PPP Loan Forgiveness Update

Many of you have checked with us about applying for the forgiveness of your PPP loans, and we are happy to help. The SBA extended the time for using your PPP loan proceeds to 24 weeks after the funding of your loan, and in general, we recommend that you wait until after that 24-week period…

The 2021 Advance Child Tax Credit: FAQs

As we all get accustomed to the new delivery method and the expansion of the Child Tax Credit due to the American Rescue Plan Act of 2021, we’re hearing many questions about how this new tax credit works and how it differs from previous years. We discussed the tax credit in detail with specific examples…

The New Child Tax Credit: What You Need to Know

The Background The American Rescue Plan Act of 2021 was signed into law by President Biden on March 11, 2021. Embedded in the act is an expansion of the child tax credit, and more notably, a new method of delivery.  The IRS will use its methodology for delivering stimulus money to millions of Americans to…

American Rescue Plan and Paid Sick Leave Tax Credits

The recently passed American Rescue Plan included a stipulation that allows certain employers to claim refundable tax credits that will reimburse them for the cost of providing paid sick leave if their employees suffer from Covid–19 or need to take time off for Covid–19 vaccinations. These tax credits are available from April 1 through September…

The Latest PPP Loan Guidelines: Explained

It’s hard to believe that one year ago the SBA PPP program did not exist. Now it is a prominent part of our business vocabulary. Your trusted advisors at Eaton, Babb & Smith have spent countless hours studying the legislation that brought it into being and the interim final rules that have changed it multiple…

Economic Stimulus and PPP Loan Update

In December, Congress passed a large economic stimulus package that President Trump signed into law on December 27, 2020. This package contains several tax and business provisions aimed at stimulating the economy as we navigate the pandemic. As much of this information is pertinent to our clients, we’ve broken down some of the key points…