Archives for Covid-19

PPP Loan June 2020

Paycheck Protection Program Loan Forgiveness

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. If employers did not maintain employee count or salary levels, forgiveness will be reduced. When the Flexibility Act was released on June 5, 2020, the loan forgiveness form and instructions were updated to include several measures to reduce compliance burdens and simplify the process for borrowers, including:

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Ready for Business Grant Program

Business Grant Program (Second Opportunity)

Arkansas Congress has approved an additional $55 million free grant program to help get through the COVID-19 pandemic.  These funds are for personal protective equipment, hand sanitizer, deep cleaning, and other expenses related to protecting employees from the COVID-19 virus.

This will be a first come first serve application; however, unlike last week the applications will stay open for a full two days (Tomorrow and Wednesday).

The grants are for $1,000 per employee, a maximum of 100 employees.

The website link is:

https://www.arkansasedc.com/covid19resources/business-resources/ready-for-business-grant-program/While it says unavailable at the current moment it will become available at 8:00 am tomorrow.  I encourage you to go ahead and follow the link to review the required information and grant guidelines.

VIEW GRANT PROGRAM OVERVIEW


If this is something you feel that will benefit your Company I encourage you to apply early to increase your chances of receiving a grant.  Please let us know if you have any questions.

Thank you,

Allen

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A note from Secretary of State concerning franchise tax.

Secretary of State announces temporary waiver of franchise tax late fees and interest charges

Tax Deadline is May 1st; Late Fees and Interest Waived Until July 15th

Arkansas Secretary of State John Thurston announced today that late fees and interest charges on businesses’ annual franchise taxes will be waived until July 15th. The filing deadline for annual franchise taxes is May 1st. Typically, companies filing after the deadline are charged a $25 late fee plus 0.000274% interest per day the payment is delinquent. These penalties will be waived for those who file between May 2nd and July 15th.  This only applies to the 2020 franchise tax reporting year.

Secretary Thurston said, “The May 1st deadline is set by state law, however, we thought this would be one way to help companies who may need a little extra time to get their tax payments in order. The ongoing COVID-19 pandemic is having a serious impact on our business community and we want to help them in any way that we can.”

The Secretary continues to work closely with all stakeholders and coordinated these efforts with those of the Governor’s Office and the Department of Finance and Administration.

Arkansas franchise taxes can be filed conveniently online at https://www.ark.org/sos/franchise/index.php.

CLICK HERE TO FILE YOUR FRANCHISE TAX ONLINE
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Covid19 Families First Coronavirus Response Act

Families First Coronavirus Response Act Notice – FAQ

WASHINGTON, DC – Today, the U.S. Department of Labor’s Wage and Hour Division (WHD) announced more guidance to provide information to workers and employers about how each will be able to take advantage of the protections and relief offered by the Families First Coronavirus Response Act (FFCRA) when it takes effect on April 1, 2020.

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