Our professionals continue to proactively advise clients on COVID-19 issues. We’ve gathered important COVID-19 business and employer resources to help you stay abreast of issues and directly access the most reliable sources. We will keep this page updated as changes occur. You can also stay up-to-date via our BLOG.
DISASTER LOAN ASSISTANCE
Small Business Administration (SBA) Funding for Small and Medium-Sized Businesses. There are two programs available to help businesses with disaster relief – the revised Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP). Both programs can be used; however they are not intended for the same purpose. Additional conditions and amendments may apply.
PAYCHECK PROTECTION PROGRAM
The PPP program ended May 31, 2021. The below links are for information only.
The Consolidated Appropriations Act of 2021 includes additional PPP loan funding. We encourage borrowers to consult with their accountant for proper calculations and proceeds usage per PPP application and forgiveness criteria. The below links are to assist with general information only.
There are three PPP Loan Forgiveness Application forms: SBA Form 3508, SBA Form 3508EZ, and SBA Form 3508S. Borrowers should check with their lender to ensure they have the most recent PPP loan forgiveness application and instructions. Your Lender can provide further guidance on how to submit the application.
The SBA has launched a streamlined application portal to allow borrowers with Paycheck Protection Program loans of $150,000 or less through participating lenders to apply for forgiveness directly through the SBA. Your lender must be participating in this program in order for you to apply for direct forgiveness using the SBA portal. If your lender is not participating in the portal program, you must still apply for forgiveness through your lender. The questions asked on the forgiveness form in the portal correspond to those asked on SBA Form 3508S.
SBA EIDL LOAN PROGRAM
The EIDL program for COVID-19 funding ended on December 31, 2021. Access prior EIDL application and information HERE.
TAX DEADLINES AND PAYMENT EXTENSIONS
Colorado and other states have issued guidance on both tax filing and payment relief. Here are the summaries.
FEDERAL AND STATE RELIEF PROVISIONS
- IRS News Release Updates – This link provides updates and guidance for Coronavirus tax relief and Economic Impact Payments
- The American Rescue Act of 2021 – This link provides the full text of the House bill. For a summary, click HERE.
- The Consolidated Appropriations Act of 2021 – This link provides the full text of the House amendment. For a summary, click HERE.
- IRS Economic Impact Payments (aka Stimulus Payments) – This link provides information and FAQs for the first, second and third rounds of stimulus payments and 2020 Recovery Rebate Credit. NOTE – If you received Economic Impact Payments (EIPs) or advance Child Tax Credit (CTC) payments in 2021, expect to hear from the IRS in January. Letters will be mailed, listing the total EIPs or CTC payments you received. Keep the letters with your tax records and provide to your accountant for tax filing. Depending on your eligibility, you may be able to claim an additional EIP, called a Recovery Rebate Credit, on your 2021 tax return (even if you don’t usually file). If you received advance CTC payments, compare the amount received with the total you qualify to claim. If you were overpaid or underpaid, you may have to repay the excess on your return or claim a credit for the difference. Here’s more: https://bit.ly/3GlPawW
- Families First Coronavirus Response Act – This link includes information about common issues employers and employees face when responding to COVID-19, and its effects on wages and hours worked under the Fair Labor Standards Act (FLSA), job-protected leave under the Family and Medical Leave Act (FMLA), and paid sick leave and expanded family and medical leave under the Families First Coronavirus Response Act (FFCRA).