Economic Injury Disaster Loan (EIDL) VS. Paycheck Protection Program (PPP)
This information is supplied to inform clients of the SBA loans for EIDL and PPP. The exact terms will be determined by the lender and ADKF cannot make representation to the accuracy and completeness of this information. Download PDF
I Just Received My PPP Loan. Now What?
On March 27th, the CARES Act, a $2.2 trillion stimulus bill to help aid individuals and businesses affected by COVID-19 and the economic downturn, was signed into law by the President. Included in this package was the $349 billion Paycheck Protection Program (PPP), which is administered by the SBA and provides forgivable loans to small […]
Staff Spotlight: Lisa Johnson
Lisa Johnsons first career choice would have been in astrophysics, but she has found the world of accounting and technology just as fun and challenging. She first started with an H & R Block course before deciding to pursue her degree at Del Mar College in 2007, eventually transferring to A&M San Antonio when […]
Economic Impact Payments for Social Security Recipients
The U.S. Treasury and the Internal Revenue Service announced that Social Security beneficiaries who do not file tax returns will receive their $1,200 Economic Impact Payments directly in their bank accounts. For more information please visit https://home.treasury.gov/news/press-releases/sm967
Franchise Tax Deadline Extended
The Texas Comptroller is following Federal actions and extending the due date for Texas Franchise Tax Returns from May 15, 2020 to July 15, 2020. Please follow the link below for more information. https://comptroller.texas.gov/taxes/franchise/filing-extensions.php
Paycheck Protection Program
The US Department of Treasury has provided additional information for small businesses to apply for the Paycheck Protection Program. The link below includes an overview, information for borrowers, and the application. Please contact your tax advisor at ADKF for more assistance. https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
UPDATE to THE SBA ECONOMIC INJURY DISASTER LOAN DECLARATION
The Economic Injury Disaster Loan (EIDL) can now be applied for on the SBA website at the following link: https://covid19relief.sba.gov/ Although you can only have one SBA loan application pending, the EIDL can later be refinanced into the Paycheck Protection Program (PPP) when those applications are available. Currently, the FDIC Banks and Credit Unions are […]
Coronavirus Aid, Relief and Economic Security Act (CARES)
Congress has approved the Coronavirus Aid, Relief and Economic Security Act (CARES), a $2 trillion stimulus package to help combat the coronavirus pandemic and send economic relief to workers and businesses. The bill has been signed by President Trump. Below are some highlights of the bill. INDIVIDUALS RECOVERY REBATE The $1,200 ($2,400 if married filing […]
IRS Suspends Certain Compliance Programs
The IRS is taking steps to provide relief to taxpayers on a variety of issues ranging from easing payment guidelines to postponing compliance actions. One of the key actions of the People First Initiative is focused at taxpayers with existing installment agreements. If you have an existing Installment Agreement, payments between April 1, 2020 and […]
MARCH 2020 Q & A
QUESTION: I want to keep my affairs private, but I don’t want to give up the control that happens with some trusts. How can I maintain control and privacy? ANSWER: One way is to establish a revocable living trust, a legal document that lets your beneficiaries avoid the public glare of probate. Like a will, […]