There is much news about the Paycheck Protection Program (PPP), which is the forgivable loan backed by the SBA. Below is the relevant information you need in order to apply. All of this information is accessible by going to SBA Website – PPP section
PPP Borrower Guide Information sheet – issued by Dept of Treasury: Click Here
PPP Application: Click Here
Lenders will begin processing applications on April 3, according the SBA
It is our understanding and that of the AICPA that virtually all banks and credit unions will be able to process these applications, but you should check with your local banker and discuss this Lenders Guide to be sure.
We remain available to assist in any way we can. Please feel free to share this information.
Francis S. Infurchia & Company, LLC
Greetings from home!
In the last few weeks with all of the tax deadlines extended, what has typically been ‘tax season’ for all of us has quickly morphed into coronavirus response and mitigation. We have been researching and learning about the new paid leave acts, tax credits, stimulus packages, SBA loans and the no-interest CT bridge loans. In addition, we have been taking continuing education and attended town-hall conference calls with our state representatives and the SBA in order to pass along pertinent information to you.
This is another one of a many-part series of communications you will receive from us regarding new tax benefits and mitigation opportunities that may be available. Please share this information with others.
This post will focus solely on the Families First Coronavirus Response Act; specifically, the two parts of this act which provide no-cost to employer paid sick, medical and family leave to employees though tax credits claimed on payroll tax returns. You can click the below links to see our limited analysis regarding these new acts.
We hope you are staying safe and healthy. Today, we are writing to you regarding the coronavirus as it relates to the upcoming tax deadlines for the IRS and CT. During the last few weeks, we have been contacting our state and federal representatives, senators and lobbyists to request tax filing and payment relief due to the unprecedented disruptions and challenges caused by the spread of this virus. Finally, last night (Sunday 3/15) Connecticut’s Gov. Lamont held a press conference in which he extended CT state tax filing and payment deadlines for the 2019 partnerships and S-corps. Additionally, our governing body, the AICPA, issued a statement saying that they expect the IRS to extend the April 15 personal tax filing deadline by possibly 90 days and waive penalties and interest associated with payments for most taxpayers. CT DRS Press Release
During this time of social distancing, we ask our clients to please make phone or virtual consultation appointments. If you are able to, please send us your tax documents electronically (we can send you a secure upload link) or mail them to us as our office is currently closed to visitors.
We are being faced with a turbulent financial time. The SBA (Small Business Administration) should have liquidity to make loans to Connecticut businesses to pay for expenses incurred as a result of distress caused by the coronavirus. Please read this for instructions on how to apply for aid.
Below is a chart with the upcoming proposed and extended common filing deadlines. We will update you when we receive more guidance and final filing and payment deadlines from the IRS.