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Lee Goudzwaard-Vaught

Lee Goudzwaard-Vaught
Client Development Manager

Recent Posts

CARES Act Stimulus Will Permit Business Loans To Cover Payroll, Rent, Utilities, and more

Mar 28, 2020 3:01:00 PM / by Lee Goudzwaard-Vaught

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CARES Act to Permit Business Loans To Cover Payroll, Rent, Utilities, and more while Expanding and Increasing Unemployment Benefits 

Please Read, Understand the Opportunity and Importance, and Reply — We are here to Help!

Loans and grants to small businesses including sole proprietors and independent contractors in the CARES Act are on a first come, first served, basis. Once loans have been approved up to the appropriated amount in the — the program ends (unless Congress appropriates more funds). 

If you and your small business need money and help to cover payroll, rent, and utilities — PLEASE DO NOT DELAY in applying for this program or in contacting us for help!

Businesses struggling with the economic impact of the COVID-19 pandemic crisis received good news late last night when the Senate passed an unprecedented piece of legislation aimed at providing a massive stimulus to workplaces and employees alike. 

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How the CARES Act Affects Small Businesses Whose Staff Has Already Been Laid Off

Mar 28, 2020 2:50:49 PM / by Lee Goudzwaard-Vaught

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In addition, any reduction in the amount of loan forgiveness will be completely avoided if the employer re-hires all employees laid off (going back to February 15, 2020), or increased their previously reduced wages, no later than June 20, 2020. These provisions are designed to provide an incentive to employers to not lay off workers (or rehire them) and instead utilize the loan amounts to pay payroll and other expenses.

What’s The Process?

Paycheck protection loans are fully guaranteed by the federal government through December 31, 2020 (previously guaranteed at 85%). The standard fees under section 7 of the Small Business Act are waived and there is no requirement that the loans be personally guaranteed by the borrower. Loans will be available immediately through SBA-certified lenders, which include banks, credit unions, and other financial institutions. The SBA will also be required to streamline the process to include additional lenders into the program and to ensure that funds are dispersed to qualified businesses as soon as possible. The deadline to apply for paycheck protection loans is June 30, 2020.

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Small Business “Paycheck Protection” Loans

Mar 28, 2020 2:44:19 PM / by Lee Goudzwaard-Vaught

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The most significant provision of the CARES Act for employers establishes new “paycheck protection” loans administered by the Small Business Administration (SBA) to help employers continue to cover payroll costs and other expenses during the COVID-19 crisis. The covered period for loans is February 15, 2020 through June 30, 2020.

Who Is Eligible For Loans?

These loans are available for businesses with not more than 500 employees. However, for businesses in the hospitality industry (those with a NAICS Code of 72) are eligible for a loan as long as they employ not more than 500 employees “per physical location.” For example, a restaurant franchisee with 3,000 employees (but no more than 500 employees at any one location) could qualify for the loans.

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IRS unveils new People First Initiative — Suspends Various Payments Due, Delays Collection Activities, and More

Mar 26, 2020 9:44:34 AM / by Lee Goudzwaard-Vaught

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People First Initiative - IR-2020-59, March 25, 2020

To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing c

ompliance actions.

Per IRS Commissioner, Chuck Rettig, “The new IRS People First Initiative provides immediate relief to help people facing uncertainty over taxes. We are temporarily adjusting our processes to help people and businesses during these uncertain times. We are facing this together, and we want to be part of the solution to improve the lives of all people in our country."

These new changes include a variety of issues ranging from postponing certain payments related to Installment Agreements and Offers in Compromise to delaying collection and limiting certain enforcement actions. Click here to learn more!

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Families First Coronavirus Response Act - What We Know So Far

Mar 20, 2020 2:22:58 PM / by Lee Goudzwaard-Vaught posted in taxes, payroll, employees

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The Families First Coronavirus Response Act was signed into law on March 18, 2020.

In the coming days and weeks, federal regulatory agencies, including the Department of Labor (DOL) and Health and Human Services (HHS), will provide guidance on how to execute or implement the new requirements. In the meantime, employers and advisors must rely on a good faith interpretation of the act’s text.

We are sharing everything we know below and will not be able to answer follow up questions about the act until agency guidance has been released, which will take some time. We will update the HR Support Center when we have more information, and we encourage you to check there.

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