Consolidated Appropriations Act On December 21, 2020, Congressional leaders released the text of the Consolidated Appropriations Act.  The omnibus legislation encompasses a number of smaller acts, funding the government for the 2021 fiscal year, as well as providing relief for the escalating COVID-19 pandemic, economic stimulus, and tax relief.  This 5,500 page piece of legislation… Read More

We cover a multitude of tax strategies created by the recent legislation. We also discuss pitfalls taxpayers must avoid to save tax. Presentation Slides Available Here.

All dentists can now apply for financial assistance through the U.S. Department of Health and Human Services’ Enhanced Provider Relief Fund Payment Portal. The Provider Relief Funds were allocated by the CARES Act and the Paycheck Protection Program and Health Care Enhancement Act. Providers have until July 24 to apply for the program, which provides… Read More

On April 20th, we told you about money Congress had appropriated to ag producers to help fight the economic effects of the COVID pandemic (https://www.coopernorman.com/stimulus-money-for-the-ag-sector/). Yesterday morning, the USDA announced that beginning next Tuesday (May 26), producers who have suffered losses can begin submitting applications (https://www.farmers.gov/cfap). Some items to note: To complete your application, you will need… Read More

Friends, The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation last night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The Senate approval sends the House bill, called the Paycheck Protection Flexibility Act, to President Donald… Read More

Friends, I hope this message finds you well.  As you likely know, the impact of COVID caused federal and state taxing authorities to extend most individual filing and payment deadlines beyond the April 15th deadline.  I have attached a summary of all federal and state income tax deadlines for your reference.   While most states have… Read More

Video Playback Available of the Securing PPP Loan Forgiveness Webinar: Other Materials: PDF Securing PPP Loan Forgiveness For access to the calculator spreadsheet, please reach out directly to Dan Packard at dpackard@coopernorman.com or Tim Anderson at tanderson@coopernorman.com.

Friends, On Friday, the SBA released an application form for PPP loan forgiveness, along with instructions for completing the form.  More specifically, this 11-page document contains the following: Instructions for completing the application A summary of costs eligible for forgiveness A PPP loan forgiveness calculation form Representations on behalf of the borrower Full-time equivalent calculation… Read More

The SBA and Treasury Department continues to provide guidance on the PPP loan application process and related forgiveness.  Recently, the SBA updated the PPP loan FAQ page to add FAQ 31, which provides: Read more here.

Today, Governor Little announced cash grants for Idaho small businesses.  This “Rebound” program is designed to assist local business owners who have been adversely impacted by the state-mandated shutdown.  Below are a few highlights: Total Program: $300 million Individual Business Grant: up to $10,000 More than 30,000 Idaho small businesses supported Subject to qualification (eligibility… Read More