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On December 27, 2020 President Donald Trump signed into law the $900 billion Covid-19 relief bill passed by Congress on December 21, 2020. The largest provision in the bill includes $325 billion in aid for small businesses that were heavilyREAD MORE

On November 30, 2020 Governor Gavin Newsom announced the creation of a $500 million Covid-19 Relief Grant for small businesses that have been impacted by covid-19. $500 Million in Covid-19 Relief Grants for Small Businesses There will be two roundsREAD MORE

California has multiple resources for small businesses impacted by Covid-19 including the following: Extensions, Tax Relief, and Credits Extended filing Deadline The California Department of Tax and Fee Administration (CDTFA) is providing a three-month extension for individuals and businesses toREAD MORE

Under the CARES Act, the amount of Paycheck Protection Program (PPP) loan forgiven is excluded from gross income. On May 2, 2020 the Department of the Treasury and the IRS released Notice 2020-32, which clarified that no deduction would beREAD MORE

Under the CARES Act, the amount of Paycheck Protection Program (PPP) loan forgiven is excluded from gross income. On May 2, 2020 the Department of the Treasury and the IRS released notice 2020-32, which clarified that no deduction is allowedREAD MORE

News Update On June 4, 2020 the IRS released Notice 2020-39 providing relief for Qualified Opportunity Funds (QOFs) and their investors in response to the ongoing COVID-19 pandemic. This relief includes: Extending the 180-day period in which a taxpayer canREAD MORE

For businesses experiencing financial difficulty in 2020 due to the COVID-19 crisis, utilizing all methods to sustain cash flow is imperative. One option to be considered for businesses experiencing financial losses is to apply IRC Sec. 165(i) to accelerate thoseREAD MORE

On Thursday May 28, 2020 the House approved a bill which, if approved in the Senate and signed by the President, would make several favorable changes to the PPP loan forgiveness provisions. Some of the changes would include: Decreasing theREAD MORE

The Paycheck Protection Program (“PPP”) loan was intended to sustain small businesses and preserve employees’ jobs by helping cover essential operating expenses so businesses could stay afloat and retain employees during the COVID-19 shutdown. When banks started accepting applications shortlyREAD MORE

Recording Receipt of the PPP Loan Proceeds: GPW recommends that a new general ledger account be created to track the PPP loan proceeds separately from other payables, loans, and lines of credit. You could also consider creating a separate bankREAD MORE