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Category: COVID-19

IRS issues guidance on payroll tax deferral from presidential executive order

Employers can now defer payroll tax withholding on employee compensation for the last four months of 2020 and then withhold the deferred amounts in the first four months of 2021, confirms a recent update from the IRS. President Trump’s memorandum on Aug. 8 gave employers the ability to defer payroll taxes for employees affected by the COVID-19 […]

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Latest update to PPP provides guidance on owner-employee compensation, non-payroll costs

On Aug. 24, the Small Business Administration (SBA) and Treasury issued the latest interim final rule update to the Paycheck Protection Program (PPP) that seeks to clarify guidance related to owner-employee compensation and non-payroll costs. This guidance has been long-awaited and clears up several questions borrowers have had about forgiveness. Here are the main points:  1. Owner-employees of C or […]

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Prepare your construction business for the next economic downturn

The effects of the COVID-19 pandemic have been unprecedented and far-reaching. Nearly every industry across the world has been impacted in some ways forcing market slowdowns and, in some cases, complete business closures. It’s an unprecedented economic crisis – more challenging than even 2008 in some ways – and the effects have been far felt in economies worldwide.  For the construction […]

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PPP loans for contractors and the documentation you should have

The impact of COVID-19 on the construction industry has been felt in both staffing, jobsite operations, and funding as projects become uncertain and employee safety becomes paramount. The Small Business Administration (SBA) Paycheck Protection Program (PPP) outlined in the CARES Act was intended to provide relief for small businesses struggling during the pandemic, and the construction industry has […]

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What you need to know about the executive orders signed by President Trump

On August 8, 2020, President Trump signed an executive order extending certain aspects of COVID-19 relief in the absence of a new bill from Congress. The executive order includes several measures to protect individuals as provisions of the CARES Act expire or have expired.  Here’s what was in the order:   Payroll tax delay – The order […]

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