COVID-19 News & Updates
We have created this section of our site to keep you informed of Jackson Thornton updates as well as other news that impacts our clients and friends.
CARES Act Stimulus
June 4 – PPP Flexibility Bill Passed – Client Email
May 16 – Yesterday, the SBA and Treasury released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions. Click here for that document.
May 13 – The SBA has extended the repayment date for PPP loans to Monday, May 18,2020, to give borrowers an opportunity to review and consider question 46 (see post below). Borrowers do not need to apply for this extension. Please see question 47 at the end of the FAQs document.
May 13 – Earlier today, the SBA and Treasury updated their FAQs to clarify how they would review certifications that PPP loans were taken in good faith. PPP loans with the original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith. For companies with loans over $2 million, Treasury states that the companies “may still have adequate basis for for making the required good-faith certification.” They go on to state that they will review these applications to determine if they believe the good faith certification was met. For additional details on their loan application review process, please see question 46 at the end of the FAQs document.
May 6 – The IRS has recently issued guidance on retirement plan distribution and loan rule changes – click here for more information. In addition, tax-related deadlines were extended for employee benefit plans and their participants. Please click here for more information on those extensions.
May 5 – US Dept. of The Treasury – Link to the latest information/FAQs on the Paycheck Protection Program
April 16 – The CARES Act provided for Economic Impact Payments for many US Residents. If you do not file a tax return or receive Social Security or Railroad Retirement, the IRS has set up the following web page for Non-Filers to enter their payment information. Click here for the page.
April 14 – The CARES Act allows employers to defer the deposit and payment of the employer’s share of social security taxes and self-employed individuals to defer payment of certain self-employment taxes. These FAQs address specific issues related to the deferral of deposit and payment of these employment taxes; they will be updated to address additional questions as they arise. Click here for the FAQs.
April 13 – US Dept. of The Treasury – Link to an overview of the Small Business Paycheck Protection Program & applicable tools
April 3 – Small Business Loan Programs Under CARES Act – UPDATED – Given the fluid nature of the guidance, please confirm this information with your lending institution.
April 2 – 7(a) Paycheck Protection Program Loan Application UPDATED
April 2 – Paycheck Protection Program Fact Sheet for Borrowers UPDATED 4/26/20
March 31 – Paycheck Protection Program Client Email – Updated 4/3/20
March 28 – CARES Act Client Email – Updated 4/3/20
Families First Act Updates
Jackson Thornton/JTAM/JTT Updates
March 13 – JTT COVID-19 Business Continuity Plan
Updates that Impact You or Your Business
March 24 – The Dept. of Labor issued a press release with some key points for employers as related to payroll taxes as well as providing a comprehensive Q&A on their website.
March 23 – Alabama Extends State Income Tax Deadline
Jackson Thornton provides the information on this website for general guidance only, and does not constitute the provision of tax advice, legal advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this website are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.