PPP Program – A helpful FAQ on the PPP program is here.  Small Businesses need to know that this is a “first come first serve” program so we encourage firms to work with their banks to submit a loan application as quickly as possible.

Essential Businesses – An update on the definition of essential businesses can be found here.

Mid-Sized Companies – Details are out on programs for mid-sized businesses.  See link here.

Employee Retention Tax Credit – As an alternative to the PPP, employers can also consider the Employee Retention Tax Credit Program.  See details here.

Deferral Social Security Taxes – Another program that might be of interest is the Social Security Tax Deferral Program.  See details here.

Business Losses – Congress as part of the Corona Virus response has also made significant changes in tax law related to business losses including removal of a cap on business losses and the ability to “look back” for five years on losses.  Businesses should discuss these new tax changes with their accountant or tax advisor.  Booking losses can reduce tax liability and result in refunds.