On Dec. 21, Congress passed the long awaited $900 billion COVID stimulus deal. The legislation called, the Consolidated Appropriations Act, 2021, is expected to be quickly signed by President Trump. It is intended to help families and small businesses that are continuing to be adversely impacted by the COVID-19 pandemic.
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Over the past few weeks, some of our local commercial lenders have slowly begun to open their online portals to allow those businesses who received Paycheck Protection Program (PPP) Loans to file their applications to obtain forgiveness of the debt related to qualified expenses.
While the loan application process was a heated fury of business owners rushing to obtain the much needed funds so that they could continue to employ and pay their employees, retain health insurance coverage and pay their rent, the loan forgiveness process seems to be occurring at much less of an accelerated rate. Although credit should go to the Small Business Administration for issuing some guidance to the lenders who have extended these loans, not all the related questions have been answered.
On Aug. 8, President Donald Trump issued a memorandum on deferring payroll tax obligations in light of the ongoing COVID-19 Disaster, which directed the Treasury Department to suspend collection of the employee portion of Social Security taxes from Sept. 1 through the end of 2020.
For many commercial real estate owners, the real estate bubble of 2008 was far in the rearview mirror as they rang in the 2020 New Year.
Nearly 12 years later, they survived the drop in property valuations, frozen lines of credit, mortgage defaults and renegotiations, which the credit markets had served up in 2008. Little did they know, the arrival of the COVID-19 pandemic in the U.S. would usher in a far greater challenge than they ever experienced.
When movie theaters were forced to shut down in mid-March due to safety concerns related to the coronavirus pandemic, Atlas Cinemas Vice President Gabriel Saluan made a financially difficult decision to keep his managers on payroll.
While other theater chains were laying all of their employees off, Saluan saw an opportunity to reinvest in his theaters and he needed his managers to play a key role in reopening to the public.
A.K.A. Executive Order – Payroll Tax Holiday
On Aug. 8, President Trump issued a number of Executive Orders to address the fact Congress was unable to come to an agreement to provide additional stimulus to the economy, which continues to lag during the prolonged COVID-19 pandemic.
The “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster,” which many people refer to as the “Payroll Tax Holiday” order, was issued to provide additional economic relief to workers.
On May 28, Ohio Gov. Mike DeWine announced the Ohio Bureau of Workers’ Compensation (BWC) will defer Ohio employers' premium installments this summer.
DeWine’s announcement was to help businesses focus on the well-being and safety of their customers and employees.
Businesses will have the option to defer their monthly premium payments with no financial penalties in the months of June, July, and August.
Having been a CPA for over 30 years, I can honestly say that the last three months of my career have been some of the most challenging, but also some of the most rewarding.
The coronavirus pandemic has changed the way that all of us work and also how we see the world. For many years, I cherished the role of being my clients “most trusted advisor.” This meant I provided financial counsel related to income and estate tax matters and assisted in management consulting projects to help business owners maximize their profits. While all of these types of engagements brought value to the business owner, little did I know 2020 would transform my role to becoming a “front line” worker.
Since April, Zinner & Co. staff members have worked hard to maintain regular communication with their clients during the COVID-19 pandemic.
During some of our conversations, we have heard many uplifting stories of how our clients are making the most of the “Stay at Home” order. Here are few stories we wanted to bring to your attention:
During the current “Stay at Home” issued by Ohio Gov. Mike DeWine, Zinner & Co. staff are working remotely to meet the needs of all of our clients.
Thanks to the efforts of all Ohioans, in April we have successfully “flattened the curve” and avoided overwhelming our hospitals with COVID-19 cases.
By practicing social distancing during this challenging time, you have helped to make a difference and save lives.
In late April, Gov. DeWine announced the Responsible Restart Ohio Program, which allowed healthcare institutions including hospitals, clinics, dental offices and veterinarians to begin outpatient procedures and treatments for other life threatening conditions on May 1.