Tag Archives: Cares Act

CARES ACT EMPLOYEE RETENTION CREDITS FOR NONPROFIT EMPLOYERS

Many nonprofit organizations were forced to shutter or temporarily close their operations under a governmental order as a result of the coronavirus pandemic, while others were forced to severely limit their offerings.  One way to continue to pursue your organization’s objectives is to ensure that you are still able to function, even if only in a limited Read More…

THE LONG-TERM IMPACT OF CARES ACT LOANS AND DISTRIBUTIONS ON RETIREMENT SAVINGS

The Coronavirus Aid, Relief and Economic Security (CARES) Act allowed plan sponsors to relax loan and distribution rules in 2020, giving participants greater access to funds during the pandemic. These provisions were implemented to provide relief as many employees do not have adequate short-term savings. Employee Benefit Research Institute (EBRI) has found that only one Read More…

EMPLOYEE RETENTION CREDIT – WHAT’S NEW

On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law.  The CAA, 2021 Act greatly expanded the Employee Retention Credit (ERC).  The credit is now available to more businesses and extends the date for wages paid through June 30, 2021. Under the CARES Act, the ERC was available to qualified Read More…

PPP LOANS ROUND 2

Congress expanded the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act with the passage of the Consolidated Appropriations Act on December 27, 2020. The Consolidated Appropriations Act also clarifies the deductibility of certain expenses paid for with funds from a loan under PPP and tax impact on income Read More…

APPLY NOW – NJ GRANTS FOR BUSINESSES & INDIVIDUALS

Governor Phil Murphy announced on October 12th that $112 million in aid, that the State of New Jersey received from CARES Act money, is being made available to provide grants to small businesses and help support struggling individuals with rental and mortgage assistance payments.  $70 million of the funds will be distributed by the State’s Read More…

CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT: MANUFACTURING IMPACTS

On Friday, March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act), a $2 trillion stimulus package intended to help mitigate the economic devastation caused by the novel coronavirus (COVID-19). The stimulus is good news for manufacturers, many of whom are struggling given the current economic Read More…