The economic impacts of COVID-19 continue to affect the “bread and butter” of individuals and families across the nation. Here is a look at what’s ahead for 2021 individual income taxes, including possible benefits and implications related to COVID-19.

Although there is talk in DC about new stimulus programs, now is the time to wrap up the original PPP loan and begin thinking about the application for loan forgiveness.

On Friday, June 5, President Trump signed H.R. 7010, better known as the Paycheck Protection Program Flexibility Act of 2020. As the name suggests, the law grants greater flexibility to borrowers when it comes to qualifying for forgiveness.

The SBA has recently provided some updates and clarification around PPP forgiveness. However, there are still significant outstanding questions and unresolved issues. We are closely keeping our eye on further announcements from the SBA and Treasury. Additionally there are new bills moving through Congress that may address some confusion. The PPP Flexibility Act recently passed in the House, and it's anticipated the Senate will take up the bill and draft a similar version. Based on these recent announcements, here is what we've learned, ongoing outstanding questions and new issues that have arisen.

Receiving PPP funds provided immediate financial relief to many businesses and organizations around the country. As long as funding from the program was spent in the right ratios on payroll, rent and utilities, the loan would be forgiven, and you’re basically looking at free money, right? Not so fast.

Many businesses across the country began to experience some relief as much needed funds were distributed to PPP loan applicants. Part of what makes this program so attractive is the generous forgiveness opportunity connected with the loan. This is the time that borrowers want to ensure they are doing everything they can to maximize their forgiveness amount.

If you did not file 2018 or 2019 federal income taxes you may be required to provide your information to the IRS in order to receive your Economic Impact Payment.

Yesterday, the Treasury Department issued the Paycheck Protection Program Interim Final Rule. This new document includes some significant changes along with clarifications to the original bill.

The Paycheck Protection Program (PPP) application and supplemental information is now available on the Department of Treasury website. We expect lenders to begin accepting applications on Friday, April 3.

Relief is on the way for individuals and businesses suffering the financial fallout of the coronavirus, thanks to the ~$2 trillion emergency relief package currently making its way to the president’s desk – the biggest stimulus package in American history.

We at Livingston & Haynes are still working full-time. We are, however, implementing the appropriate “social distancing” practices going forward.