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Recent Posts

The widespread closures of businesses due to coronavirus have rendered companies of all sizes scrambling for liquidity, but federal relief programs previously enacted have focused on small and large companies, with mid-size companies virtually excluded from federal relief. To narrow the gap for those companies, the Fed had created the Main Street Lending Program. The Main Street Lending Program will provide additional financing for small- and medium-sized businesses by utilizing $75 billion of capital made Read More
In addition to previously granted automatic extensions of time to file and pay, the IRS yesterday granted additional, broad relief in response to coronavirus. Notice 2020-23, applies to all taxpayers that have a filing or payment deadline on or after April 1, 2020, and before July 15, 2020. This includes individuals, trusts, estates, corporations, and other non-corporate tax filers. The period will be disregarded by the IRS in calculating any interest, penalty, or addition to Read More
Mecklenburg County, NC has approved $5 million in small-business loans to help small local companies that have been negatively impacted by coronavirus.  The Small Business Emergency Stabilization Loan Fund will provide small businesses with 50 or fewer employees loans between $5,000 to $35,000 at 3% interest and up to a 10-year term, with interest-only loans for the first 12 months, to use for rent, payroll, utilities, and other immediate expenses. State law prohibits the county Read More
The IRS has issued its first informal guidance on the employee retention credit, which passed as part of the CARES Act last week. The credit is available to all employers regardless of size, including tax-exempt organizations, but not to state and local governments and their instrumentalities and small businesses that take small business loans -- including Paycheck Protection Program loans. To qualify for the employee retention credit, employers must fall into one of two categories: Read More
Small businesses and sole proprietorships that have been negatively impacted by the coronavirus pandemic can apply for federal loans under the federal Paycheck Protection Program (PPP) beginning this Friday, April 3, 2020. The following week, beginning April 10th, independent contractors and self-employed individuals can apply. The application can be found here along with details for borrowers and lenders. We urge those in need of funding to contact us ASAP to determine if the loan is Read More