Here is the latest news and updates related to the Corona Virus:
Treasury Department, PPP Loan Forgiveness FAQ Update (as of 8-4-20)
As you all know, PPP Loan forgiveness has been a moving target. There are lots of questions and varying answers. So, coming from the Treasury Department source of truth, here is their latest FAQ update: PPP Loan Forgiveness FAQs
Breaking News: Paycheck Protection Program (PPP) Loan Terms Updated
Great news! Thanks to action by Congress on June 3, small business owners now have more flexibility in using their PPP loan. Paycheck Protection Flexibility Act H.R. 7010
Learn about Intuit Aid Assist (Enabling PPP Loan application within QBO)
S.3548 – CARES Act (including PPP Loan provisions)
More Resources and News
- Families First Coronavirus Response Act for small employers:
- With the constant inundation of information regarding the COVID19 Pandemic, the attached document contains pertinent information from the Department of Labor, the Internal Revenue Service, and the Society of Human Resources Management. This information provides the regulations, processes, and guidelines as they relate to the new Families First Coronavirus Response Act (FFCRA), effective April 2, 2020, and sunsets December 31, 2020.
- Thanks to our friend Ann Strouhal for putting this together.
- Notice from Texas Comptroller of Public Accounts:
These are challenging times for businesses all over the nation. The Texas Comptroller’s office knows that during periods of economic hardship, paying or remitting taxes and fees on time can feel like an extra burden when there’s so much uncertainty. We’re thankful to those businesses that were able to remit state and local sales taxes they collected from customers in February on the March 20, 2020, due date.
We understand that virtually all of our taxpayers are doing their best to remain in compliance and be responsible in submitting the taxes they collected from their customers. With that in mind, our agency is here to offer assistance to those businesses that are struggling to pay the full amount of sales taxes they collected in February.
For businesses that find themselves in this situation, our agency is offering assistance in the form of short-term payment agreements and, in most instances, waivers of penalties and interest.
We ask that you contact our Enforcement Hotline at 800-252-8880 to learn about your options for remaining in compliance and avoiding interest and late fees on taxes due.
In addition, we have a variety of online tools for businesses seeking assistance. See our COVID-19 emergency response webpage for access to online tools, tutorials and other resources for tax services, and to establish 24/7 online account access with Webfile.
We’re standing by to help Texas businesses during these difficult times.