by Paul M. Healey & Sons CPAs | Jan 6, 2021 | Blog
As you are probably aware, Congress recently passed additional COVID relief provisions. At this stage, pending regulatory interpretation of the provisions from the Treasury Department, as well as the Small Business Administration, here are bullet points of what we believe is included:
- Additional individual stimulus payments at $ 600 per person – this may be increased at a later date. There are income phase outs as before. You need not do anything, it will be automatic.
- Simplified PPP Forgiveness applications for loans under 150K. We are waiting for guidance on this— so nothing to do as of yet for all forgiveness applications.
- Additional PPP funding has been allocated by Congress. This round will be more stringent and will require demonstrated revenue reductions of at least 25% for specified periods between 2020 and 2019. So, hurry with your year-end accounting.
- It appears as we thought, that PPP loans, as well as SBA loan payment forbearance for the six month period, for those of you who have SBA loans, will not be a taxable event.
- Additional unemployment assistance.
- There are a multitude of other provisions and extenders that we will be monitoring as they affect your individual client situation.
We will keep you apprised as more guidance is published.
by Paul M. Healey & Sons CPAs | Jul 2, 2020 | Blog
Good morning clients. We just wanted to provide you with a few updates in regards to what’s available to you for your business during COVID-19.
- The Paycheck Protection Program (PPP) loan application deadline has been extended to August 8th, 2020.
- The SBA.gov’s EIDL Portal is now reopen and accepting applications here.
- A short form of the PPP forgiveness application has been made available and can be located here.
If you have any questions regarding any of these updates or need any assistance, please don’t hesitate to reach out to our office.
by Paul M. Healey & Sons CPAs | May 8, 2020 | Blog
Good Morning! I just wanted to say thank you to everyone that supported my run for the Valley Electric Association Board Director seat for District 6.
IT WAS A SUCCESS!
Click HERE to see the announcement made by Valley Electric Association last night at the end of the District 6 Annual Meeting that was held virtually due to Covid-19. Looking forward to officially taking the seat on May 28th, 2020.
Thank you again for all your support!
by Paul M. Healey & Sons CPAs | Apr 3, 2020 | Blog
Just wanted to post a little update to let you all know that the deadline to submit your vote online has been extended through April 20th, 2020 at 9:00 a.m. PST
Please click HERE to visit my profile and learn a little more about me and why I want to serve the community through VEA.
To place your vote, if you haven’t already done so, please click HERE.
Thank you once again for your consideration and support throughout this election!
by Paul M. Healey & Sons CPAs | Apr 1, 2020 | Blog
The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain nonprofits and other employers. This guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.
To keep up to date on when these programs become available, please stay in contact with your local Small Business Administration (SBA) District Office, which you can locate HERE…
This guide should prove helpful to many of you. Click HERE to check it out.