Current information about business, tax and financial challenges during the current Covid-19 health crisis. Covers both business and personal income tax planning and compliance and business capital challenges.
Following the rules, regulations and processes for the Paycheck Protection Program (PPP), Congress’ lifeline of working capital for small businesses, has been akin to trying to follow a superball bouncing in a small room. At least this most recent change is a positive one.
The three California cannabis licensing authorities announced today that businesses with state commercial cannabis licenses expiring between July 1, 2020 and August 31, 2020 may request 60-day deferrals of their license fee payments. This allows for fee deferral financial assistance to be provided to additional licensees.
The President just signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). We are digesting the 880 pages of law and will be providing updates on a regular basis. In the meantime, we’d like to get some of the highlights to you.
A key business provision of the CARES Act provides for Payroll Protection loans of up to $10 million to COVID-19 impacted businesses with fewer than 500 employees.
The loans provide for the following.
Late Wednesday, the US Senate voted unanimously to advance “Phase Three” as part of the economic relief effort for COVID-19 emergency. The legislation, entitled the “Coronavirus Aid, Relief, and Economic Security Act” (the CARES Act), follows intense negotiations over the last week. Its estimated $2+ trillion price includes: immediate cash relief for individual citizens; a broad lending program for small business; extraordinary public health spending to confront coronavirus; and, targeted relief for specific industries hit hard by the pandemic.
The CARES Act is 880 pages long, consisting of several different Divisions and Titles. We’re still digesting the complex legislation and remind you that it has not yet been signed into law. It still must get through the House of Representatives. Although not yet law, we believe it is important to for our clients to be at the front end of the opportunities and changes that may become law any day.
