At RotenbergMeril, we are focused on helping our clients navigate through this difficult time. As such, we have created a COVID-19 Response Group. The purpose of this group is to help you through this crisis.
A Brief Overview
The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law by President Trump established several programs to help businesses through these unprecedented times. We want to make sure you are maximizing your available benefits and properly accounting for any funds or benefits you receive. One major component is the Paycheck Protection Program that was put in place to help employers avoid laying off employees due to COVID-19.
Our Group Can Help With:
- SBA Loan Application Processing: Including Guidance on the Paycheck Protection Program
- Comprehensive Tax Relief Evaluation Covering All Components of the CARES Act
- Interim Virtual CFO, Controllership and Bookkeeping Support
- Business Continuity Assessments and Planning
- Cash Flow Projections and Tracking
- Financing and Debt Analysis
- Risk Management
- Our Value Reconstruction: Rebuilding Company Value Program
We have extensive experience helping businesses when they need us most. Contact the RotenbergMeril professional you work with or call our office at 201.487.8383 and ask for assistance.
FEDERAL TAX FILING AND PAYMENT EXTENSIONS DUE TO THE PANDEMIC
The IRS has granted taxpayers extensions of time to file and pay. Click the button below for more information.
COVID-19 Federal Payroll Tax Relief Programs
- Employee Retention Tax Credit for Closures due to COVID-19
- Deferral of Employer Social Security taxes: Beginning March 27, 2020, all employers may elect to defer payment of the 6.2% employer Social Security tax through December 31, 2020. Deferred tax amounts would be paid in equal amounts over two years, with payments due on December 31, 2021 and December 31, 2022. Contact your payroll service bureau to elect deferral. Deferral is not available to employers after determination of loan forgiveness through the Paycheck Protection Program. So instead of being able to defer these taxes through December 31, 2020, the period of deferral will be shortened. However, repayment terms remain the same and these taxes will become collectible by the IRS starting in December 2021. Employers should keep careful track of amounts accrued and be prepared to pay the amounts when due.
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
The U.S. Treasury has prepared a Paycheck Protection Program (PPP) Fact Sheet For Borrowers, and a PPP Loan Application Form, and the SBA has issued Interim Final Rules and FAQ’s. You can review and download them by clicking the appropriate buttons below. [Note: the application form and instructions and rules are subject to change. We have linked to the most up to date information, but please check with your SBA lender for any additional information or addendums to the application that they may be seeking as part of the loan approval process].
Borrower Information & Loan Application
- EIDL VS PPP Loan Program
- PPP Information Sheet
- Independent Contractor’s Guide to PPP, EIDL and Unemployment Insurance
- Search Tool: Find an Eligible Lender
- How to Calculate Loan Amounts
- SBA PPP Affiliation Rule
- PPP Loan Application Form (revised 6/11/2020) -Use for loan applications from June 5, 2020
- PPP Application Form – for loan applications through to June 4, 2020
- Borrower Application Form (revised 6/12/2020)
PPP Loan Forgiveness Information and Application
- Documentation Required to be submitted or maintained
- Loan Forgiveness Application Form EZ
- Loan Forgiveness Application Form EZ Instructions
- Loan Forgiveness Application (revised 6/16/2020)
- Loan Forgiveness Application Instructions (revised 6/16/2020)
- PPP Loan Forgiveness Calculator with FAQs – being updated for the PPP Flexibility Act
- FAQ’s SBA PPP Issued to Date
- Interim Final Rule (IFR)) (4/2/2020) – Rule 1
- Interim Final Rule on Applicable Affiliation Rules (4/3/2020)- Rule 2
- IFR – PPP treatment of Active Partners and the Self-Employed (4/14/2020)- Rule 3
- IFR – Hedge Funds/Private Equity & Portfolio Co Elgibility (4/24/20) – Rule 4
- Interim Final Rule on Additional Criterion for Seasonal Employers (4/27/2020) – Rule 5
- Interim Final Rule on Loan Forgiveness (5/22/2020) – Rule 14
- Interim Final Rule on Revisions to First Interim Final Rule (originally posted 6/11/2020) – Rule 17
- Interim Final Rule on Additional Revisions to First Interim Final Rule (6/12/2020) – Rule 18
- Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules – Use of PPP loan and Loan Forgiveness Update (6/17/2020) – Rule 19
- Interim Final Rule on Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule (6/22/2020) – rule 20
We recommend contacting your current banker to obtain a PPP Loan.
If they are not an approved SBA lender, click here to find one.
and $10k Advance
The Small Business Administration’s (SBA) Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. If you meet the qualification criteria to apply for an EIDL loan, submit an application to the SBA, and you will receive a $10,000 advance within three business days—that does not need to be repaid. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. If you also receive a PPP loan, the $10,000 advance would reduce any loan forgiveness by that amount. The link below will take you to the SBA’s streamlined loan application.
State and Other COVID-19 Financial Support Programs
- New Jersey
- New York City
- Small Business Support by State
- Miscellaneous Financial Assistance Programs
Scams are beginning to emerge on the Relief funds.
Make sure you are careful with offers of support so you do not end up losing your resources. Relief checks for individuals are being sent by the government. There is no application process for this. Relief funding for businesses requires an application to do so. This information is already on our website.
Companies and individuals are getting:
- Text messages to call a number to get the funds. These are not legitimate.
- Emails asking people to register to get a refund. At this point, there is no online submission.
- Calls to businesses telling them they will help them get funding for a percentage of the relief package. No one should be charging you a percentage of the funding. Support providers will be charging you for hourly services, but not a percentage of the loan funds.
RotenbergMeril is here to assist you with the CARES ACT financial relief programs.