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CARES Act Payroll Protection Program Loan | MN CPAs

Paycheck Protection Program (PPP) Loans, non-recourse The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Who’s eligible- Business and non-profits with fewer than 500 employees, self-employed, certain tribal businesses. Special provisions for food service …

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CARES Act offers new hope for cash-strapped nonprofits | MN CPAs

On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law.  CARES Act offers new hope for cash-strapped nonprofits.  How is this massive $2 trillion recovery package poised to help your not-for-profit organization? It depends on your group’s size, financial condition and other factors. But …

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COVID-19 Impacts on employee benefit plan deadlines | MN CPAs

With the COVID-19 pandemic changing the way businesses are operating on a daily basis from locally to world-wide, the employee benefit plans auditing industry is also facing changes. While immediate government concerns have been on paid sick leave, hourly worker relief, etc., employer-sponsored retirement plans have deadlines that may still …

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CARES Act – Retirement Plan Provisions | MN CPAs

The COVID-19 generated CARES Act contains provisions for retirement plan distributions and qualified individuals affected by the coronavirus. Details follow on each of these 5 provisions.   Year 2020 distributions attributable to coronavirus are exempt from the 10% premature distribution penalty  Coronavirus distributions can be contributed back to a retirement plan within three …

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