SBA | Cg Tax, Audit & Advisory

11 Aug

IRS Issues ERC Guidance as Congress Mulls Early Termination

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August 12, 2021

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses...

04 Aug

SBA

SBA Streamlines Forgiveness for Smaller PPP Loans

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August 4, 2021

The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000...

22 Jul

SBA

PPP Forgiveness and Repayment: What Businesses Need to Know Now

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July 22, 2021

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t...

23 Apr

Coronavirus & Nonprofits, SBA

NJEDA Announces Small Business Emergency Assistance Grant Phase 4

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April 23, 2021

The New Jersey Economic Development Authority (NJEDA) announced another phase of its Small Business Emergency Assistance Grant Program, providing grants up to $20,000 to small and medium-sized businesses (nonprofits included) negatively impacted by the...

07 Apr

SBA

PPP Application Deadline Extended

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April 6, 2021

President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP...

05 Apr

Business, SBA

EIDL Loans, Restaurant Grants Offer Relief to Struggling Small Businesses

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April 2, 2021

The American Rescue Plan Act (ARPA), signed into law in early March, aims at offering widespread financial relief to individuals and employers adversely affected by the COVID-19 pandemic. The law specifically targets small businesses...

01 Apr

Federal Tax, SBA

PPP Extension Act of 2021

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April 1, 2021

President Biden has signed the Paycheck Protection Program Extension Act of 2021, which extends the covered period for the PPP. Before the law was passed, the loan application deadline was set to expire on...

02 Mar

SBA

PPP Revisions Target Smallest Businesses

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March 1, 2021

The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week...

18 Feb

SBA, Tax

New Jersey Business Safe From State Taxes for Forgiven Paycheck Protection Program Loans

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February 18, 2021

We previously emailed you correspondence in connection with a proposed bill that would provide tax relief for COVID-19-affected New Jersey businesses when Paycheck Protection Program (PPP) loans are forgiven. In a press release from...

05 Feb

SBA, Tax

Proposed Bill Could Help NJ Businesses With Tax on Forgiven PPP Loans

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February 5, 2021

The Paycheck Protection Program (PPP) was created to provide relief for small businesses impacted by the COVID-19 pandemic. Many companies in New Jersey have both applied for and received these loans in the past...

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