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Paycheck Protection Program Flexibility Act

Paycheck Protection Program Flexibility Act

The House passed a bill today, Thursday, May 28th that loosens some key rules regarding loan repayment and spending restrictions of the Paycheck Protection Program. The legislation, titled the Paycheck Protection Program Flexibility Act, is intended to make loans more accessible under the program by making its terms of use more flexible. Given the quickly changing […]

How Do We Account for Paycheck Protection Program Forgiveness?

How Do We Account for Paycheck Protection Program Forgiveness?

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided an estimated $2.2 trillion to fight the COVID-19 pandemic and stimulate the US economy, including $349 billion that was earmarked for the Paycheck Protection Program (PPP) to be administered by the SBA. An additional $310 billion was later authorized for the PPP. Under the PPP, […]

The SBA releases PPP Loan Forgiveness Application

The SBA releases PPP Loan Forgiveness Application

On May 15, 2020, the U.S. Small Business Administration (SBA) announced its long-awaited forgiveness rules through the release of the PPP Loan Forgiveness Application. Through a series of instructions and worksheets, employers now have a much better understanding of how forgiveness will work, although the SBA application still leaves important questions unanswered. The CARES Act and […]

Paycheck Protection Program FAQ from the SBA: What you need to know

Paycheck Protection Program FAQ from the SBA: What you need to know

On April 23, the SBA released a FAQ guidance document regarding liquidity, meant to serve as a warning to borrowers previously obtaining or applying for Paycheck Protection Program (PPP) loans. The SBA’s Paycheck Protection Program requires businesses to certify that “current economic uncertainty makes this loan request necessary.” It also stated companies that have other […]

Federal Government Tax-Related Actions Regarding COVID-19

Federal Government Tax-Related Actions Regarding COVID-19

During this time of unprecedented uncertainty, we are concerned about the safety and well-being of our families, colleagues, clients, partners, and the many friends who make up MahoneySabol’s vibrant family. Therefore, we have compiled a complete summary of IRS action already taken and federal tax legislation enacted to ease tax compliance burdens and economic pain […]

5 Tech Trends for the Next Decade

5 Tech Trends for the Next Decade

Without doubt, technology has profoundly changed how business works. Its influence is everywhere, from smart homes to business operations, and the next decade will only continue to add new ways technology is used. To remain profitable and competitive this decade, businesses will have to be prepared to make the changes needed to meet their consumers’ […]

Small Businesses: What is a Information Return?

Small Businesses: What is a Information Return?

If you have a small business or are self-employed, and have engaged in certain financial transactions during the calendar year, you are most likely required to file an information return to the IRS. Below are some of the transactions that you are required to report. Services performed by independent contractors, meaning those that are not […]

Business Decision-Making Guide

Business Decision-Making Guide

Does making a decision come easily to you or do you struggle to come up with the perfect solution? Everyone has a personal decision-making style, but that style may not always be the best one for your business. Essentially, there are four main types of business decision styles, and often the most effective leaders use […]

7 Soft Skills Every Team Needs

7 Soft Skills Every Team Needs

The term “soft skills” include a range of competencies from communications to problem solving to collaboration. They are very different than technical skills, however they are no less essential to success. In fact, a recent LinkedIn survey of 4,000 talent professionals and business leaders showed that 57% of respondents valued soft skills more than technical […]

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