COVID-19 Resources

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

Colorado Department of Revenue Extends Income Tax Filing and Payment Deadline

March 19, 2021

Colorado Department of Revenue Extends Income Tax Filing and Payment Deadline The Colorado Department of Revenue announced Thursday that it will extend the individual income tax payment and filing deadline. The new deadline will now be May 17, 2021 instead of April 15, 2021, giving individuals an additional 32 days to file and pay. This…

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American Rescue Plan Act of 2021

March 15, 2021

The House of Representatives passed the American Rescue Plan Act, H.R. 1319, on Wednesday and President Biden signed it into law on Thursday. This $1.9 trillion rescue package is intended to provide additional support in the fight against the pandemic and economic stimulus. Here are some of the key provisions: Recovery Rebates The act creates…

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Opportunity for a $10,000 Economic Injury Disaster Loan Grant

February 16, 2021

Opportunity for a $10,000 Economic Injury Disaster Loan Grant The SBA has announced an opportunity to get a $10,000 EIDL Grant. This new round of EIDL Grants is called the “Targeted EIDL Advance”. The eligibility for this next round of loans is based on: Didn’t already get the $10,000 EIDL advance last year. Located in…

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The Employee Retention Credit Gets Revamped for 2021

More Companies May Now Qualify for the Employee Retention Credit The Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020 as a continued effort to support the economy during the COVID-19 pandemic. One significant adjustment over the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is an expansion to the Employee Retention Credit…

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HHS Reporting Deadline Postponed

January 30, 2021

HHS Reporting Deadline Postponed The US Department of Health and Human Services (HHS) announced on January 15, 2021 that they will postpone the CARES Act Provider Relief Fund (PRF) reporting deadline due to the passing of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021.  This was a result of the new requirements issued…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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,…

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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…

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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…

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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…

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COVID-19 RESOURCES