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Another Opportunity to Receive PPP Funding is Now Available

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

Provisions Affecting Retirement Plan Distributions and Loans in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)

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

Important Update on the Loan Forgiveness Phase of the PPP

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

Good News for PPP Loan Recipients Regarding Deferral of Payroll Taxes

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

Important Notice Regarding Legal Implications for Clients Who Have Applied for Loans from the PPP

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

IRS Issues Additional Relief Measures

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

IRS & ADOR Operations – Beyond the Postponement of Payments and Filing until July 15

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

Most Recent Update on the Paycheck Protection Program

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

Update on SBA Paycheck Protection Program for Individuals & Business Owners

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

Important Update on the Paycheck Protection Program

In the latest effort to help small businesses and individuals, the CARES Act was announced last week. This past Wednesday, the Treasury Department provided the application with a subsequent revision

Department of Treasury Releases the Paycheck Protection Program Application

The Department of Treasury just released the Paycheck Protection Program (PPP) application and supplemental information on their website. This program is designed to assist small businesses in keeping their employees

Protecting Yourself Against Identity Theft and Fraud

With the increase of electronic communication and web traffic, there has been a rise in identity theft and fraud. Please be aware and cautious of the following: Websites purporting to

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