Entries by sarah.wells@scheffelboyle.com

Keep Your Stimulus Payment Notice for Your 2020 Taxes

In mid-April, Economic Impact Payments, also known as Stimulus Payments, began hitting bank accounts of taxpayers across the U.S. If you were an eligible recipient of a stimulus check and received your payment, you should have also received Notice 1444 following the disbursement of your payment. Notice 1444 detailed the amount of the payment, how […]

PPP Loan Forgiveness Application Updated for the Flexibility Act

On June 16th, the SBA and Treasury released the revised PPP Loan Forgiveness Application. The new application is just five pages long, is said to be “borrower-friendly”, and reflects the changes implemented by the Paycheck Protection Program Flexibility Act of 2020. The revised PPP Loan Forgiveness Application and instructions contain a number of updates, including: […]

COVID-19 FAQs for Financial Institutions

The COVID-19 pandemic has caused widespread disruption to business operations across all industries. In the face of unprecedented uncertainty, financial institutions have a pivotal role in the urgent response to the crisis. There are also specific measures to take that can mitigate the impact of the crisis on financial institutions themselves. Here are answers to […]

President Trump Signs Bill Offering Flexibility on PPP Loan Forgiveness Into Law

Today, June 5th, President Trump signed the Paycheck Protection Program Flexibility Act of 2020 into law. The bill eases the strict guidelines currently in place to qualify for forgiveness of PPP loan funds and allows for an additional 16 weeks to use the funds for eligible expenses. It also provides more flexibility for use of […]

IRS Increases Flexibility for Code Section 125 Cafeteria Plans Due to COVID-19

To assist with the U.S. response to the 2019 novel coronavirus (COVID-19), the IRS has released two notices providing greater flexibility for employers who maintain Internal Revenue Code Section 125 cafeteria plans for their eligible employees. Notice 2020-29 relaxes the rules regarding mid-year election changes during calendar year 2020 for employer-sponsored health plan coverage, health Flexible Spending […]

Senate Passes PPP Bill Offering Flexibility on Forgiveness Guidelines

On Wednesday, June 3rd, the Senate passed the Paycheck Protection Program Flexibility Act of 2020. The bill was passed in the House last week with large bipartisan support and eases the strict guidelines currently in place to qualify for forgiveness of PPP loan funds. It will now move to President Trump for his signature. As […]