by KNSS | Dec 28, 2020 | 2020 December, COVID-19
Over this past weekend, President Trump moved forward and signed the COVID-19 relief bill. This legislation had expeditiously passed both the House and Senate the past Monday and was waiting for the president’s signature to make it official. This bill is the second...
by KNSS | Dec 28, 2020 | 2020 December, COVID Misc Practices, COVID-19
During the spring, the SBA offered practice owners an Economic Injury and Disaster Loan of up to $150k in addition to the PPP Loan of 2.5 times eligible monthly payroll costs and the EIDL Advance of $1k per employee, up to $10k. While almost all our clients accepted...
by KNSS | Dec 28, 2020 | 2020 December, COVID Misc Practices, COVID-19
According to the ADANews at: https://www.ada.org/en/publications/ada-news/2020-archive/december/hhs-provider-relief-fund-phase-3-payments-underway: The U.S. Department of Health and Human Services said Dec. 16 that the next round of Provider Relief Fund distributions...
by KNSS | Dec 28, 2020 | 2020 December, COVID Misc Practices, COVID-19
Last week the Massachusetts Growth Capital Corporation (MGCC) started paying out the first round of the Covid-19 Grants totaling $50.8 Million to just over 1,100 of the 10,000 business that applied. A few of our clients with practices received this $75k grant. The...
by KNSS | Dec 28, 2020 | 2020 December, COVID Misc Practices
One provision apparently included in the Stimulus Package that hasn’t gotten much press is that practices would be able to claim the Employee Retention Tax Credit (ERTC) of up to $5k per employee even if the practice received a PPP Loan. The payroll tax credit is...
by KNSS | Dec 28, 2020 | 2020 December, COVID Misc Practices, COVID-19
Congress did it. As part of the recently passed Stimulus Bill, expenses paid with your PPP loan and EIDL Advance (that would also now be forgivable thanks to this bill) are fully deductible. This bill supersedes prior announcements made by the IRS to the contrary....
