On Friday, May 15 the Small Business Administration (SBA) released the long-awaited PPP Forgiveness Application Form. This application created a number of new safe harbors and changes that were not in
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There has been a great deal of discussion regarding the borrower’s good-faith certification required on the application for a PPP loan. The SBA released FAQ 46 this morning, May 13,
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More than 250 BMSS employees and family members laced up their running shoes on Saturday, May 2 to rally together, while remaining at least six-feet apart, in the BMSS Presents:
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The Paycheck Protection Program loan portal reopened at 9:30 a.m. CST today, April 27. If you have already worked with a lender but were not approved before the first allocation
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The recently enacted Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes several provisions affecting retirement plan distributions and loans related to the COVID-19 virus that are discussed below. Distributions: Eligible individuals
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If you are participating in the Paycheck Protection Program (PPP) and have received your funding, it is likely you have questions about the second phase of the program – loan
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The IRS released FAQs on Sec 2302 of the CARES Act, Delay of Payment of Employer Payroll Taxes. This provision generally provides that employers may defer the deposit and payment
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The accounting, tax and general business implications of COVID-19 is a rapidly evolving situation. BMSS will provide an update and/or revised information as it becomes known to us and we
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Late Thursday afternoon (April 9), the IRS issued News Release 2020-66, in which they announced that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. The notice, which
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Much attention has already been given to the postponement from April 15 to July 15 of certain payments of tax and filings. The Internal Revenue Service (IRS) announced this postponement in Notice
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Almost one week ago, the Paycheck Protection Program (PPP) created under the CARES Act was launched by the Small Business Administration and banks across the country. The rollout of this
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Last night, the SBA released FAQs on the Paycheck Protection Program (PPP). These FAQs are linked here for your reference. Below are some highlights showing clarifications organized by question number
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