The DMJ & Co., PLLC Digest: A CPA Blog

Insights and musings from the desks of our professionals.

The DMJ Digest: A CPA Blog

Insights and musings from the desks of DMJ professionals.

Tax Blast: How to Apply for A Small Business Disaster Loan

One of the most interesting facets of the relief bill for businesses is the ability to get a “paycheck protection loan” under SBA Section 7(a), designed for employers with under 500 employees. The Act provides about $350 billion for this purpose. The loan is administered by your local bank but guaranteed by the SBA. All small employers are eligible, including nonprofits and sole proprietors.

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How to Apply for a Small Business Disaster Loan

The Coronavirus Aid, Relief, and Economic Security Act, also known by its acronym, the CARES Act provides much relief for businesses through loans, job credits, and tax deductions. It also provides relief to individuals through personal tax rebates, easing access to retirement funds, and tax deductions.

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Tax Blast: The Coronavirus Aid, Relief, and Economic Security Act

Wednesday night, March 25, the Senate overwhelmingly passed the CARES Act which will provide over $2 trillion in relief to individuals and businesses. The House must pass and the President must sign the bill before it becomes law, both of which are currently projected to occur on Friday, March 27. Here are the key business provisions as it currently stands in the Senate’s version of the bill that has passed. Reminder – these provisions are not law yet and are subject to change.

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The Coronavirus Aid, Relief, and Economic Security Act – The CARES Act

Wednesday night, March 25, the Senate overwhelmingly passed the CARES Act which will provide over $2 trillion in relief to individuals and businesses. The House must pass and the President must sign the bill before it becomes law, both of which are currently projected to occur on Friday, March 27. Here are the key business provisions as it currently stands in the Senate’s version of the bill that has passed. Reminder – these provisions are not law yet and are subject to change.

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A Message from DMJ & Co., PLLC Regarding COVID-19

As counties across North Carolina announce stay-at-home orders and with these updated government directives underway, we want to keep you informed of our plan for business continuity as we continue to move forward. It is important to note that financial services are identified as a critical industry sector and accounting is identified as an essential business in many counties.

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