In an effort to stave off economic devastation caused by the COVID-19 pandemic, billions of dollars in grants are being handed out to individuals and businesses by the federal government. State and local governments are participating as well.
Is it “Tax-Free Money” or is it a “Loan”
Did you receive money from a lender under the existing Paycheck Protection Program (PPP)? If so, you may qualify for more tax-free money. But first, let’s clarify what’s happening. When you think of the PPP program, do you think “Tax-Free Money” or do you think “Loan”?
The new Paycheck Protection Program (PPP) law enacted with the recent stimulus package adds dollars to your pockets if you have or had PPP money. If you are going to apply for PPP money for the first time, the favorable rules in this article apply to your newfound tax-free money.
All small-business owners with one to 49 employees should have a medical plan in their business. Sure, the tax law does not require you to have a plan, but you should.
Most of the tax rules that apply to medical plans are straightforward when you have fewer than 50 employees.
Here are the six opportunities for you to consider:
If you did not obtain a Paycheck Protection Program (PPP) loan, then you should make sure to claim the federal tax credit equal to 100 percent of required emergency sick leave and emergency family leave payments made pursuant to the Families First Coronavirus Response Act (FFCRA). And as long as you are doing that, ...