PPP application deadline extended

President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding. However, $7.25 billion in … Read more

ARPA provides extensive relief for eligible families and businesses

On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). The $1.9 trillion law is intended to provide far-reaching relief from the economic and other repercussions of the ongoing COVID-19 pandemic. In addition to funding for testing, contact tracing, vaccinations, education, and state and local governments, the ARPA includes extensive … Read more

The American Rescue Plan Act: Key Features

Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. President Biden is expected to sign the 628-page American Rescue Plan Act (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments. The ARPA … Read more

PPP revisions target smallest businesses

The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules … Read more

Video: Net Disposable Income for Pennsylvania

H2R CPA Senior Manager, Steven M. Dotterer, JD, MBA, CVA , briefly discusses how calculations for net disposable income and spousal support depend upon a variety of factors. In this video, he provides an overview of some of those factors and offers some general insight into how H2R CPA’s litigation support team can assist our … Read more

Video: Employee Retention Credit Expanded

The Consolidated Appropriations Act, 2021, expanded the Employee Retention Credit which was implemented under the CARES Act. Important Update: Businesses that participated in the Paycheck Protection Program (PPP) are now permitted to use the Employee Retention Credit, but only for wages not covered under the PPP – a business cannot “double-dip.” Lucas Rihely, CPA, Partner, … Read more

Video: Second Draw PPP Loans and Other PPP Updates

H2R CPA Partner, Kieran O’Dea, CPA, briefly discusses Second Draw PPP Loans and Other PPP Updates. Topics include: First Time Borrowers Second Draw PPP Loan Misconceptions Regarding Second Draw Loan View the video here. The information provided on this video does not, and is not intended to, constitute tax and/or accounting advice. All information, content, … Read more

Second Draw PPP Loans and other considerations that impact businesses

The Consolidated Appropriations Act of 2021 (CAA) was signed into law in late December. The sprawling legislation contains billions of dollars in additional stimulus funding in response to the COVID-19 pandemic, as well as numerous unrelated provisions. Let’s take a closer look at the provisions that are most likely to affect your company’s bottom line. … Read more

Key Provisions of the COVID-19 Aid Bill

After months of negotiations in Washington, an agreement has been struck on a new aid package to address the ongoing fallout from the COVID-19 pandemic. The legislation has been passed by both the U.S. House of Representatives and the U.S. Senate, and has been sent to President Trump to sign the Bill into law. Included … Read more

Video: The Impact of COVID-19 on Business Valuations

H2R CPA Senior Manager, Steven M. Dotterer, JD/MBA, CVA , briefly discusses the impact of COVID-19 on business valuations in regard to estate planning and an exit planning strategy. View the video here.