Blog

Category: Coronavirus Updates

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July 26, 2022
Mythbust and Maximize the Employee Retention Credit

The employee retention credit (ERC), the refundable tax credit designed to reward business owners for retaining employees throughout the COVID-19 pandemic was signed into law on March 27, 2020, as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and fur...

March 3, 2022
March 2nd, 2022: ERC Webinar Recording

Join Boyum's Chris Wittich on March 2nd, 2022 for a informational webinar on Employee Retention Credit....

September 22, 2021
EIDL Program Retooled for Still-Struggling Small Businesses

For many small businesses, the grand reopening is still on hold. The rapid spread of the Delta variant of COVID-19 has mired a variety of companies in diminished revenue and serious staffing shortages. In response, the Small Business Administration (SBA) has retooled its Eco...

September 3, 2021
Recovery Start-Up Employee Retention Credit

Did you start a business in 2020 and think that you were unable to qualify for the amazing Employee Retention Credit? Well, think again; you could be in luck. The recently enacted American Rescue Plan Act of 2021 (ARPA), created a new path that could allow you to qualify for...

May 19, 2021
Tax Update on PPP, Unemployment Benefits and Employee Retention Credits

Here in Minnesota it was just announced that the legislature has come to an agreement on conformity for two big ticket items, the PPP loans and $10,200 of unemployment benefits. Both are expected to be tax free when a final bill is signed, matching the federal treatment of ...

May 19, 2021
PPP Applications, Forgiveness and SBA Programs

Reminder that your PPP1 forgiveness applications are due 10 months after your 24-week covered period is completed. For example, a PPP1 loan that was funded April 19th the 24-week covered period ends October 3rd. So, the 10-month due date to submit forgiveness applications ...

May 5, 2021
The Restaurant Revitalization Fund is Now Live

The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it...

March 11, 2021
Employee Retention Credit and How We Can Help

We are excited to be able to assist clients with Employee Retention Credit calculations this year. To learn more about those calculations and our services check out this 11 minute video that summarizes the credit and our services. ...

January 20, 2021
Webinar Recording 1/18/21- Updates to Latest Stimulus Package

Join CPAs Chris Wittich and Stacy Shaw along with members of the Boyum Barenscheer COVID-19 Resource Team for this informational webinar on updates relating to the latest stimulus package....

January 3, 2021
Employee Retention Tax Credit – 2021 rules

The employee retention tax credit is a payroll tax credit claimed on Form 941 that not very many people know about.  Originally you could either choose to have a PPP loan or you could claim the ERTC.  Nearly every client chose the PPP loan because the terms were far more f...

January 3, 2021
Employee Retention Tax Credit – 2020 rules

The employee retention tax credit is a payroll tax credit claimed on Form 941 that not very many people know about.  Originally you could either choose to have a PPP loan or you could claim the ERTC.  Nearly every client chose the PPP loan because the terms were far more f...

January 3, 2021
PPP: New Allowable Uses

Part of the COVID 19 Relief Bill was changes to the allowable uses of PPP loan funds.  This is a retroactive change, so it applies to the original PPP loans from 2020 but it also applies to the PPP second draw loans which should be open starting in January 2021.  Some folk...