March 20, 2021
$1,400 stimulus checks are coming along with many tax law changes in a bill called The American Rescue Plan. The bill was signed March 11, 2021 and affects taxes in 2020 and 2021!
December 17, 2020
New COVID-19 tax relief?
On December 14, 2020, Governor Brown? announced the following additional relief that applies to Personal Income, Corporate Excise, and Corporate Income taxes:
- 100 percent penalty waivers on 2019 income tax due from businesses that are impacted by COVID-19.
- 100 percent? interest waivers on 2019 income tax due from small businesses that are impacted by COVID-19 and that have less than $5 million in gross receipts.
- Continuing to provide extended payment plans of up to 36 months for any taxpayer impacted by COVID-19 when entering into an approved payment plan.
Check back soon for frequently asked questions about this new relief.
?Wildfire and straight-line wind tax relief
In addition to the tax relief offered as a result of the COVID-19 pandemic, the department also provides relief for those Oregonians who have been affected by the wildfires and straight-line winds in the summer of 2020. Read the ?frequently asked questions? for more details.
November 27, 2020
Business Oregon: New Pool of $20M in Grants Go Live Today
Larger firms who were left out of earlier rounds of grant applications, many of which were limited to smaller businesses, may be eligible to apply starting today, Nov. 19 for new funds. Here's a release from Business Oregon, and the following is an excerpt:
- Most previous rounds also targeted businesses that did not already receive assistance through the CARES Act (such as PPP, EIDL ...). This round will now consider applications from businesses with 1 to 25 employees that HAVE already received anywhere from $100,000 to $1 million in funding from these federal resources. Businesses with 26 to 100 employees are eligible regardless of the amount of federal resources they received (up to $1,000,000), if they meet other program requirements.
- Businesses are eligible to receive up to $200,000 in grant funding as detailed in the grant application. To be eligible, a business must show it was prohibited from operations by the Governor’s Executive Order 20-12, or demonstrate a 25% reduction in sales over a 30-day period in 2020 compared to a comparable period in 2019.
- The application form and additional details will be found on Business Oregon’s website https://www.oregon4biz.com/Coronavirus-Information/ESBA/?utm_term=Busine... in multiple languages. Grants will be reviewed on a first-come-first-served basis, and will be allocated so that there is an equitable geographic distribution of funds as dictated by the Oregon Legislature.
$55M Released by Gov. Brown for New Small Business Grants
Business owners need to stay alert for news of a new grant made possible by Gov. Brown on Nov. 17, when she announced a pool of $55M would be made available to counties to distribute themselves to local small businesses. As of the time of this writing, Jackson County was not aware of exactly how much funding they would receive for these grants (somewhere between $500,000 and $1 million). The SBDC will update its website as details emerge and the county prepares its application processes and rubrics. Read the Governor's release, here. https://mailchi.mp/oregon/governor-kate-brown-announces-55-million-in-fi...
October 8, 2020
WISE & Co., LLP has been keeping up with PPP loan program forgiveness rules. It was announced that new “simplified” rules have been put in place for PPP loans less than $50,000. The SBA says that it ramping up for the expected deluge of PPP loan forgiveness applications. https://www.sba.gov/sites/default/files/2020-08/PPP%20Loan%20Forgiveness%20FAQs%208-4-20-508.pdf
While some banks are still not accepting applications and many borrowers still have at least one more week for their 24-week Alternative Payroll Covered Period to end, we suggest getting together as much information as you can to be ready for the forgiveness application. Examples include payroll tax forms for the covered period or alternative covered period, interest on mortgages, rent, and utilities. At least 60% of the funds are required to be used for these purposes. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-5
If you need assistance with your PPP loan forgiveness give us a call at 541-882-6630.
WISE & Co., LLP are concerned for your health and welfare as well as our team members, and our community.
We are keeping current on all of the tax and financial implications of the current emergency!
We will be able to assist with the Small Business Administration and other available special financing for businesses.
We are working on easy ways to assist you in work from home remote computing.
We are making every attempt to complete tax returns as soon as possible to determine if you have refunds or owe money.
We are working with our clients to determine alternative income sources such as retirement funds, loans, and family members' assistance.
We are keeping abreast of the stimulus package proposed by congress:
Some of the proposals are paying everyone $1,200, giving unemployed workers up to 75% pay, providing cash for businesses to continue paying their employees, bailing out large corporations, no-interest loans for business, mortgage, and debt relief, and much more.
Wise & Co LLP CPAs
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Medford, OR 97504
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