SBA Announces Changes to COVID-19 EIDL Loans
The U.S. Small Business Administration (SBA) recently announced a major update to the COVID-19 Economic Injury Disaster Loan (EIDL) program. As of the week of April 6, 2021, the maximum…
IRS Announces Individual Tax Deadline Extension
For the second year in a row, the federal income tax filing due date for individuals has been postponed. The postponements come as a part of the fallout of the…
American Rescue Plan Act
The American Rescue Plan Act (ARPA) was passed by the Senate on Saturday, March 6 and in the House on Wednesday, March 10. The $1.9 trillion relief bill was signed…
New Paycheck Protection Program Guidance Released
On Wednesday, January 6, the U.S. Small Business Administration (SBA) and the Treasury issued joint guidance regarding the latest updates to the Paycheck Protection Program (PPP), as amended by the…
IRS Releases Anticipated Guidance Regarding PPP Loans and Expense Deductibility
On November 18, the Internal Revenue Service (IRS) released Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The two releases offer clarification regarding the non-deductibility of expenses that contribute to the…
IRS Issues Guidance Regarding Payroll Tax Deferral
On Friday, August 28, the Internal Revenue Service (IRS) released Notice 2020-65, which offers guidance regarding the implementation of the Presidential Memorandum on the deferment of some payroll taxes. The…
SBA and Treasury Release Additional PPP Guidance
On August 24, the Small Business Administration and Treasury made available a new set of guidance regarding Paycheck Protection Program (PPP) forgiveness issues. The new interim final rule covers two…
Presidential Memos Address Coronavirus Issues
Over the weekend, President Trump issued a series of executive actions. Three of the four memos aim at extending CARES Act provisions that have expired already or will expire soon….
SBA Issues 23 New PPP FAQs
On August 4th, the U.S. Small Business Administration (SBA) released additional guidance regarding forgiveness of Paycheck Protection Program (PPP) loans. In consultation with the U.S. Department of the Treasury, the…
IRS Publishes New Release Regarding Business Interest Expense Limitations
The Internal Revenue Service (IRS) recently announced finalized guidance regarding business interest expense limitations. In a helpful article from the Journal of Accountancy, author Sally Schreiber offers an overview of…
SBA Form 3508 EZ PPP Loan Forgiveness Application
Please click here to view an updated Form 3508 EZ with instructions »
PPP Gets Five-Week Extension
On Wednesday, July 1, the House agreed unanimously to an extension of the Paycheck Protection Program (PPP). The five-week extension originated in the Senate on Tuesday, where it was approved…
SBA Releases Guidance Regarding Early PPP Loan Forgiveness
On June 22, the U.S. Small Business Administration (SBA) released additional guidance regarding Paycheck Protection Program (PPP) loan forgiveness. A recent article from the Journal of Accountancy summarizes the information…
Senate Passes Paycheck Protection Flexibility Act
On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This new legislation makes key adjustments to the timeline for spending Paycheck Protection Program (PPP)…
New Guidance Regarding PPP Loan Forgiveness
On May 22, the Small Business Administration (SBA), in conjunction with the U.S. Treasury, released additional guidance for recipients of loans through the Paycheck Protection Program (PPP). A recent article…
SBA Releases Application for PPP Loan Forgiveness
On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form…
New SBA Guidance Regarding Paycheck Protection Program
On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). They added a highly anticipated new question to their lengthy FAQ: “How will…
President Enacts $484 Billion Virus Aid Bill
On Friday, April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act into law. The new aid bill boosting funding for various initiatives in response to…
Achieving PPP Loan Forgiveness
Businesses that have managed to secure financing through the Paycheck Protection Program (PPP) are fortunate—but also saddled with a lot of red tape. Business owners and managers should be careful…
Economic Payment Information for Non-Filers
If the IRS needs more information in order to send your Economic Impact Payment, please visit the IRS website to enter non-filer payment information. Non-Filer IRS Economic Impact Payment »
Paycheck Protection Program Frequently Asked Questions
The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the…
Watch Out for Coronavirus-Related Scams
On Thursday, April 2, the Internal Revenue Service (IRS) issued a warning concerning the development of new scams related to the coronavirus, particularly the recovery rebates legislated by the CARES…
Blackman & Sloop Team Presents Small Business Webinar
Members of the Blackman & Sloop Pharmacy team – Andrea Eason, Neely McLaughlin, and Christy Fasciana – recently presented a webinar for Waypoint Pharmacist Advisors. The information focused on recent…
How does the CARES Act Help Nonprofits and Higher Education Institutions?
Nonprofit organizations and higher education institutions have been hard at work trying to help the world navigate the novel coronavirus (COVID-19) pandemic. While trying to maintain focus on their missions,…
Guidelines for the Paycheck Protection Program
The Small Business Administration has released the latest guidelines for the Paycheck Protection Program. These guidelines were sent out on Friday, April 3, 2020, and are subject to change. Please…
Small Business Guide to Emergency Loans
The U.S. Chamber of Commerce recently released a checklist and guide for small businesses as it relates to applying for coronavirus emergency loans. Small Business Guide to Emergency Loans »…
The Small Business Owner’s Guide to the CARES Act
The U.S. Senate Committee on Small Business & Entrepreneurship recently prepared this guide to help small business owner’s understand the implications of the CARES Act. The Small Business Owner’s Guide…
Accounting & Reporting Considerations During, and as a Result of, The Coronavirus Outbreak
Introduction With the continued spread of COVID-19 and its overwhelming effect on the global economy, we anticipate companies will experience complex accounting and reporting issues across multiple areas of their…
CARES Act Signed Into Law
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The…
The CARES Act
On March 27, 2020, President Trump a sweeping $2.2 trillion stimulus package designed to abate the economic damages caused by the coronavirus (COVID-19) pandemic. The Coronavirus Aid, Relief, and Economic…
Coronavirus Resources for Small Businesses
As the world continues to feel the resounding impact of the coronavirus (COVID-19) pandemic, it is difficult to keep up with everything that is happening. New legislation and policies are…
Federal Tax Filing Deadline Extended to July 15
On Friday, March 20, 2020, Secretary of the Treasury Steve Mnuchin released a statement that the federal tax filing deadline has moved in response to the ongoing coronavirus (COVID-19) pandemic….
Resources for Small Businesses in Crisis
Many small businesses are reeling from the impact of the COVID-19 pandemic. Blackman & Sloop is here to help. We have gathered a list of helpful resources for small businesses…
Tax Relief Offered by States and Localities in Response to COVID-19
Tax relief provided by state and local tax and revenue departments in response to the novel coronavirus (COVID-19) is discussed in this article. Click Here to read the Entire Article…
Do I Qualify for Paid Sick Leave Under the New Coronavirus Act?
On Wednesday, March 18, President Trump enacted a coronavirus emergency relief package, known as Families First Coronavirus Response Act. The legislation includes relief for American workers required to take time…
Our Work Continues with New Measures for Clients, Employees & All
We Are Prepared and Ready to Help As the situation with coronavirus (COVID-19) continues to develop, our entire team is ready to continue to support you through this critical time….
How Blackman & Sloop is Addressing the Coronavirus (COVID-19)
To our valued clients, At Blackman & Sloop, the health and safety of our employees and our clients is of paramount importance. For this reason, we are taking specific precautions…