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Updates Regarding COVID-19 Relief

 

Senate Votes to Extend Paycheck Protection Program Application Period

As cases of COVID-19 increase across the country, the Senate unanimously passed a 5‑week extension on the deadline for small businesses to apply for the Paycheck Protection Program (PPP). There is still approximately $129B of unclaimed PPP funds, and the U.S. Small Business Administration (SBA) stopped accepting applications at midnight on June 30th. This extension would enable more small businesses that have not applied for a loan to still receive one. The new application deadline would be extend the application period to August 8th. The House would need to pass the bill, and then the President would need to sign the legislation.

Required Minimum Distributions (RMDs) Guidance Issued

The Coronavirus Aid, Relief, and Economic Security (CARES) Act included a provision that allowed retirees to opt out of taking their 2020 required minimum distributions (RMDs). But since the CARES Act was not signed into law until March 27th, many retirees had already taken their 2020 RMDs. Under the CARES Act, some were able to roll those distributions back within 60 days, but those who took distributions in January 2020 were beyond the 60 days rollover period and, therefore, precluded form rolling over their previously taken RMD. The IRS recently issued Notice 2020-51, Guidance on Waiver of 2020 Required Minimum Distributions, that extends that 60‑day roll over period through August 31, 2020 for all 2020 RMDs. Thus, allowing those that took distributions in January to effect a valid roll over. This ruling applies to defined contribution retirement plans, including 401(k) or 403(b), or an IRA; defined benefit plans are excluded.

If you need assistance or have any questions about the PPP loan application extension or the required minimum distributions guidance, please call your CironeFriedberg professional. You can reach us by phone at (203) 798-2721 (Bethel), (203) 366-5876 (Shelton), or (203) 359-1100 (Stamford), or email us at info@cironefriedberg.com.
 


 

If you need assistance or have any questions on the information in this article, please call your CironeFriedberg professional.  You can reach us by phone at (203) 798-2721 (Bethel), (203) 366-5876 (Shelton), or (203) 359-1100 (Stamford), or email us at info@cironefriedberg.com.
 

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CironeFriedberg, LLP
CironeFriedberg, LLP
info@cironefriedberg.com
24 Stony Hill Rd, Bethel, CT 06801
(203) 798-2721
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(203) 366-5876
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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