COVID-19

Impact of 2020 CARES Act on charitable giving
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed. This Act provides significant tax relief and charitable giving benefits of both small and large gifts donated in 2020. An outline of these gift-planning strategies are as follows.
PPP Loan Forgiveness Application and instructions released by SBA + IRS issues draft Employee Retention Credit Form
On May 15, 2020, the SBA and Treasury issued the PPP application form to request forgiveness of loans under the PPP program. As announced, the SBA will be issuing additional regulations and guidelines for borrowers to complete the application and to instruct lenders on their duties.
Treasury updates “good faith certification” guidance – new, FAQ 46 and Washington DOR loan forgiveness reporting on B&O returns
Two bits of good news for businesses affected by COVID: 1. Treasury updates “good faith certification” guidance with new, FAQ 46, and 2. Washington DOR says loan forgiveness should not be reported on B&O returns until further notice.