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COVID-19 Updates

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SBA Releases PPP Loan Forgiveness Application

The SBA released the attached loan forgiveness application on Friday night.  The application clarifies and adds the following regarding forgiveness: FTE is an employee that works 40 hours per week not 30 hours as previously presumed. Owners cannot increase compensation above 2019 amounts. 75% to be used toward payroll is based on forgiveness, not the

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COVID-19 
Allowable employer tax credit and other stimulus options

The IRS has issued a new form to use to obtain advance payments of three tax credits that were created to help businesses cope with the Coronavirus pandemic. Employers may file new Form 7200 to obtain advances of employment taxes that are refundable as a result of the new tax credits. Below is an eligibility

COVID-19 
Paycheck Protection Program (“PPP”)

Starting April 3, 2020, small businesses and sole properties can apply for loans to cover payroll and other certain expenses through the Paycheck Protection Program (“PPP”).  Subject to certain limitations, loans made under this program are forgivable if used for payroll, rent, and utilities during a specified period after the loan is funded. Click here

COVID-19 
3 key provisions on the CARES Act

The following provides an overview of some of the key provisions under the CARES Act which provides funding to help stabilize the U.S. economy over the coming weeks and months. While this document covers provisions from the legislative text, many of the parameters of the assistance authorized by the CARES Act will be determined in coming days and

COVID-19 
Iowa Small Business Relief

Governor Reynolds announced the launch of a new Iowa Small Business Relief Program on March 23rd. The program will provide financial assistance to small businesses economically impacted by the COVID-19 pandemic. The application deadline is March 31, 2020 at 12pm (noon). Further, do not hesitate to contact a Hancock Dana representative soon to see if

COVID-19 
CARES Act

The Senate passed the CARES Act on March 26, 2020. The Act will need to pass the House and be signed by President Trump. The Nebraska Society of CPAs summarized the Act here. Meanwhile, we are working on developing guidance for businesses as the Act includes mutually exclusive provisions that need to be evaluated on

COVID-19 
Suggestions surrounding disaster relief programs

***Some information below is subject to change given the fast-moving nature of the current situation, please reference our most current posts for up to date information.*** Here is a list of suggestions surrounding COVID-19 and what you can do for your business: Does borrowing additional funds with the SBA Disaster Loan program make sense? For

News 
Updates regarding SBA disaster loans

***Some information below is subject to change given the fast-moving nature of the current situation, please reference our most current posts for up to date information.*** Governor Ricketts announced on 3/20/20 that NE has been designated by Washington as a federal disaster area.  The declaration details can be found by clicking here.  This designation allows

News 
Guidance to business owners navigating through COVID-19

During this time of uncertainty, we want to provide our clients with some guidance outside the lines of the bill that was signed today (March 19th) by President Trump.