COVID-19 Resource Center
As a source of information and guidance, the industry experts at Abdo are here for you. We're researching the latest legislation, local news, and relevant updates around COVID-19 to help you navigate this unprecedented time. Contact your Abdo advisor to discuss your specific situation. We are here to help.
The American Rescue Plan Act provides additional relief for those most affected by the COVID-19 pandemic. Our tax advisors lay out some of the key relief measures for individuals and businesses.
Federal & State Tax Filing Updates
CARES Act – Individual Tax Provisions (PDF) — [ Updated 6/11/2020 ] In this document, you’ll find a summary of the Coronavirus Aid, Relief and Economic Security (CARES) Act and how it could impact you. The information below is accurate as of the date of this post.
CARES Act – Federal and State Filing Updates (PDF) — [ Updated 6/11/2020 ] We are constantly monitoring changes with Federal and State tax relief from COVID-19. The information in this document is accurate as of the date of this post.
CARES Act & The Paycheck Protection Plan - For Sole Proprietors and Contract Workers
* This information is intended for sole proprietors and contract workers. If you have any questions regarding this information and whether it applies to you, please reach out to an Abdo advisor.
Paycheck Protection Program (PPP) Additional Guidance (PDF) — [ Posted 5/8/2020 ] On April 28, 2020, the U.S. Small Business Administration (SBA) updated its Frequently Asked Questions (FAQs), outlining key compliance concerns. Paycheck Protection Program (PPP) borrowers will face heightened scrutiny concerning their eligibility and use of funds. The date for repayment of any uncertified PPP loan amounts, originally May 7, 2020, has been extended to May 14, 2020. The SBA also states that additional guidance on how it will review certification of PPP loans will be provided prior to the new deadline.
Coronavirus Emergency Loans – Small Business Guide and Checklist (PDF) — [Posted 4/28/2020 ] Provided by the U.S. Chamber of Commerce
Abdo CARES Act Decision Flowchart (PDF) — [ Posted 4/1/2020 ] Gain insight into which loan program may be best for your business as we walk you through the decision making process with this helpful flowchart. Please note: you’ll first need to ensure that you qualify for the loan programs before making a final decision.
EIDL & PPP Comparison Chart (PDF) — [ Posted 4/1/2020 ] A comprehensive comparison of the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP) including details regarding qualification requirements, maximum loan thresholds, and more.
FOR INFORMATIONAL PURPOSES ONLY. The content presented within our resource center and in our recordings is for informational purposes only. The thoughts and ideas expressed in the content and within the recordings do not constitute professional advice. This information should not be relied upon by you or any third party, including to maintain regulatory compliance with federal or state laws, conduct the human resources or payroll functions of your organization, operate or promote your organization, obtain any regulatory or governmental approvals, or otherwise be used in connection with procuring services or other benefits from any entity. Before taking any action, please consult with a professional advisor.