The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law in late March is a massive piece of legislation that’s more than 880 pages long and carries a price tag of at least $2 trillion.
Employee benefit plan sponsors are facing many questions due to the coronavirus pandemic and COVID-19. One of the most important is simple: What is your fiduciary duty during the coronavirus crisis?
Topics: Audit & Assurance
On April 24, the President signed the Paycheck Protection Program and Health Care Enhancement Act, providing $310 billion in additional funding for the Paycheck Protection Program (PPP), $10 billion for the Economic Injury Disaster Loan program (EIDL), as well as funding for other critical healthcare needs.
The Paycheck Protection Program (PPP) was created as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide cash to businesses impacted by the COVID-19 pandemic. These funds can be used to pay employees, along with other expenses such as health insurance premiums, rent or mortgage payments, and utilities. Loans under the PPP will be 100% guaranteed by U.S. Small Business Administration (SBA), and the full amount of the loans and any accrued interest may qualify for loan forgiveness.
In response to the impact of the COVID-19 pandemic, the IRS announced last month that taxpayers have until July 15, 2020 to file and pay federal income taxes that were originally due on April 15. This extension comes with no late-filing penalty, interest, or late-payment penalty.
The recently released CARES Act stimulus package will be providing relief for individuals and small businesses, in light of the COVID-19 pandemic. However, individuals and businesses should be aware of an increased number of scams targeting them related to the package.
On March 20, Youth Eastside Services (YES) hosts its annual Invest in Youth Breakfast. This is a cause that is dear to Sweeney Conrad, as Tax Shareholder Duke Eide has been Treasurer on the YES board for two years and attending the breakfast (formerly a lunch) for over 15 years. “I think many people don’t see the need on the eastside because there is so much wealth,” he says. “But there are those in financial need and the issues that YES deals with affect youth from poor and wealthy families.”
Meet Tax Manager Kyle Lynch! Kyle started his career in 2012 and came to Sweeney Conrad in January of 2017- so this is his second busy season with the firm. Kyle describes himself as ambitious and says that he appreciates that same quality in his co-workers. What he loves about working at Sweeney Conrad is “the ability to work with a group of seasoned professionals who work hard in servicing some of the most multifaceted and complex clients in the Northwest.”
by Katie Knutson
So, you’ve been hired as intern for busy season.