Newsletters
Tax Filing Reminders – July 2020
July 15th
September 15th
September 30th
October 15th
SBA Issues a Short Form for Easy Application for PPP Loan Forgiveness
Posted July 2020
The Small Business Administration (SBA) has released Form 3508EZ, a simplified loan forgiveness form for entities that took part in the Paycheck Protection Program (PPP). Per the SBA, loan forgiveness will be based on the employer keeping employees or rehiring quickly to maintain salary levels. The forgiveness will be reduced if the number of full time employees decreases, or if wages decline.
Updated: 2020 RMD Withdrawal and Redeposit Rules
Posted July 2020
New, more lenient provisions have been passed. This article is an update to news we posted in May 2020.
In March, the Corona Aid, Relief, and Economic Security (CARES) Act was passed to provide relief to individuals, small businesses, medical organizations and government entities. Although the CARES Act is best known for the stimulus check provision and Paycheck Protection Program (PPP) loans, it also included a provision to waive the required minimum distribution (RMD) requirement for 2020.
Oklahoma Business Relief Program Reopens July 14
Posted July 2020
The Oklahoma Department of Commerce designated up to $50,000,000 received by the State of Oklahoma from the Federal CARES Act to help ensure the survival and stability of small businesses impacted by COVID-19. This grant program is available to Oklahoma companies who have suffered a revenue loss of 25% or more during March, April and May 2020, that is substantially caused by the impact of COVID-19. Grant amounts equal two months of average total payroll, not to exceed $25,000. Grant funds must be used for business expenses not covered or reimbursed by another source, such as other federal, state or city grants or insurance proceeds.
PPP Loan Extension
Posted July 2020
A five-week extension of the Paycheck Protection Program (PPP) was approved on July 4. This new legislation extends the June 30 PPP loan application deadline to August 8, 2020.