Applications for the Louisiana Main Street Recovery Program opened on July 28, 2020, providing grants to assist Louisiana small businesses in their recovery from the economic impacts of COVID-19. The program is administered through the Louisiana Department of Treasury. The funds for the Program were part of the CARES Act funding the State of Louisiana received, with $275 million available in the program.

Wednesday night, the Senate passed the Paycheck Protection Program Flexibility Act and the bill is now expected to be signed into law by the President.

The primary changes to the PPP's provisions are as follows:

On May 15, 2020, the U.S. Small Business Administration (SBA) released the highly anticipated loan forgiveness application form and instructions (attached) for those receiving loans under the Paycheck Protection Program (PPP). This guidance was greatly needed and provides clarity to borrowers regarding certain calculations, as well as the forgiveness process in general. Some of the most common questions and answers surrounding forgiveness are as follows:

Today, the US House of Representatives is expected to approve a $484 billion bill primarily aimed at replenishing the small business relief package initially created by the CARES Act. The funding is expected to be allocated as follows:

The IRS has been making COVID-19 stimulus payments to individuals via direct deposit using the bank account information reported on recent tax returns or on-file with the Social Security Administration. If you did not receive your payment, you can check the status using this website called Get My Payment.

The federal and state coronavirus relief efforts have taken dual approaches of loans and grants through various federal and state agencies as well as tax relief through the IRS and state tax agencies. This communication is focused on the tax aspects, including updates on programs we have mentioned previously. Some of this information has changed from previous articles as guidance from the government changes. Charitable organizations should keep in mind that many of the benefits being provided to businesses may also apply to them.

The federal and state coronavirus relief efforts have taken dual approaches of loans and grants through various federal and state agencies as well as tax relief through the IRS and state tax agencies. This communication is focused on the tax aspects, including updates on programs we have mentioned previously. Some of this information has changed from previous articles as guidance from the government changes. Charitable organizations should keep in mind that many of the benefits being provided to businesses may also apply to them.

The U.S. Treasury Department has released the Application form and Fact Sheets for the Paycheck Protection Program under the CARES Act. Small businesses and sole proprietorships may begin applying on Friday, April 3, 2020. Independent Contractors and self-employed individuals may begin applying on Friday, April 10, 2020.

At Faulk & Winkler, we are deeply aware of the impact of the coronavirus (COVID-19). We are taking steps to provide for the continuity of our client services and the safety of our employees and clients as we navigate through the uncertainty of the outbreak. As our loyal clients and friends, we hope you are staying safe and healthy in these uncertain times.

As COVID-19 continues to be on the forefront of our daily lives along with the recent Executive Order by our Governor, Faulk & Winkler is continuing to adapt our business operations.

The Louisiana Department of Revenue has announced that Louisiana income tax filing and payment deadlines have been automatically pushed back to July 15, 2020.

Key points on tax credits available under Families First Act include: