All information is based on our current understanding as of the date that it is posted. Please keep in mind this information is changing rapidly – it can and likely will change. Some information becomes outdated the same date it posted. Although we will monitor and update this page as new information becomes available, please do not rely solely on this page. We encourage you to contact your HeimLantz advisor for the latest information.
Recent Articles:
New Tax Credit Covers Paid Leave for COVID-19 Vaccinations and Recovery
On April 21, 2021, President Biden announced a tax credit for employers that would reimburse them for providing paid time off to employees to cover …
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 …
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 …
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 …
President Signs Coronvirus Relief Act
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (CAA2021), which includes $892 billion in coronavirus stimulus spending. This long-awaited …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
Key Considerations for Recalling Your Workforce
Have you thought about what it will look like to restore your workforce? As more and more businesses receive loans through the Paycheck Protection Program …
What Will the Post-Coronavirus Business World Look Like?
As the U.S. slowly starts to transition into reopening, many business owners are anticipating big changes—a new normal. While nobody can know for sure how …
FASB Announces Further Delays of Revenue Recognition and Leases Standards
Following last month’s proposal to defer the effective date of two standards for private companies and nonprofit organizations, the Financial Accounting Standards Board (FASB) voted …
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 …
New SBA Guidance Regarding Loan Increases for Partnerships, Seasonal Employers
On May 13, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), Business Loan Program Temporary Changes; Paycheck Protection Program …
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 …
The CARES Act and CRE
How your business can benefit from the CARES Act legislation… Downalod the Handout (pdf) »
Is My PPP Loan Still Forgivable if My Employees Refuse to Come Back to Work?
The Paycheck Protection Program (PPP) is a loan initiative created by the CARES Act that targets aid to small businesses dealing with losses resulting from …
SBA Releases Additional PPP FAQ Questions
On May 3rd, the Small Business Administration (SBA) issued a new round of guidance regarding the Paycheck Protection Program (PPP). They addressed three issues for …
IRS Releases Notice Regarding Tax Deductions and PPP Loan Funds
On Thursday, April 30, the IRS released Notice 2020-32. The announcement effectively disallows a tax deduction for any expenses that are paid with forgiven Paycheck …
IRS Updates FAQ on Employee Retention Credit
On April 29, the Internal Revenue Service (IRS) released a large expansion of their FAQ on the Employee Retention Credit (ERC). The ERC was created …
Further Clarification on PPP Loans
The Payroll Protection Program (PPP) loans are top of mind for most leaders and owners of small businesses. Recently the headlines that feature PPP have …
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 …
CARES Act Guide: Tax Modifications
Download the CARES Act Guide: Tax Modifications here (.pdf) »
CARES Act Guide: Loans
Download the CARES Act Guide: Loans here (.pdf) »
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 …
Where’s My Recovery Rebate?
As part of the recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act, direct economic recovery payments are being distributed to eligible American taxpayers. …
SBA Issues Supplemental PPP Guidance
NOTE – on Thursday, April 16, 2020, the SBA announced it had fully committed the entire $350B PPP appropriation. Consequently, the SBA and banks are …
CARES Act FAQ: Mid-Sized Business Lending Program
On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economics Security (CARES) Act. The historic $2.2 trillion stimulus bill includes $454 billion to …
IRS Announces Additional Tax Deadline Relief
On April 9, the Internal Revenue Service (IRS) released Notice 2020-23, announcing their extension of many additional key tax deadlines for businesses, individuals, estates, trusts, …
CARES Act Summary
On March 27, 2020, President Trump signed into law a sweeping $2.2 trillion stimulus package designed to abate the economic damages caused by the coronavirus …
Federal Tax Return Filing Deadline Moved 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 …
Families First Coronavirus Response Act
Congress passed H.R. 6201, Families First Coronavirus Response Act earlier this week. Below are some important benefits. Please refer to this link for the summary …
An Update on Office Procedures
We would like to share an update on how HeimLantz is responding to the rapidly changing environment caused by the continued spreading of coronavirus (COVID19). …
Maryland Extends Business Tax Deadlines
To assist businesses affected by the economic impact of COVID-19, Comptroller Peter Franchot today announced he will extend business-related tax filing deadlines. The deadline has …
How HeimLantz is Addressing the Coronavirus (COVID-19)
At HeimLantz CPAs & Advisors the health and safety of our employees and our clients is of paramount importance. For this reason, we are taking …
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