required to return economic impact payments

Required to Return Economic Impact Payments?

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by…
SBA reopens EIDL

SBA reopens EIDL program to small businesses/nonprofits

Just last week, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 pandemic.…
coronavirus-related distribution

“Coronavirus-Related Distribution”

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify?…
a changed economy

Re-evaluate your competitiveness in a changed economy

Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 pandemic has created a changed economy in profound ways, forcing many companies to recalibrate suddenly and…
PPP Flexibility Act

PPP Flexibility Act eases rules for borrowers

As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling from the economic impact of the COVID-19 pandemic. Created under a provision of the Coronavirus…
succession planning

Succession Plan - Does Your Company Have One?

For business owners, building a succession plan is ideally a long-term project. You want to begin laying out a smooth ownership transition, and perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins…
reopening

Reopening for Business? Take the Right Steps

Staffing up to reopen a business can be an expensive and risky undertaking. As more state and local governments ease the restrictions related to the novel coronavirus (COVID-19) pandemic, reopening has happened and is becoming an option for…
construction companies

Construction Companies Navigate These 5 Obstacles

Although the novel coronavirus (COVID-19) pandemic has walloped most U.S. businesses, how your business recovers will largely be construction-industry-specific. For example, most construction companies need to address disruptions to project…
furlough

Furloughs/Layoffs Affecting Employee Benefit FAQs

According to a recent survey by CNBC, 22% of U.S. businesses have been forced to lay off workers or employee furloughs as a result of the novel coronavirus (COVID-19) crisis. Although most employers regard these actions as a last resort, it's…