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Insights

Bridging the Gap

Between industry news and personal experience.

Is Your Small Business Eligible for the 2021 Employee Retention Credit? Thumbnail

Is Your Small Business Eligible for the 2021 Employee Retention Credit?

Your small business may be eligible for the Employee Retention Credit (ERC) in 2021 – and it is not too late to claim it. While the ERC was initially implemented by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, it was the Consolidated Appropriations Act that extended the credit through June 30, 2021 and later the American Rescue Plan Act of 2021 that further extended the credit through December 31, 2021.

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Health Insurance Reimbursement Arrangements for Small Business Thumbnail

Health Insurance Reimbursement Arrangements for Small Business

Many of our small business clients ask if they can reimburse their employees for health insurance. Although you cannot give your employees money directly for their healthcare expenses, there is a tax advantaged health benefit that allows employers to reimburse their employees for their healthcare expenses. This benefit is called a Health Reimbursement Arrangement or an HRA.

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The American Rescue Plan Act of 2021:  What Small Business Owners Need to Know Thumbnail

The American Rescue Plan Act of 2021: What Small Business Owners Need to Know

The American Rescue Plan, 2021 (ARPA, 2021) was signed by President Biden on March 11, 2021 to address the continuing economic impact on small businesses, employers, and employees due to the coronavirus (COVID-19) pandemic. The legislation extends and expands provisions found in the Families First Coronavirus Relief Act (FFCRA), Coronavirus Aid, Relief and Economic Security (CARES) Act, and the Consolidated Appropriations Act, 2021 (CAA, 2021).

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PPP Update: Change for Schedule C Filers Thumbnail

PPP Update: Change for Schedule C Filers

On Wednesday, March 3, 2021, the Small Business Administration (SBA) released new applications with revised calculations for the Paycheck Protection Program (PPP) loans specifically for self-employed individuals who file their business operations on Form 1040 Schedule C.

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Update: Paycheck Protection Program (PPP2) Thumbnail

Update: Paycheck Protection Program (PPP2)

The White House announced changes to the current Payroll Protection Program (PPP2) with the intent of further helping small businesses and sole proprietors. Although the program is currently open to all eligible businesses, beginning tomorrow, February 24, only business with 20 or fewer employees will be able to apply for funding.

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Maximizing the Employee Retention Credit and Paycheck Protection Program   Thumbnail

Maximizing the Employee Retention Credit and Paycheck Protection Program

Before employers rush to ask for forgiveness on their Small Business Interruption Loans issued under the Paycheck Protection Program (PPP) they may want to check their eligibility for the Employee Retention Credit (ERC) first. New legislation from the Consolidated Appropriations Act (CCA) 2021 created the opportunity for businesses to take advantage of both the PPP and the ERC.

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PPP Second Draw and The Employee Retention Credit for Small Businesses Thumbnail

PPP Second Draw and The Employee Retention Credit for Small Businesses

At the end of 2020, Congress passed, and President Trump signed a new law that provides for additional relief related to the coronavirus pandemic. This law, the Consolidated Appropriations Act 2021 (CAA 2021), includes a second draw of Paycheck Protection Program (PPP) loans (PPP Second Draw Loans), as well as an expansion and extension of the Employee Retention Credit.

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Payroll Protection Program Loan Forgiveness Thumbnail

Payroll Protection Program Loan Forgiveness

As borrowers approach the end of their 24 weeks for the Payroll Protection Program (PPP), the question “What do I need to do to apply for forgiveness?” goes through their minds. Many borrowers scrambled getting items put together to apply for the PPP loan because funds were limited, but they do not need to rush when applying for forgiveness. The borrower must apply for forgiveness within ten months following the end of the covered period of 24 weeks. If forgiveness is not applied for, loan payments will begin at the end of this 10-month period. Once forgiveness is applied for, the lender has up to 60 days to review the forgiveness application.

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Small Businesses and Employee Health Insurance Thumbnail

Small Businesses and Employee Health Insurance

We get a lot of questions from small business owners about paying for their employees’ health insurance premiums. Many believe they can pay for employees’ health insurance premiums tax free. The reality is that as of July 1, 2015, employers are no longer allowed to reimburse employees for health insurance or pay for individual health insurance premiums. All healthcare premium payments must be paid through a group healthcare plan. Violations could result in a penalty of $100 per day per employee.

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