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
- Preparation of data to obtain PPP loan forgiveness
- Preparation of data to determine the amount of grant available under various SBA grant programs
- Assistance with Employer Retention Tax Credit calculations
- 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.
Tax Day for individuals extended to May 17, 2021: Treasury, IRS extend filing and payment deadline
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
COVID-19 Federal Payroll Tax Relief Programs
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 June 30, 2021. 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. Retroactive to the March 27, 2020, enactment of the CARES Act, the law now allows employers who received Paycheck Protection Program (PPP) loans to claim the ERTC for qualified wages that are not treated as payroll costs in obtaining forgiveness of the PPP loan. Employers should keep careful track of amounts accrued and be prepared to pay the amounts when due.
For more information, see COVID-19-Related Employee Retention Credits: How to Claim the Employee Retention Credit FAQs.
The Small Business Administration (SBA) is offering an array of Coronavius Relief Options for all businesses. In additions the SBA has targeted grants programs for restaurants, food trucks, food stands, food carts, caterers, taverns, bars, saloons, inns, lounges, brew pubs, taprooms, tasting rooms, licensed facilities or other similar places of business under the American Rescue Plan Act of 2021’s Restaurant Revitalization Fund and Under the Consolidated Appropriatioins Act, 2021’s “Shuttered Venue Operators Grant Program” such as venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion picture theatre operators, and talent representatives.
Paycheck Protection Program Information For Borrowers
SBA is currently offering PPP loans until March 31, 2021.
The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Visit the SBA’s Paycheck Protection Program webpage to find out more and apply for a loan.
We recommend contacting your current banker to obtain a PPP Loan.
Approved SBA lender list can be found by clicking here..
Covid-19 Economic Injury Disaster Loans (EIDL)
The Small Business Administration’s (SBA) Economic Injury Disaster Loan program provides small businesses with working capital loans 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. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. The link below will take you to the SBA’s streamlined loan application.
Notice: The SBA Now Accepting New Applications for Economic Injury Disaster Loans: On June 15, SBA resumed accepting new Economic Injury Disaster Loan (EIDL) applications from all eligible small businesses, private non-profits and U.S. agricultural businesses. The EIDL program provides small businesses and nonprofit entities with low-interest loans. Although Congress provided for a $2 million maximum loan amount, the SBA has announced it has imposed a maximum loan amount of $150,000. Visit the SBA COVID-19 Economic Injury Disaster Loans webpage for more information
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.