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Technology Solutions

Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

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Business Advisory

Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

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Technology Solutions

Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

Learn More

Business Advisory

Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

Learn More

Contact Us

Richey May Headquarters
9605 S. Kingston Ct. Suite 200
Englewood, CO 80112
Directions
303-721-6232

Question or comments?  Click here to fill out our inquiry form.

Technology Solutions

 

Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

Learn More

Business Advisory

Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

Learn More

Technology Solutions

 

Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

Learn More

Business Advisory

Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

Learn More

Contact Us

Richey May Headquarters
9605 S. Kingston Ct. Suite 200
Englewood, CO 80112
Directions
303-721-6232

Question or comments?  Click here to fill out our inquiry form.

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Richey May Headquarters
9605 S. Kingston Ct. Suite 200
Englewood, CO 80112
Directions
303-721-6232

COVID-19, CARES ACT And PPP Program Resources

THE PAYCHECK PROTECTION PROGRAM AND SBA DISASTER LOANS

This article from WSJ touches upon some items that are in the works.

 

The house passed a bill last week extending the 8 weeks to spend the funds to 24 weeks. That bill is in the Senate now and being negotiated with the bill that Rubio put up to extend the period to 16 weeks. Some items included in the bill(s) are –

  • Change in 75/25 split of usage to 60/40
  • Allow PPP recipients to defer payroll taxes
  • Extend term on residual loan

 

Don’t miss the language below from the forgiveness guidelines, this may mean not everyone below $2 million loan will get a pass without a review.

When will SBA undertake a loan review? For a PPP loan of any size, SBA may undertake a review at any time in SBA’s discretion. For example, SBA may review a loan if the loan documentation submitted to SBA by the lender or any other information indicates that the borrower may be ineligible for a PPP loan, or may be ineligible to receive the loan amount or loan forgiveness amount claimed by the borrower.”

 

Additional guidance on PPP forgiveness released: read it here.

The IRS has concluded no deductions will be allowed for expenses paid with PPP Funds. Members of Congress may overrule this.

Richey May partnered with the Mortgage Bankers Association to provide a live webinar on Friday, April 3, 2020 covering the SBA PPP Program details. The live event was open to member, but you can access the recording here.

The Paycheck Protection Program is designed to help businesses cover payroll and other expenses during the crisis. The final guidelines have not been released yet.

You can find a sample application form here.

You can see the SBA’s brief overview of the program here.

You can see the Interim Final Rule here.

The SBA released Docket SBA-2020-0015 with the Interim Final Rule to implement sections 1102 and 1106 of the CARES Act, aka the Paycheck Protection Program (PPP). You can read the full text here.

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May 18, 2020

Disaster Losses from Coronavirus & the Election to Claim Losses in Preceding Tax Year


As a result of the Coronavirus pandemic, the President has declared every state as a disaster area eligible for federal assistance. This declaration...

Read Article

May 08, 2020

IRS Concludes No Deduction Allowed For Expenses Paid With Forgiven PPP Funds


May 2020 The IRS recently released Notice 2020-32 which addresses the tax deductibility of expenses paid with PPP loan funds that are...

Read Article

Apr 03, 2020

MBA Webinar | SBA Stimulus Loans: What Mortgage Lenders Should Know


Richey May is partnered with the Mortgage Bankers Association to provide a live webinar on Friday, April 3, 2020 covering the SBA PPP Program...

Read Article

Apr 15, 2020

Update: Deferral of Employment Tax Deposits and Payments through December 31, 2020


(Relationship to Paycheck Protection Program Loans [PPP]) The IRS provided additional guidance in the form of Frequently Asked Questions and...

Read Article

THE CARES ACT

The Coronavirus Aid, Relief, and Economic Security Act has sweeping effects on individuals and businesses. Our team has been tracking the updates as they are released.

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Mar 27, 2020

CARES Act Summary: What You Need To Know About the $2.2 Trillion Stimulus


The economic impact of COVID-19 has pushed the federal government to act to curb the negative effects on individuals and businesses. The Coronavirus...

Read Article

Apr 10, 2020

Payroll Related Tax Provisions in the FFCR & CARES Acts


The CARES Act and FFCR Act provide tax relief in the form of refundable employee retention tax credits and the deferral of payment of the employer portion...

Read Article

Apr 15, 2020

Update: Deferral of Employment Tax Deposits and Payments through December 31, 2020


(Relationship to Paycheck Protection Program Loans [PPP]) The IRS provided additional guidance in the form of Frequently Asked Questions and...

Read Article

Mar 17, 2020

IRS Delays 2019 Tax Return Payment Deadline to July 15, 2020


The Treasury announced today that individuals and businesses will be allowed to defer their 2019 tax payments for up to 90 days in light of the disruption...

Read Article

Mar 20, 2020

COVID Update: IRS Extends Filing & Congress Passes Families First Coronavirus Response Act


Treasury Secretary Steven Mnuchin announced today, March 20th, that the tax deadline for filing returns or extensions has now also been moved from April...

Read Article

COVID-19’S OTHER CONSEQUENCES

Security and breaches remain a top concern. See our interview with a cybersecurity pro and 4 areas to focus on for security during the pandemic.

Qualified Opportunity Zone deadlines were extended for Alternative Investment companies.

The FASB may delay the deadline to comply with ASC 842 for private companies.

COVID-19 has caused a myriad of other issues for lenders.

Our cybersecurity team has noticed a spike in phishing, impersonation and ransomware threats. We have created an article to help leaders understand remote workforce security and a live updated IOC Tracker for IT teams to block known threats.

We have prepared a summary of Section 139 (Disaster Relief Payments) as they apply to certain expenses.

Certain disaster losses can be claimed on taxes. As a result of making this election, a reduction of 2019 taxable income and related federal and state tax liabilities is expected.

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May 18, 2020

Disaster Losses from Coronavirus & the Election to Claim Losses in Preceding Tax Year


As a result of the Coronavirus pandemic, the President has declared every state as a disaster area eligible for federal assistance. This declaration...

Read Article

Apr 27, 2020

Qualified Opportunity Zone Deadlines Extended due to COVID-19


Many tax deadlines have been delayed due to COVID-19, usually with the aim of granting tax payers more time to file returns or make payments. In addition,...

Read Article

Apr 20, 2020

The FASB May Delay the Deadline to Comply with ASC 842 in Response to COVID-19


The FASB voted on April 7 to propose a delay for ASC 842 and its amendments. The original deadline for the new lease accounting guidelines for private...

Read Article

Mar 03, 2020

Updated Live: COVID-19 Indicator of Compromise Tracker


In a recent blog post, Richey May Technology Solutions’ cybersecurity team wrote up some quick tips to protect yourself against COVID-19 related...

Read Article

Apr 30, 2020

4 Areas of Focus for Security During the Pandemic


Undoubtedly, COVID-19 represents process and security challenges for many companies. With stay at home orders lengthening and the conditions of...

Read Article

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