COVID-19 Resource Center

Helping you prepare for the impacts of COVID-19

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Second Chance: What the New Round of COVID-19 Relief Could Mean for You – On Demand Webinar, Watch Now!

Now that a new round of economic stimulus has been signed into law, you probably have questions about how (or even if) its provisions will help you in these trying times. The sweeping 5,000-plus page bill affects businesses, individuals, nonprofits, higher education and more. So chances are at least one aspect of it will impact your financial picture. During this webinar, we discuss the tax provisions most likely to impact you and /or your business, the new round of PPP loans, and an overview of the legislation and what it means to you, and updates on additional guidance.

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Resources to help you tackle the threats from COVID-19

Disruptions caused by the novel Coronavirus (COVID-19) continue to mount as economic turbulence worsens. With so much up in the air with the COVID-19 outbreak, we’re getting questions about short-term loan options, available tax credits, managing cash flow and how to continue operations while keeping others safe. While it’s difficult to determine the short and long-term affects of this pandemic, we are tracking all developments related to the COVID-19 and your financial well-being. On this page you’ll find links to external resources, informational articles, and upcoming webinars related to COVID-19. We will continue to update this resource page as more information becomes available. Check back regularly for updates and continue reading to learn more.

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COVID-19 Power Lunch Videos

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COVID-19 POWER LUNCH: PPP Year End Update

James Moore and Co December 18, 2020 5:00 pm

The U.S. Small Business Administration has released a new, more "borrower-friendly" PPP Loan Forgiveness application. James Moore & Company partners Erin Spiwak and Mike Sibley are on hand to review the changes in this special Wednesday edition of our Power Lunch. They'll also discuss new guidance relating to the self-employed. 

- The new forgiveness form 3508EZ and the qualifications for using it.
o If qualifications aren’t met, must use long-form with additional calculations
- The new guidance from last week on Owner compensation – 
o Limited to 8 weeks of 2019 net profit up to 15,385 or
o 2.5 months of 2019 net profit up to 20,833 for 24 weeks
o Makes it clear if the schedule C also had an employee who was let go that portion of the loan won’t be forgiven
o It does not address owner compensation as it relates to Corporations so we are waiting to hear if there will be differences there. 
- Reminders –
o Can elect 8 weeks if loan made before June 5th  otherwise its 24 weeks
o Payroll costs need to be a least 60% of the total and other overhead costs at 40%
o Many banks are targeting July before applications can be submitted. 

Check out our on-demand webinar on PPP loan forgiveness and the process to apply. During the webinar, our CPAs go over the application itself, demonstrating our in-house loan forgiveness tool and walking our listeners through a step-by-step example of the calculations involved. They also discuss the most current guidance available.

Register now: https://bit.ly/PPPLoanForgivenessRegi...

Learn more about PPP Loans by visiting our COVID-19 Resources page: https://www.jmco.com/covid-19-resources/ 

Join our mailing list for up-to-date information as additional guidance is released: https://www.jmco.com/insights/

The U.S. Small Business Administration has released a new, more "borrower-friendly" PPP Loan Forgiveness application. James Moore & Company partners Erin Spiwak and Mike Sibley are on hand to review the changes in this special Wednesday edition of our Power Lunch. They'll also discuss new guidance relating to the self-employed.

- The new forgiveness form 3508EZ and the qualifications for using it.
o If qualifications aren’t met, must use long-form with additional calculations
- The new guidance from last week on Owner compensation –
o Limited to 8 weeks of 2019 net profit up to 15,385 or
o 2.5 months of 2019 net profit up to 20,833 for 24 weeks
o Makes it clear if the schedule C also had an employee who was let go that portion of the loan won’t be forgiven
o It does not address owner compensation as it relates to Corporations so we are waiting to hear if there will be differences there.
- Reminders –
o Can elect 8 weeks if loan made before June 5th otherwise its 24 weeks
o Payroll costs need to be a least 60% of the total and other overhead costs at 40%
o Many banks are targeting July before applications can be submitted.

Check out our on-demand webinar on PPP loan forgiveness and the process to apply. During the webinar, our CPAs go over the application itself, demonstrating our in-house loan forgiveness tool and walking our listeners through a step-by-step example of the calculations involved. They also discuss the most current guidance available.

Register now: https://bit.ly/PPPLoanForgivenessRegi...

Learn more about PPP Loans by visiting our COVID-19 Resources page: https://www.jmco.com/covid-19-resources/

Join our mailing list for up-to-date information as additional guidance is released: https://www.jmco.com/insights/

YouTube Video UExyQlhPa0JKMTM1bURGUjBUanU0N25KSVNZNHhLc3puOS45RTgxNDRBMzUwRjQ0MDhC

COVID-19 POWER LUNCH: PPP Loan Forgiveness Just Got Easier!

James Moore and Co June 24, 2020 4:00 pm

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On-Demand Webinar Recordings

Has your business been forced to close or pivot due to COVID-19? Learn about the many ways we can assist you.

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Families First Coronavirus Response Act (FFCRA) Resource Center

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FFCRA Comprehensive Guide

The FFCRA provides a wide range of assistance to American workers due to the COVID-19 outbreak. Not only does it provide paid time off for workers affected by the pandemic, it also gives employers the opportunity to receive tax credits to offset the cost of providing paid leave.

In response to the significant number of questions we’ve received regarding the FFCRA, we created this guide to help employers navigate the details of the FFCRA. Continue reading to learn more.

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Recent FFCRA Articles

FFCRA Employer Templates & FAQ

FFCRA Frequently Asked Questions
Advance Payment of Employer Credits – IRS Form 7200
COVID-19-Related Tax Credits for Required Paid Leave FAQs
Expanded FMLA Request Form Sample
Paid Sick Leave Request Form Sample
Emergency Paid Sick Leave Sample Policy
Temporary Remote Work Agreement Sample
COVID-19 Employee Rights under FFCRA (POSTER)

CARES Act Resource Center

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Paycheck Protection Program Expanded Guide

The Coronavirus Aid, Relief, and Econmic Security (CARES) Act offers particular reprieve to small businesses in the Paycheck Protection Program. The program provides financial incentives and forgivable loans for small businesses, with the goal of encouraging them to retain employees and bring back those who have been laid off or furloughed. Our expanded guide provides the details you need to take full advantage of this program.

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PPP Loan Templates

Per interim guidance released by the IRS, PPP loan forgiveness amount will not be reduced if you laid off an employee, offered to rehire the same employee, but the employee declined the offer. However, in order to qualify for this exemption, you must make a good faith, written offer of rehire, and the employee’s rejection must be documented. The following template can be used when making your offer to rehire.

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  • woman on paper boat in water symbolizing PPP safe harbor

An Important Update on PPP Safe Harbor

The United States Treasury has just released additional information regarding the Paycheck Protection Program (PPP) and safe harbor for unqualified loan recipients. The Small Business Administration (SBA) issued a safe harbor to PPP recipients [...]

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Safe Harbor: Returning Unqualified PPP Funds

If you’ve received a Paycheck Protection Program (PPP) loan and don't meet the requirements for “economic uncertainty,” take note. The U.S. Small Business Administration (SBA) is giving companies until May 18 to return unqualified [...]

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Most Recent COVID-19 Articles

HHS Now Issuing Phase 3 PRF Fund Payments

If you’ve applied for Phase 3 Provider Relief Funds (PRF), help could be on the way. The Department of Health & Human Services (HHS) recently announced it has completed the review of applications and [...]

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COVID-19 General Resources

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Tax Updates

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CARES Act Tax Changes for Real Estate

Alongside numerous provisions for corporations and small businesses, the Coronavirus Aid, Relief, and Economic Security (CARES) Act brings about several key changes for taxpayers [...]

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Financial Reporting Updates

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External Financial Reporting Resources

Center for Audit Quality – COVID-19 Resources
FASB Response to COVID-19
GASB Response to COVID-19
AICPA COVID-19 A&A Resources
GNVCares

Industry Updates

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Employer Resource Center

State of Florida Bridge Loan Program
SBA Economic Injury Disaster Loan
Short Time Compensation Program
Florida Unemployment Eligibility

COVID-19 General Resources

Federal Assistance Programs
Florida Department of Health COVID-19 Website
Florida Business Damage Assessment
OSHA’s Guidance on Preparing Workplaces for COVID-19
U.S. Department of Labor Coronavirus Resources

Industry Related Resources

GFOA Coronavirus Resources
NACUBO – Coronavirus Resources for Colleges
NCAA COVID-19 Information
CARES Act: Higher Education Emergency Relief Fund

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