ABC Maine

  • ABC
    • About ABC
    • Leadership
    • Contact Us
  • Upcoming Events
  • Education & Training
    • Education & Workforce Development
  • Why ABC?
    • Insurance
    • Member to Member
  • Toolbox Talks
  • My ABC
  • Blog

Albin, Randall & Bennett – PPP Loans, Retention Credits & Other

April 2, 2020 by Tami Staples

Some banks have already opened their portals for completing the Paycheck Protection Program application, cueing up for processing the applications tomorrow. We’re hopeful that since this is going through bank portals the system won’t get overwhelmed. Contact your bank today, and be prepared.
Helpful links:
U.S Department of Treasury Paycheck Protection Program and PPP Application
https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

COVID-19 Economic Injury Disaster Loan Application
https://covid19relief.sba.gov/#/

Employee Retention Credits:
We sense most organizations will be pursuing PPP loans, which disqualifies the entity from utilizing the retention credit. If you do find yourself going for this credit, you’ll claim the credit on Form 7200. This form is also used to claim the credits received by employers for the EFMLA and ESPL Acts. See the link below for an article in the Journal of Accountancy explaining the credit and how to report it.
https://www.journalofaccountancy.com/news/2020/apr/irs-new-employer-tax-credits-form-employee-retention-credit-guidance-coronavirus.html#.XoU3A37NulU.sms

IRS COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs
https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs

US Dept. Of Labor -Temporary Rule: Paid Leave under the Families First Coronavirus Response Act
https://www.dol.gov/agencies/whd/pandemic

David V Jean, CPA, CCIFP, CExP | Principal

arbcpa.com
Main 207.772.1981 | Direct 207.518.6832

Filed Under: Member to Member

Recent Posts

  • Verrill Dana – 2021 Employment Law Annual Update: Part Two
  • St. Laurent & Sons Excavation – Looking for a new career?
  • ConvenientMD Clinics are OPEN
  • Albin, Randall & Bennett – PPP Loans, Retention Credits & Other
  • US Ecology
ABC Maine
  • ABC
  • Upcoming Events
  • Education & Training
  • Why ABC?
  • Toolbox Talks
  • My ABC
  • Blog

© 2021 ABC Maine | Site Login