FAQ – Paycheck Protection Program (PPP)
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to churches and small businesses to pay their employees during the COVID-19 crisis. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8…
IRS Economic Impact Payment Scams on the Rise
Even though economic impact payments are brand new in 2020, scammers are already using the new terminology to trick people into giving up their money or their financial information. Here are some tips from IRS on avoiding these schemes: IRS will not call you to verify payment information for the economic impact payment. Retirees do…
All States Extend Filing and Paying Deadline
By now you probably know that the 1040 filing and payment deadlines have been delayed to July 15th, but what about your state return? According to information compiled by the American Institute of Certified Public Accountants, as of 4/7/2020 all states with a personal income tax have extended their 4/15 deadline. The majority of states…
Sick Leave & Child Care Leave Credit – COVID-19
Churches can begin taking advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing COVID-19-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (FFRCA). The act gives businesses(including churches) with…
