Direct stimulus payments. How much do I get?

Individuals would be due up to $1,200 and couples would receive up to $2,400 — plus $500 per child. But the payments would start phasing out for individuals with adjusted gross incomes of more than $75,000. The amount would then be reduced by $5 for every additional $100 of adjusted gross income, and those making more than $99,000 would not … Read More

Breakdown of the major provisions small businesses included in Congress’ aid package

Here’s a breakdown of the major provisions small businesses included in Congress’ aid package: As more information becomes available we will update this information accordingly. An emergency grant of up to $10,000: Small businesses may apply directly to the federal Small Business Administration to receive an economic injury disaster grant of up to $10,000 that does not need to be paid back. … Read More

Below is a summary description of key elements of the Paycheck Protection Program

***This is Preliminary Information and will be Updated as more specific information is available**** Congress passed “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which included the “Paycheck Protection Program” (PPP) for small businesses. The PPP provides short-term cash flow assistance to small businesses to help these businesses and their employees deal with the immediate economic impact of … Read More

SBA Disaster Loan Assistance NOT STIMULUS

Synovus’s Government Guaranteed lending team is carefully monitoring all the SBA enhancements being discussed on the Hill. We’re committed to helping businesses get the capital they need. As a preferred SBA lender, we’re providing some basics to help you navigate the SBA’s Economic Injury Disaster Loans. Which businesses are eligible to apply? SBA’s Economic Injury Disaster Loans (or working capital … Read More

3.27.20 Business tax provisions in Senate-passed third coronavirus relief package

Business tax provisions in Senate-passed third coronavirus relief package Senate-passed version of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748) Summary of CARES Act Unemployment Insurance and Tax Provisions By a unanimous vote on March 25, the Senate passed a third coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748, … Read More

3.27.20 Individual tax provisions in Senate-passed third coronavirus relief package

 Senate-passed version of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748)  Summary of CARES Act Unemployment Insurance and Tax Provisions By a unanimous vote on March 25, the Senate passed a third coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H.R. 748, the Act). This article discusses the tax relief provisions for … Read More

Cash Flow Financing Solutions

The following has been contributed by one of our Professional Resources, Cheryl Gowen, President,  All Funding Options: Right now because of the crisis, I have been working with customers that are getting large purchase orders and they need the monies to pay their suppliers/vendors for the products,  customers are taking longer to pay on their invoices and they cannot qualify … Read More

IRS FAQs answer filing, payment postponement questions

IRS FAQs answer filing, payment postponement questions IRS website – Filing and Payment Deadlines Questions and Answers In a series of frequently asked questions (FAQs) on its website, IRS has provided answers with respect to its recently-announced guidance that postpones until July 15, 2020, the filing of returns and payment of taxes that were initially due on April 15, 2020. … Read More

IRS unveils new People First Initiative; temporarily adjusts, suspends key compliance programs

IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance programs   IR-2020-59, March 25, 2020   WASHINGTON – To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing … Read More

NEW FMLA / Paid Sick Leave Assistance

Leaves of Absence have become more complicated to track and administer than ever before. In a recent SHRM study, 40% of HR professionals reported that they approved requests that they did not believe were legitimate due to administration deadlines and validity of documentation. According to the EEOC, the average cost of defending an FMLA lawsuit is $78,000. With the expansion … Read More