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Important Updates 

related to Covid-19  (Coronavirus)

We'll attempt to summarize relevant COVID-19 changes affecting businesses and Individuals as soon as we are able. 

Information is constantly changing.

Seeking information about Grants or Loans?

For more information about SBA Disaster Loans (EIDL), be sure to contact your bank. Also visit https://sba.gov/disaster

For more information about Paycheck Protection Plan, be sure to contact your bank. 

Tax Deadlines:

July 15th is the new filing deadline for federal income taxes and applies to interest and penalties as well.

Additional Questions:

If you have additional questions in-regards to how the COVID-19 pandemic may affect your business, taxes or accounting services, please contact us or email us FCG@financialclaritygroup.com.

Below are various updates related to the virus. 

The Paycheck Protection Small Business Forgiveness Act is currently in the Senate.  The ACT would forgive PPP loans of $150,000 or less based on the borrower submitting a one page attestation to the lender. The lender would be held harmless.Forbes Article ...

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For once.In a stunning turn of events the IRS is allowing any RMD taken thus far in 2020 to be “rolled-over” into a qualified plan or IRA by August 31, 2020.The one rollover per year – suspendedRMDs suspended for 2020 from all types of retirement accounts. (IRA, 401(k), 403(b), etc)Inherited IRA RMDs can be reversed.Substantially ...

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Senate passes keyPaycheck Protection Flexibility ActJune 3rd, 2020.With nearly unanimous support the Senate passed the Paycheck Protection Flexibility Act. The legislation will now go to the President for signature.  The bill extends the time within which recipients of PPP loans can spend the proceeds. It also reduces the amount that is required to be spent on ...

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PPP Webinar Series 10:30am WednesdaysHow to effectively track and monitor PPP loan proceeds for maximum forgiveness. Including Legislation and Regulation update.SBA PPP Loans have been and are being fundedAn  initial forgiveness application has been releasedYou’ll get guidance for corporations and sole proprietorsDocumenting the use of the loan proceedsStrategies to maximize the amount forgivenWe provide a ...

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Receive an erroneous Economic Impact Stimulus Payment?The IRS has begun sending checks and making direct deposits of the economic impact stimulus payments authorized by Congress in April 2020. The problem was that some of the recipients of the payments were deceased and the IRS wants the money back. If a check was received for a deceased person ...

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Track the use of your PPP Loan ProceedsThe PPP loan planning and tracking spreadsheet mentioned in last week’s webinar is available.  The registration page is located here: http://www.financialclaritygroup.com/ppptracking/ If you have not registered for the weekly PPP update webinar on Friday mornings click here. ​ ...

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PPP Webinar Series begins:12:00pm EST April 22, 2020How to effectively track and monitor PPP loan proceeds, legislation and regulation update.SBA PPP Loans are being funded. How will you document the use of the loan proceeds?What is your strategy to maximize the amount to be forgiven?We’ll provide a tool that will help you plan your disbursements and ...

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​Move made to ease COVID-19 financial impact COLUMBUS  Ohio Governor Mike DeWine and Ohio Bureau of Workers’ Compensation (BWC) Administrator/CEO Stephanie McCloud today proposed giving up to $1.6 billion to Ohio employers this spring to ease the economic impact of the coronavirus (COVID-19) pandemic on Ohio’s economy and business community. “This is great news for Ohio’s ...

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Ohio BWC changesemployer programs 04/03/2020Recently, the Ohio Bureau of Workers’ Compensation (BWC) announced that they are waiving several program requirements for employers due to the impact of the coronavirus (COVID-19). All safety education and training requirements for this policy year (July 1, 2019 – June 30, 2020 for private employers) will be waived for those participating ...

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