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U.S. Treasury Introduces Loan Forgiveness Form 3508S

October 9, 2020

At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On October 8, 2020, the U.S. Treasury released an interim final rule regarding PPP loan forgiveness as well as the new PPP Loan Forgiveness Application Form 3508S.   Recipients of PPP loans of $50,000 or less can utilize Form 3508S, except for those borrowers that together with their affiliates received loans totaling $2 million or greater.   For example, if a PPP borrower received a $40,000 PPP loan for Company A and […]

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CARES Act – Phase 3 of HHS Provider Relief Fund

October 7, 2020

Key Provisions The U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), is providing $20 billion in new funding for providers on the frontlines of the coronavirus pandemic. Under this Phase 3 General Distribution allocation, providers that have already received Provider Relief Fund payments can apply for additional funding that considers financial losses and changes in operating expenses caused by the coronavirus. Providers can begin applying for funds on Monday, October 5, 2020. For eligible providers, the new Phase 3 General Distribution is designed to balance an equitable payment of 2 percent of […]

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Paul Bella Named Partner-in-Charge of the Gettry Marcus Tax Practice Group

Gettry Marcus CPA, P.C. is pleased to announce that Paul Bella has been named Partner-in-Charge of the firm’s Tax Practice Group.  In his new role, Mr. Bella will be managing the activities of one of the premier tax practice groups in the NY Metro Area.  “My vision is to fully utilize the diverse talents of the group and focus on client services and consulting at the highest level” said Mr. Bella. “At Gettry Marcus, we understand that in order to be successful as a firm, we must have strong leadership and management. We expect Paul to contribute greatly to the […]

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Getting Back to Business: The Role Cash Flow Budgets Play in Obtaining Bank Financing

September 2, 2020

It is clear that most businesses felt the financial impact of the pandemic during the last few months and are now experiencing the stress of getting their businesses up and running again. While PPP loans and SBA disaster loans helped businesses through the roughest months of the pandemic, now the PPP funds have likely been used up and the SBA loans will have to be repaid. Businesses have to re-hire employees, re-stock inventory, and generally start to incur significant expenses as they return to what they believe will be a more “normal” and profitable level of business. However, the funds needed […]

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Business Interruption Insurance Update

August 19, 2020

In a recent article, Gettry Marcus described the hurdles that the policyholder will most likely face regarding the consideration of a business interruption claim due to COVID-19. Insurance carriers are quick to point out that business losses arising from COVID-19 are not due to a “direct physical loss” or “direct physical damage” to the business property, hence no coverage.  In an August 12, 2020 ruling, a Federal Judge in the Western District of Missouri is allowing a business interruption lawsuit, involving a group of hair salon and restaurant owners, to proceed. This despite wording in the policy stating that direct […]

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IRS Tax Payment Notices – July 15, 2020

August 12, 2020

Many of you may have received notices from the IRS for balances due, tax penalties & interest pertaining to payments made by check which were due July 15, 2020. Please note that the IRS mailroom is behind in updating these payments as they are working with a skeleton staff. Please do not put a stop payment on these checks as they will eventually be deposited. Should you receive an IRS notice please note that any penalties and interest will be removed upon posting. If you would like additional information please contact your Gettry Marcus Advisor or Robin Rokuson, the author […]

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U.S. Treasury Releases New Loan Forgiveness Guidance

August 6, 2020

At Gettry Marcus CPA, P.C. we continue to stay up to date on the recent developments regarding the Paycheck Protection Program (“PPP”), as provided by the U.S. Treasury. On Tuesday, August 4, 2020, the U.S. Treasury released Paycheck Protection Program Frequently Asked Questions (“FAQs”) on PPP Loan Forgiveness.   The FAQs included twenty-three questions and answers related to: (i) General Loan Forgiveness; (ii) Loan Forgiveness Payroll Costs; (iii) Loan Forgiveness Nonpayroll Costs; and (iv) Loan Forgiveness Reductions.  Certain provisions and clarifications included in the FAQs are:   Payroll costs incurred before the Covered Period, but paid during the Covered Period […]

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Getting Back to Business: Business Interruption Insurance For The Professional Service Firm

June 29, 2020

As our professional service firm clientele begin to return to some semblance of normalcy, we are being asked for advice as to the protocols for submitting a business interruption insurance claim. Whether our client be a law firm, engineering firm, architectural firm, or other professional service firm, the methodology used in quantifying lost profits is similar. In our recent article, Gettry Marcus described the hurdles that the policyholder will certainly face regarding the consideration of a business interruption claim due to COVID-19. Insurance carriers are quick to point out that business losses arising from COVID-19 are not due to a […]

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Getting Back to Business: The Road Back to Recovery (and the “New Normal”) for Medical Practices

June 19, 2020

Even though medical practices were considered “essential businesses” during the worst parts of the COVID-19 Pandemic, stay-at-home orders and general social distancing guidelines kept patient volume down for most practices. This was especially true for those practices that rely on elective-type procedures as their primary source of revenue. While loans from the CARES Act’s Payroll Protection Program (“PPP”) kept many practices afloat during the Pandemic, those loans have been or will soon be fully used up. Practices must now focus on getting back to business and managing cash flow with the understanding that much uncertainty still exists. Consider the following […]

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U.S. Treasury Releases Updated Guidance and Revised PPP Loan Forgiveness Applications

June 18, 2020

At Gettry Marcus CPA, P.C. we continue to stay apprised as to the status of the Paycheck Protection Program (“PPP”) loan updates as provided by the U.S. Treasury. Yesterday, the U.S. Treasury released additional guidance related to the Paycheck Protection Program Flexibility Act (“PPPFA”) as well as new loan forgiveness applications, which are Form 3508EZ and Form 3508. This information provides insight into the changes associated with the PPP loans and loan forgiveness protocols, and include the following certain key provisions: For PPP loan borrowers utilizing the 24 week (168 day) Covered Period: Employee (non-owner) compensation allowable for PPP forgiveness will […]

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