COVID-19
Legal & Regulatory Updates, Human Resources & Payroll
FFCRA Update
9/28/2021
We're writing with an update on paid sick leave (PSL) and paid family leave (PFL) provided by the Families First Coronavirus Response Act (FFCRA). Please let us know if you have any employees out on COVID-related leave as soon as possible. Read more...
Legal & Regulatory Updates, Human Resources & Payroll
ERC May End Early to Pay for Infrastructure Bill
8/10/2021
Last week, two pieces of news related to Employee Retention Tax Credits (ERC) were released. First, on August 2, details of the infrastructure bill were released, including an announcement that the proposed legislative package in its current form would largely end the ERC on September 30 instead of the current December 31 deadline. Meanwhile, on August 4, the IRS released Notice 2021-49, which provides guidance and clarification on the ERC. Read more...
Human Resources & Payroll
Unemployment Fraud: Identity Theft & Credit Monitoring
4/13/2021
Unfortunately, we have received word from a number of clients that they are receiving unemployment claims on employees who are still employed and have not filed claims. Please read on for more information. Read more...
Legal & Regulatory Updates, Human Resources & Payroll
COVID Stimulus: American Rescue Plan
3/19/2021
On Thursday, March 11, a new COVID-19 stimulus package was signed into law: the $1.9 trillion American Rescue Plan (ARP). It includes updates to many of the COVID-relief programs with which business owners have become familiar: the Paycheck Protection Program (PPP), Employee Retention Credits (ERC), Paid Leave Credits, and the Economic Injury Disaster Loan Program (EIDL). One new grant program, the Restaurant Revitalization Fund (RRF), was also created. Please read on for details of programs that will affect business owners. Read more...
Legal & Regulatory Updates, Human Resources & Payroll
IRS Releases Guidance on ERC: New Notice Explains Changes Made in December's Stimulus
3/11/2021
On Monday, March 1, 2021, the Internal Revenue Service (IRS) released Notice 2021-20 (Guidance on the Employee Retention Credit under Section 2301 of the Coronavirus Aid, Relief, and Economic Security Act). The Employee Retention Credit (ERC) was created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and was amended in December as part of the Consolidated Appropriations Act. One major change is that Paycheck Protection Program (PPP) participants are now allowed to take advantage of ERC. Notice 2021-20 provides guidance on key questions about how PPP participants may retroactively claim ERC for wages paid in 2020. Read more...
Legal & Regulatory Updates, Human Resources & Payroll
IRS Communication & Guidance: We Are Awaiting Guidance On ERC From IRS; Meanwhile, IRS Is Sending Confusing Notices
1/28/2021
We are expecting additional guidance from the IRS on how companies that are newly eligible may claim Employee Retention Credits (ERC) and will work to process credits for your business as soon as we have instructions from the IRS. Read more...
Legal & Regulatory Updates, Human Resources & Payroll
Employee Retention Credits: Enhanced By Recent Stimulus Package
1/15/2021
The recent stimulus package, the Consolidated Appropriations Act, 2021, (CAA), signed into law on December 27, 2020, made some significant changes to Employee Retention Credits (ERC). One major update is that employers who have received a Paycheck Protection Program (PPP) loan may also receive ERC, which had not been allowed under the previous rules. Read more...
Legal & Regulatory Updates, Human Resources & Payroll
FFCRA Paid Leave Update: Employer Tax Credits Extended to 3/31/21
12/31/2020
One area addressed in the recent stimulus package, signed into law on December 27, 2020, is paid leave mandated by the Families First Coronavirus Response Act (FFCRA). FFCRA’s mandate for certain employers to provide paid leave and receive a tax credit to reimburse the cost of that paid leave was set to expire on December 31, 2020. Read more...
Legal & Regulatory Updates, Human Resources & Payroll
COVID Stimulus: PPP Round 2
12/28/2020
On Sunday, December 27, a new COVID-19 stimulus package was signed into law. The $900 billion deal is a 5,000+ page bill that features many meaningful programs that affect individuals, small businesses, nursing homes, communities, colleges, universities and K-12 schools. Read more...
Legal & Regulatory Updates
PPP Update: It May Be Time For Loan Forgiveness
11/10/2020
To say that 2020 has been a whirlwind may be a little bit of an understatement. The situation with the pandemic, shutdowns, and government response has forced business owners to be more reactive than proactive. Read more...
Legal & Regulatory Updates, Human Resources & Payroll
Modifications to FFCRA Regulations: Paid Sick Leave
9/25/2020
As a result of the recent New York federal court ruling, which rejected portions of the Families First Coronavirus Response Act (FFCRA) regulations, the Department of Labor (DOL) issued revised rules that went into effect on September 16, 2020, and will continue to be enforceable through the end of 2020. Read more...
Legal & Regulatory Updates
PPP Update: Strategically Timing Your PPP Forgiveness Application
9/23/2020
Several bills have recently been introduced in Congress aiming to largely simplify the PPP forgiveness process. At least two of these bills – US Senate Bill 4117 and US Senate Bill 4321 – aim for automatic forgiveness of a loan that is not more than $150,000 if the recipient submits a one-page form. Read more...
Human Resources & Payroll
Coronavirus: Employer Q&A
7/27/2020
We have been receiving a number of questions from clients on how to handle coronavirus from an HR perspective. Because it is likely that most of our clients may have similar questions, we are collecting these into the following Q&A format guide. Read more...
Legal & Regulatory Updates
New Rules: Executive Order for Bexar County
6/19/2020
On June 17, 2020, County Judge Nelson Wolff issued Executive Order NW-10, which includes several mandates for both individuals and businesses in Bexar County. Read more...
Legal & Regulatory Updates
PPP Update: SBA Releases New Loan Forgiveness Application
6/19/2020
As a result of the Paycheck Protection Program (PPP) Flexibility Act of 2020, on June 17, the US Small Business Administration (SBA) released a revised Loan Forgiveness Application and simplified “EZ Application” for use by certain borrowers. Read more...
Legal & Regulatory Updates
Main Street Lending Program: A New Source of Capital for Small Business
6/19/2020
The Main Street Lending Program (MSLP) was created by the Federal Reserve to “support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic.” Loans range from $250,000 to $300 million depending on the facility being used. The lender portal for the MSLP opened on Monday, and while some banks that applied are still awaiting approval, many are preparing to provide these loans to clients. Read more...
Legal & Regulatory Updates
PPP Flex Act: New Information
6/12/2020
Last Wednesday, June 3, the Senate passed by unanimous consent the Paycheck Protection Program Flexibility Act, which had previously passed the House on a 417-1 vote. The Act became Law officially on Friday, June 5. The legislation modifies the original requirements with hopes of making loan forgiveness more flexible and, therefore, more attainable. And, so far, it appears that may be the case. Read more...
BFG in the News
We're Open!
6/12/2020
Business Financial Group has remained operational during the city-wide shutdown due to the COVID-19 pandemic. Our full staff has been working from home, and we brought everyone back to the office on June 8th after 2 ½ months of working from home. We want to let you know about the steps we are taking to protect against the transmission of COVID-19. Read more...
Legal & Regulatory Updates
PPP Fixes Passed: Paycheck Protection Program Flexibility Act
6/4/2020
On Wednesday, June 3, the Senate passed by unanimous consent on a voice vote the Paycheck Protection Program Flexibility Act, which had previously passed the House on a 417-1 vote. The Act was in response to complaints about some stipulations of the Paycheck Protection Program’s loan forgiveness. The legislation modifies the original requirements with hopes of making loan forgiveness more flexible and, therefore, more attainable. Read more...
Financial Planning
Early Signs Suggest Reopening Going Better than Expected
5/26/2020
In the past week, we had some mixed news on the coronavirus pandemic. Testing continued to rise, although improvement in slowing the spread rate and case growth seemed to stall. Further, the number of active cases started to grow again, a negative sign. Overall, conditions still remain much better than they have been in recent weeks, but we did not see much (if any) additional progress in controlling the virus. Read more...
Best Practices, Legal & Regulatory Updates
SBA PPP Loan Application
5/17/2020
On Friday, May 15, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. Read more...
Best Practices, Legal & Regulatory Updates
How to Plan for PPP Loan Forgiveness
4/24/2020
On Friday, 4/24/2020, Kim Moore participated in an online Zoom call hosted by Shannon Badger with Badger CPA to discuss Paycheck Protection Program (PPP) loan forgiveness and documentation requirements. They covered allowable expenditures, strategies for allocating funds, and best practices for documentation. Please see the corresponding Q&A document that includes information covered during the discussion. Read more...
Best Practices, Legal & Regulatory Updates
PPP SBA Loan Forgiveness Request
4/20/2020
In an Interim Final Rule issued April 14, the SBA provided its process for submitting a request for forgiveness. The rule indicates that the request could be submitted as early as the end of the week seven of the 8-week covered period. Read more...
Best Practices, Human Resources & Payroll
Reactivating Employees for Compensation
4/20/2020
If you have been approved or have received funding from the a PPP SBA Loan and would like to "reactivate" employees in order to begin paying them during the 8-week covered period, we have provided links to Employee Notices you may want to use. Read more...
Best Practices, Legal & Regulatory Updates
CARES Act: Additional Provisions that Might Affect You
4/20/2020
The CARES ACT was a $2+ Trillion unprecedented Act of Congress designed to provide relief to Americans who have been negatively affected by COVID-19 and subsequent "Stay at Home" orders. Up until now, most of our attention has been devoted to the SBA Payroll Protection Program loans because it had such a short window of time to respond. However, the law includes some other elements that could be beneficial for you. Read more...
Best Practices, Financial Planning
The CARES Act: Impact on Individuals
4/20/2020
There are provisions affecting individuals that range from the stimulus checks which are finding their way to bank accounts or mailboxes, penalty-free retirement plan distributions, increased retirement plan loans, enhanced charitable contributions, and education loan relief. Read more...
Best Practices, Legal & Regulatory Updates
The CARES Act: Expanded Unemployment
4/20/2020
The CARES ACT, through a provision called Pandemic Unemployment Assistance (PUA), has expanded both the amount that can be collected and who is covered under PUA. Read more...
Best Practices, Financial Planning
Are We Seeing Signs of Progress in the Coronavirus Crisis? A Video from Commonwealth Financial Network®
4/20/2020
We would like to offer you the opportunity to hear thoughts from Brad McMillan, managing principal and chief investment officer at Commonwealth Financial Network®, our Registered Investment Adviser–broker/dealer. In this video, Mr. McMillan provides an update on the coronavirus crisis, including its effects on the economy and markets. Read more...
Best Practices, Legal & Regulatory Updates
SBA PPP: Managing the 8-Week Process
4/15/2020
We've prepared some guidelines to help if you have applied for an SBA Payroll Protection Program (PPP) loan. What's next? Our article explains how you might prepare for loan funding and expense documentation. While new information and guidance from the SBA is expected, we're providing this feedback in our best effort to keep you abreast of what to expect next as this situation evolves. Read more...
Legal & Regulatory Updates, Human Resources & Payroll
Paycheck Protection Program
3/30/2020
On Friday, March 27, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law, providing an unprecedented level of emergency assistance for families and businesses affected by COVID 19. Read more...
Human Resources & Payroll
COVID-19 and Other Viruses: Steps BFG is Taking to Ensure Safety
3/17/2020
We have sent several updates on COVID-19 and actions that our clients and contacts should consider taking in the midst of this pandemic, and we will continue to do so. Now we’d like to describe policies that we’ve had in place at BFG for many years along with some enhancements in an effort give you some reassurance of how we are seeking to protect our staff and clients while we continue to provide support to our clients and their employees. Read more...
Human Resources & Payroll
Coronavirus: Steps to Ensure Safety in the Workplace
3/9/2020
News of the coronavirus is everywhere, and the fear that is the product of this news seems more widespread than the virus itself. That said, there is much truth in the adage, “an ounce of prevention is worth a pound of cure.” Employers have the responsibility to provide a safe workplace. What actions should companies take to ensure workplace safety? Read more...
Financial Planning
What does the Coronavirus Mean for Investors?
3/9/2020
Despite attempts by Chinese authorities to contain the coronavirus, the numbers make clear that the virus is now spreading around the world. According to the World Health Organization, there are 79,331 confirmed cases, of which 77,262 are in China and 2,069 are outside of China (as of February 24, 2020). Unfortunately, the numbers only seem to be growing, with the Washington Post recently reporting that there were 833 confirmed cases in South Korea and 53 confirmed cases in the U.S. Read more...