DMJ & Co., PLLC News & Notes
DMJ & Co., PLLC News & Notes
The U.S. Department of Treasury has released more information on the Paycheck Protection Program (PPP). DMJ now has available on-demand, and at your convenience, pre-recorded webinars that provide attendees an overview of the key provisions in the CARES Act.
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.
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.
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.
On March 18, 2020, the President signed the “Families First Coronavirus Response Act” (HR 6201) (“the Act”) to provide some relief from the economic effects of the current outbreak. Many of these benefits to employees are the responsibility of the employer, and tax credits are granted to help offset some of these costs.
We are committed to serving the needs of our clients while maintaining a safe and stable work environment for our employees. Moreover, DMJ takes our role in social responsibility during the coronavirus outbreak very seriously, protecting our most vulnerable, and...
DMJ & Co., PLLC’s March newsletter includes a Coronavirus update, articles, market updates, news and notes, and more.
Since China first alerted the World Health Organization (WHO) on December 31, 2019, the spread and impact of the Coronavirus has evolved rapidly. By January 30th, the WHO declared the coronavirus a global emergency and now the world is grappling with the potential impact of this disease. As such, we wanted to offer a few updates and links to further educate and provide perspective of this developing event.
On 12/20/2019, the President signed The Further Consolidated Appropriations Act (H.R. 1865), which included several bills. Included in the omnibus spending legislation was the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” (the “Disaster Act”, for short). Most counties in Eastern North Carolina were declared a Major Disaster Area by the President following Hurricane Florence. Previously, there was limited tax relief for victims of Hurricane Florence. With the changes to the tax law in late December, the provisions below could provide you with some additional tax benefits for 2018.
DMJ & Co., PLLC’s February newsletter includes articles, market updates, news and notes, and events.