Throughout the COVID-19 pandemic, organizations received many different kinds of government assistance. The Paycheck Protection Program (PPP), Provider Relief Fund (PRF), Employee Retention Credit (ERC), and COVID-19 Economic Injury Disaster Loans (EIDL), to name a few. These funds were crucial to helping minimize the impact of business interruptions from COVID. Since each type of assistance had its own rules and regulations, ensuring compliance with each can be difficult.
Now that we have made it through the initial impact of the COVID-19 pandemic, navigating the aftermath continues to prove to be a challenge. The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), established the Provider Relief Fund (PRF), which was used to provide aide to health care entities with increased expenses or lost revenue attributable to Coronavirus Disease 2019 (COVID-19).
Topics: Not-for-Profits, #COVID-19News
Beginning in 2021, and continuing through 2024, various local government entities (LGEs) have been given the opportunity to receive funding from the Coronavirus Local Fiscal Recovery Fund. This relief fund was created by the American Rescue Plan Act of 2021 (ARP) in order help local governments mitigate the financial impacts of the COVID-19 pandemic. This funding was intended to help LGEs strengthen COVID-19 response efforts, replace lost revenue, provide stability for residents and local businesses, and ensure the systemic equality of public health resources and economic opportunities.
If you are a member of the governing body or management of a New Jersey municipal or county government (local government), chances are you are overwhelmed by the amount of information issued by the State of New Jersey and the Federal Government for the Coronavirus Local Fiscal Recovery Fund (LFRF) provided by the American Rescue Plan Act of 2021 (ARP). In this article, we present an overview of the resources available to recipients of the LFRF. At Bowman & Company LLP, we review the material as it is issued and can be a resource to you as you navigate compliance with the funding.
Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000.
Bowman Manager Tommy Kleinhans joined Paul Martin to help individuals and organizations understand the proposed American Families Plan. This episode is a part of Paul Martin’s Crucial Conversations podcast, where he partners with industry experts to help small businesses and healthcare clinics navigate the challenges of changing regulations, industry trends, and stakeholder needs.
The $46.4 billion New Jersey state budget signed by Gov. Phil Murphy on Tuesday, June 29th, will provide a $500 tax rebate for over 760,000 New Jersey families. This credit will be given to households earning up to $150,000 with at least one dependent child and individuals earning below $75,000 with at least one dependent child.
On March 17, the Internal Revenue Service (IRS) announced the deadline for individuals to file federal taxes would be extended from April 15 to May 17, 2021 (Notice 2021-21). This week, the IRS issued additional guidance on its postponement of the tax deadline for individuals. Like the news release before it, this most recent notice does not extend the April 15 due date for estimated tax payments. To ensure our clients do not miss the deadline for estimated tax payments, we encourage the early submission and preparation of tax returns.
The IRS announced on Wednesday that it is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The IRS says it will issue formal guidance in the near future.
Topics: Professional Services, #COVID-19News
Yesterday, President Joe Biden signed the American Rescue Plan Act into law. This legislation, also known as H.R. 1319, was first passed by the House on February 27. The Senate made several amendments and passed its version of the bill on March 6. The bill then came back to the House for a final vote on Wednesday and was subsequently signed into effect on March 11.