COVID-19 Resources

COVID-19 Resources:

Restaurant Revitalization Fund and Shuttered Venue Operators Grant Programs
The American Rescue Plan Act introduced several new relief program for small businesses, including the Restaurant Revitalization Fund and the Shuttered Venue Operators Grant programs. Read more.

Tax Provisions of the American Rescue Plan Act
President Biden signed into law the American Rescue Plan Act, a $1.9 Trillion COVID Relief package that includes many significant tax and other relief provisions for Americans. Read more.

PPP2: The Updated Paycheck Protection Program
As part of the Consolidated Appropriations Act, the SBA received almost $300 million to fund additional PPP loans for small businesses, a revamped relief package that has been dubbed “PPP2”. Read more.

Employee Retention Tax Credit Has Been Updated, Expanded & Extended
The ERTC, a provision of the CARES Act that created a refundable payroll tax credit for employers in 2020, has now been updated, expanded & extended as part of the Consolidated Appropriations Act. Read more.

$668 Million in COVID-19 Relief Funds Now Available for Massachusetts Small Businesses
Additional funding is now available for MA small businesses in sectors experiencing the most significant economic hardship due to the COVID-19 pandemic. Read more.

Key Tax Provisions of the Consolidated Appropriations Act
The Consolidated Appropriations Act is extensive and includes many provisions that will impact individuals and businesses. Read more.

Potential Impacts of the Consolidated Appropriations Act on the Paycheck Protection Program
As currently proposed, the Consolidated Appropriations Act would provide $284 billion to the SBA for its Paycheck Protection Program, and outlines several new key provisions. Read more.

New Forms Announced for Paycheck Protection Program Borrowers
The SBA has announced two new forms for PPP borrowers, requesting information related to the borrower’s good faith certifications. Read more.

New COVID-19 Grants Available for Massachusetts Small Businesses
The Commonwealth of Massachusetts announced that it has made $50.8 million in grants available to support small businesses impacted by the COVID-19 pandemic. Read more.

Paycheck Protection Program: New Simplified Forgiveness Application for Small Loans
The SBA has released a streamlined application designed for Paycheck Protection Program (PPP) borrowers whose loans are less than $50,000. Read more.

The Pros and Cons of Employee Social Security Payroll Tax Deferral
The President signed an executive order to defer the employee withholding and employer payment of employee social security taxes for wages beginning September 1st. Read more.

Paycheck Protection Program Loan Forgiveness FAQs
The SBA has released new FAQs related to its PPP loan forgiveness process as many borrowers prepare to apply for forgiveness. Read more.

Paycheck Protection Program Loan Application Deadline Extended
On July 4, 2020, the President signed a five-week extension of the Paycheck Protection Program’s Loan Application Process. Read more.

Main Street Lending Program Launched
The Federal Reserve Board launched its Main Street Lending Program (MSLP), an alternative economic relief fund for businesses who may be too large to qualify for the SBA's Paycheck Protection Program. Read more.

SBA Releases Updated PPP Guidance and New Loan Forgiveness Applications
The Small Business Administration released an interim final rule, an updated loan forgiveness application, and a new EZ application for its Paycheck Protection Program. Read more.

Paycheck Protection Flexibility Act Enacts Favorable Program Changes for PPP Borrowers
The US Senate approved The Paycheck Protection Flexibility Act (H.R. 7010), a bill that makes significant changes to the Small Business Administration’s Paycheck Protection Program. Read more.

Paycheck Protection Program: SBA Provides Additional Guidance on PPP Loan Forgiveness
The SBA has released an Interim Final Rule on the Paycheck Protection Program, which provides clarity on several key points relating to the loan forgiveness calculation. Read more.

Paycheck Protection Program: SBA Releases Loan Forgiveness Application & Instructions
In the latest PPP guidance, the SBA provides an application for loan forgiveness as well as clarity on several important aspects of the loan forgiveness calculation. Read more.

Paycheck Protection Program: SBA Provides Guidance on 'Safe Harbor' for Borrower Eligibility
The SBA has provided clarity around borrower eligibility for PPP loans and establishes a 'Safe Harbor' for borrowers with loans under $2 million. Read more.

Paycheck Protection Program: Positioning Your Business for Maximum Loan Forgiveness
It will be imperative to plan ahead and forecast the 8-week period post-closing in order to position your business for maximum loan forgiveness. CRR presents key considerations and recommendations. Read more.

Paycheck Protection Program: Borrower Eligibility Questioned & Taxability of "Tax Free" Loan Proceeds
(*Updated 5/07/20) The latest guidance from the SBA concerning PPP borrower eligibility, and from the IRS regarding the taxability of forgiven loan proceeds. Read more.

Paycheck Protection Program: Loan Fund Replenished
The Paycheck Protection Program and Health Care Enhancement Act, the latest $484 billion COVID-19 relief package, includes an additional $310 billion to replenish the SBA's Paycheck Protection Program. Read more.

Paycheck Protection Program: Determining Loan Forgiveness
In addition to use of funds guidelines, three areas will be analyzed to determine the amount of your PPP loan eligible for forgiveness—reduction in headcount, reduction in wages, and rehires. Read more.

IRS & Massachusetts DOR Announce Additional Tax Deadline Extensions
There has been extensive guidance released over the last several months regarding tax deadlines and extensions - read our detailed summary of IRS and Massachusetts tax deadline extensions. Read more.

SBA Issues New Guidance on Paycheck Protection Program
New guidance from the SBA was released just hours before the PPP application process went live on April 3rd. Read more.

SBA Loan Comparison Chart
A quick comparison of the SBA's Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) Program. Read more.

SBA Loans for Small Businesses Impacted by COVID-19
A detailed summary of the SBA's Paycheck Protection Program (PPP), and changes to the their Economic Injury Disaster Loan (EIDL) Program. Read more.

Extensive Tax Relief Measures Passed for Individuals and Businesses in CARES Act
The CARES Act is the largest economic relief bill in U.S. history. Among many other legislative changes, the CARES Act includes several important tax relief measures for both individuals and businesses. Read more.

CRR Moves to Remote Operations Strategy
At CRR, the health and safety of our employees, clients and community is of paramount importance, and in following the latest guidance we have moved to a remote operations strategy. Read more.

Federal Tax Deadline Extended to July 15th
The IRS announced that the deadline to file income tax returns due April 15th will be postponed to July 15, 2020 due to the ongoing COVID-19 pandemic. Read more.

Coronavirus Relief Bill Provides Additional Employee Pay Protections and Related Employer Tax Credits
The Families First Coronavirus Response Act is a coronavirus relief bill that, among other provisions, contains several payroll tax credits for employers impacted by COVID-19. Read more.

SBA to Provide Loans for Small Businesses Impacted by COVID-19
The US Small Business Administration announced that it has made funds available to help small businesses and private non-profit organizations impacted by COVID-19. Read more.

Massachusetts Announces Tax Relief Measures for Small Businesses
Massachusetts Governor Charlie Baker announced that the state will implement tax relief measures for small businesses impacted by the COVID-19 pandemic. Read more.

CRR Operations Update in Light of COVID-19
To protect both our staff and our clients, we are recommending that where possible, we conduct information sharing using electronic options. Read more.