For 2021, the annual limit on deductible contributions to a Health Savings Account is $3,600 for individuals with self-only coverage under a High Deductible Healthcare Plan (a $50 increase from 2020) and $7,200 for family coverage (a $100 increase from 2020).
The House of Representatives on Thursday, May 28th passed new legislation that would make it easier for businesses to have their Paycheck Protection Program loans forgiven by relaxing restrictions on how the loan money can be used and extending the period that businesses have to use the funds.
On May 22nd the Treasury and Small Business Administration (“SBA”) released a new Interim Final Rules (“IFR”) on Loan Forgiveness.
When submitting a PPP application, all borrowers must certify in good faith that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”
The brand-new Paycheck Protection Program (PPP) is designed to support American small businesses with immediate cash support during the COVID-19 pandemic.
The employer’s share of Social Security Tax (but not Medicare tax) can be delayed, and paid over two years.
The 2019 Wisconsin Act 185 authorizes the Wisconsin Department of Revenue to grant extensions to taxpayers that request relief for returns and payments due in 2020.
Any individual or corporation that has a quarterly estimated tax payment due on or after April 1st, 2020, and before July 15th, 2020, can wait until July 15th, 2020, to make that payment, without penalty.
To help keep small businesses afloat, the CARES Act provides that businesses with fewer than 500 employees, including sole proprietors and nonprofits, will have access to nearly $350 billion in loans through the Small Business Act during the “covered period.”
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