Core Accounting Group Solutions LLC

Core Accounting Group Solutions LLCCore Accounting Group Solutions LLCCore Accounting Group Solutions LLC
  • Home
  • What We Do
  • Services
    • Accounting & Bookkeeping
    • Technology Services
    • Business Advisory
    • Tax Services
    • Financial Planning
  • COVID-19
  • Artcles
    • Economic Impact Payments
    • ACCRA - PPP Changes
    • Employee Retention Credit
  • About Us
  • FAQ
  • Contact Us
  • Tools
    • AICPA Attest Services
    • Upload Documents
    • Download W9
  • More
    • Home
    • What We Do
    • Services
      • Accounting & Bookkeeping
      • Technology Services
      • Business Advisory
      • Tax Services
      • Financial Planning
    • COVID-19
    • Artcles
      • Economic Impact Payments
      • ACCRA - PPP Changes
      • Employee Retention Credit
    • About Us
    • FAQ
    • Contact Us
    • Tools
      • AICPA Attest Services
      • Upload Documents
      • Download W9

Core Accounting Group Solutions LLC

Core Accounting Group Solutions LLCCore Accounting Group Solutions LLCCore Accounting Group Solutions LLC
  • Home
  • What We Do
  • Services
  • COVID-19
  • Artcles
  • About Us
  • FAQ
  • Contact Us
  • Tools

COVID-19 Updates

Find Forms Here

Additional Information

 We have received a few updates and wanted to pass them on regarding the Paycheck Protection Plan applications:

  • Private Bankers will be responsible for gathering the application details and for the loan closing. This is really good for you as we can be directly involved.
  • Below includes the most recent list of required information. 



Be application-ready for the Paycheck Protection Loan (PPL) by gathering the following information:

  • 2019 and 2020 year-to-date monthly profit and loss statement
  • 2019 and 2020 year-to-date payroll reports
  • State income, payroll, and unemployment insurance filings
  • TAX ID/EIN and complete ownership information
  • 1099s for 2019 employees and independent contractors that would otherwise be an employee of your business. Do not include 1099s for services
  • For healthcare costs, all health insurance premiums paid by the business owner under a group health plan
  • Your company retirement plan funding paid for by the company


You can also view an FAQ published by the U.S. Senate here.

Learn More

Visit the SBA Coronavirus Relief Options webpage for more information and applicable forms.


Coronavirus Relief Options

Cares Act Stimulus Funding

PPP Business Loan Program

This loan is calculated using 2.5x  the monthly average of your annual payroll 

  • EIDL loans may be added to your PPP application and can be used to refinance any portion used specifically for payroll
  • All employees and eligible expenses must have existed prior to February 15, 2020
  • Companies are eligible to file on April 3, 2020; Sole Proprietors and Contractors are eligible to file on April 10, 2020

Loan Forgiveness:

  • Qualifying eligible expenses which can be submitted for forgiveness: 
  • Payroll
  • Healthcare & Insurance Premiums
  • Mortgage Interest Payments
  • Rent Payments 
  • Utility Payments
  • Interest Payments on debt incurred prior to February 15, 2020

Loan Limitations:

  • You must have fewer than 500 employees
  • Any amount of salaries over $100K are ineligible for your loan calculation
  • Only 25% of your qualifying expenses can be non-payroll related
  • Loan Forgiveness: 75% Payroll Expenses - 25% Other Qualifying Expenses

Required Information

  • Prior year payroll supporting your loan calculation
  • Sole Proprietors and Contractors must be able to submit either Form 1099 or income and expenses
  • Documentation verifying number of full-time employees and payroll costs for the eight week period following your loan
  • Documentation of payments of all other submitted qualifying expenses for the eight week period following your loan

View this article on LinkedIn 

Here are all three federal unemployment programs created in response to COVID-19:

  

The Pandemic Unemployment Assistance (PUA) program - PUA will provide up to 39 weeks of benefits to self-employed workers, 1099 tax filers and some other individuals who previously were not eligible for unemployment benefits. The benefit amount will be similar to traditional unemployment benefits, plus an additional $600 per week. The program's effective date is Jan. 27 through Dec. 31.



The Federal Pandemic Unemployment Compensation (FPUC) program - FPUC will provide an additional $600 per week to existing benefit amounts for those in both the "regular" unemployment program and the PUA program. The average unemployment benefit in Ohio is currently about $380 a week. The FPUC program began on March 29; benefits will be retroactive to that date. 



The Pandemic Emergency Unemployment Compensation (PEUC) program - PEUC will provide up to 13 weeks of additional benefits for Ohioans who exhaust their maximum 26 weeks of unemployment benefits. This program also began on March 29.

FFCRA

Families First Coronavirus Response Act: Questions and Answers

For those of you that need guidance regarding employee issues and layoffs or furloughs, here is the website to assist you in determining how you have to handle the employees should they have a required quarantine or other scenarios. The Q & A is directly from the Department of Labor website and is authoritative as it gets: 


https://www.dol.gov/agencies/whd/pandemic/ffcra-questions 

Downloads

PPP Program Information FAQ (pdf)

Download

Interim Final Rule (pdf)

Download

Core Accounting Group Solutions LLC - licensed accounting firm

https://cagsolutionsllc.com/

  • Home
  • What We Do
  • COVID-19
  • Economic Impact Payments
  • About Us
  • FAQ
  • Contact Us