publishing of this item, the Treasury/SBA released FAQ 47 which further extends the below discussed certification’s safe harbor to May 18, 2020 here. May 13, 2020 On Friday, April 24, 2020, the Small Business Administration (SBA) published an Interim...
FAQ 45 Considerations
New FAQ Allows Retention Credits if PPP Funds Turned back in by May 14 Subsequent to the publishing of this item, the Treasury/SBA released FAQ 47 which further extends the below discussed certification’s safe harbor to May 18, 2020 here May 7, 2020 The Treasury...
New Deadline of May 14/Borrower Certification of PPP Need: An Update
Subsequent to the publishing of this item, the Treasury/SBA released FAQs 46 and 47 which clarify the certification standard and further extend the below discussed certification’s safe harbor to May 18, 2020, respectively, here. For further details on the...
The IRS provides guidance on non-deductible expenses paid by loans under the Paycheck Protection Program (PPP)
On April 30, 2020, the IRS issued Notice 2020-32 addressing the deductibility of expenses paid by the PPP loan. This notice clarified that no deduction is allowed for an expense (payroll, rent, mortgage interest, utilities) that results in forgiveness of a covered...
SBA Interim Final Rules and Other Information: An Update
April 29, 2020 Since our last update, the Small Business Administration has published four Interim Final Rules relating to the Paycheck Protection Program (PPP). These items summarized key eligibility components relating to the Paycheck Protection Program and...
PPP Loan Funds and EIDL Grant Amounts Refilled
April 27, 2020 This week Congress provided further relief for businesses and healthcare institutions through additional funding for the record stimulus deal in response to the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security Act (CARES) provided...