COVID-19 Resources

BiggsKofford offers the following articles and resources for you relating to COVID-19.

Business Preparation for Stimulus #2 What you should do IMMEDIATELY to be prepared

January 4, 2021

Business Preparation for Stimulus #2 What you should do IMMEDIATELY to be prepared The new COVID Relief bill was signed by the President on December 28th. We covered the highlights of the law in an article you can find HERE.  This Relief Act includes two significant programs that are available to closely-held businesses that are in…

Read More...

Trump Signed the Relief Act: Key Provisions for BiggsKofford Clients

December 28, 2020

Trump Signed the Relief Act: Key Provisions for BiggsKofford Clients President Trump has finally signed the coronavirus relief package that was passed by Congress last week. Here are the important things our clients are likely interested in hearing: 1. Second Stimulus Payment A second stimulus payment will be available, the details of which are as…

Read More...

PPP2 – Another COVID-19 Relief Bill on Its Way!

December 23, 2020

The House of Representatives and the U.S. Senate passed a $900 billion COVID-19 relief bill on Monday night which is expected to be signed in to law by President Trump at some point very soon. We discussed our early impressions of this news in a previous newsletter, HERE. There have been some important updates since…

Read More...

PPP TAX DEDUCTIBILITY UPDATE!

December 21, 2020

Congress announced yesterday that a new, $900 billion, COVID relief package is coming. This will include another round of Paycheck Protection Program (PPP) loans as well as a defined answer to a burning question for many, expenses paid for with forgiven PPP funds WILL be deductible! As we discussed in an earlier article, found HERE, the PPP funds were not intended to be included…

Read More...

Important PPP Forgiveness Update

November 19, 2020

PPP Forgiveness Update On November 5th, BiggsKofford wrote an article providing an update on the PPP Loan Forgiveness rules. That article can be found HERE. In that article we recommended deferring your forgiveness application until 2021, thereby possibly allowing the deduction of qualified expenses or at least buying time for Congress or the IRS to…

Read More...

PPP Loan Forgiveness Checklist

November 13, 2020

PPP Loan Forgiveness Checklist BiggsKofford has created a PPP Loan Forgiveness Checklist that can be downloaded from our website HERE. PPP Borrowers may find this Checklist helpful to determine which Forgiveness Application form they should be completing, and what documentation they will need to gather. In a recent article that you can download HERE, we described the…

Read More...

Deadline Approaching: Update Sick and Leave Time Policy

November 6, 2020

Deadline to Update Sick and Leave Time Policy is Approaching As we reported in an earlier eNews release, which can be found HERE, the Governor signed the Healthy Families and Workplaces Act on July 14, 2020. The Act goes into effect on January 1, 2021. Starting January 1, 2021, this new sick leave law applies to…

Read More...

PPP Loan Forgiveness – What You Need to Know

November 5, 2020

Forgiveness – The final chapter in the PPP Loan process. While most borrowers have completed their “Covered Period” to spend the money, and might be ready to apply, many lenders are still not accepting applications. This is causing a lot of confusion about the application deadline, when to apply, tax consequences, required documentation, etc. Below,…

Read More...

SBA Streamlines PPP Forgiveness for Loans of Less Than $50,000!

October 9, 2020

SBA Streamlines PPP Forgiveness for Loans of Less Than $50,000! A new interim final rule (IFR) provides new guidance concerning forgiveness and loan review processes for PPP loans of $50,000 or less. On Thursday, the SBA released a streamlined application, Form 3508S, designed specifically for those who borrowed less than $50,000. The forgiveness is not…

Read More...

New funding available: Provider Relief Fund Phase 3 General Distribution

October 6, 2020

New funding available: Provider Relief Fund Phase 3 General Distribution   Additional Funding Released Starting Oct. 5, you can apply to receive funds based on assessed revenue losses and expenses due to COVID-19. The opportunity to receive up to 2% of annual revenue from patient care remains active. As released from HHS: Healthcare providers, including…

Read More...

HHS Provider Relief Fund Reporting Guidance

September 22, 2020

HHS Provider Relief Fund Reporting Guidance On September 19, 2020 the US Department of Health and Human Services (HHS) issued Post Payment Notice Reporting Requirements.  All recipients of Provider Relief Fund (PRF) payments are required to comply with the reporting requirements described in the Terms and Conditions and specified in future directions issued by the Secretary.  Below…

Read More...

PPP Loan Update

September 21, 2020

The U.S. Department of the Treasury recently announced rules required for business owners to make use of the Paycheck Protection Program’s (PPP) loan forgiveness feature. The updated guidance provides both challenges and opportunities for local business owners. In addition, the SBA opened its PPP Loan Forgiveness portal recently. However, there are still some important questions that…

Read More...

HHS Extends Deadline for Phase 2 General Distribution Funding

September 14, 2020

Applications are now due by Sunday, September 13, 2020. Follow the link HERE to apply now.  The Phase 2 distribution is intended for Medicaid, CHIP, and dental providers, who didn’t receive funding in the first round of distributions. The HHS allocated $15 billion from the CARES Act Provider Relief Fund for these providers, and applicants can receive up…

Read More...

IRS Issues Guidance on Payroll Tax Deferral

August 31, 2020

The IRS issued guidance on the payroll tax deferral that was ordered by the President in a presidential memorandum on Aug. 8 (Notice 2020-65). The notice allows employers to defer withholding on affected employees’ compensation during the last four months of 2020 and then withhold those deferred amounts during the first four months of 2021.…

Read More...

El Paso County CARES Act Grants Available

August 12, 2020

El Paso County Allocates Additional CARES Act Funds to Small Business and Nonprofit Grants El Paso County continues its commitment to local small businesses and nonprofits with a new multi-million-dollar Regional Business Relief Fund program, launching this week. This Fund will act as a competitive grant application process to assist our small businesses and nonprofits…

Read More...

HHS Provider Relief Fund – General and Targeted Fund Update

July 24, 2020

HHS Provider Relief Fund – General and Targeted Fund Update HHS issued a limited update Monday July 20th.  The update suggests that providers who received more than $10,000 in PRFs (i.e., any payment under the $50 billion General Distribution, Medicaid/CHIP distribution, or various targeted distributions) will be subject to “future reporting requirements” and that detailed instructions regarding…

Read More...
COVID-19 RESOURCES