Specialized Industries

EIDL BORROWERS RECEIVE ADDITIONAL DEFERMENT

On March 15, 2022, Isabella Casillas Guzman, the head of the U.S. Small Business Administration announced that the SBA is providing an additional deferment for existing borrowers of Economic Injury Disaster Loans (EIDL loans).  The additional deferment provides for a total of 30 months deferment of principal and interest payments, from the date of the Read More…

WORTHLESS STOCK MAY PROVIDE A TAX BENEFIT

The disruptions caused by the COVID-19 pandemic have driven significant losses for many businesses, causing some to permanently close. Owners of these and other distressed businesses should consider whether they are eligible for a deduction attributable to an investment in worthless stock. Generally, if the stock is a capital asset and becomes wholly worthless during Read More…

TERMINATION OF THE EMPLOYEE RETENTION CREDIT

The Infrastructure Investment and Jobs Act (P.L. 117-58), enacted on November 15, 2021, retroactively terminated the Employee Retention Credit (ERC) for the fourth quarter of 2021. This early termination does not apply if the employer is a recovery startup business, the credit continues to apply to wages paid before January 1, 2022. A “recovery start-up Read More…

NJEDA SMALL BUSINESS LEASE GRANT PROGRAM

On October 20, 2021, the Economic Development Authority (NJEDA) will open applications for the new Small Business Improvement Grant Lease Program.  This is the first of several programs that the NJEDA will be rolling out, as part of the Main Street Recovery Program.  $10 million dollars has been allocated to the Business Lease Program, with Read More…

NJEDA SMALL BUSINESS IMPROVEMENT GRANT PROGRAM

On October 20, 2021, the Economic Development Authority (NJEDA) will open applications for the new Small Business Improvement Grant Lease Program.  This is the first of several programs that the NJEDA will be rolling out, as part of the Main Street Recovery Program.  $15 million dollars has been allocated to the Business Lease Program, with Read More…

SBA ANNOUNCES CHANGES TO THE EIDL PROGRAM

On September 8, 2021, the SBA announced major changes to the Economic Injury Disaster Loan (EIDL) Program.  New COVID EIDL policy changes include the following: Maximum loan cap increased from $500,000 to $2 million Use of funds was expanded to include payment and pre-payment of business non-federal debt incurred at any time (past or future) and Read More…

PRESIDENT BIDEN’S DISASTER DECLARATION FOR NEW JERSEY AND NEW YORK

On September 1, 2021 New Jersey and New York were hit with the remnants of Hurricane Ida, which caused catastrophic damages in the state of Louisiana a couple of days prior. Some portions of New Jersey and New York received excessive storm damage due to flooding and tornadoes. On September 2nd, President Biden approved an Read More…

TAX PROPOSALS FROM THE BIDEN ADMINISTRATION & CONGRESS

      This article has been superseded by this update:  BUILD BACK BETTER ACT PASSES THE HOUSE OF REPRESENTATIVES Original 9/3/21 Article: The Biden Administration’s 3-part economic recovery plan proposal is known as the “Build Back Better agenda”.  It has evolved quite a bit of the last few months but this is how it Read More…

SO, YOU NEED A SINGLE AUDIT… WHAT IS IT AND WHAT SHOULD YOU EXPECT?

Published by NJCPA August 3, 2021 By Michael A. Holk, CPA, PSA – BKC, CPAs PC One of the few positives in the current economic environment is the availability of government funds. In an effort to combat the impact of COVID-19, many entities have received a substantial increase in the amount of their federal funding Read More…

EMPLOYERS – ARE YOU LEAVING MONEY ON THE TABLE?

2020 was a very bad economic year for many businesses.  Quite often when you hear the phrase, “I’m from the government and I’m here to help”, the common response would be, yeah right!  But 2020 was quite different.  Congress enacted several pieces of key legislation that greatly helped many small to mid-size businesses. Under the Read More…

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