Subject:                                         FW: HSC Coronavirus Communication Edition #31

 

 

 

 

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HSC CORONAVIRUS COMMUNICATION 
 

Edition #31

December 28, 2020

 

 

HSC COVID-19 Fast Response Team

We are here to help! 

 

In these uncertain times with multimedia channels reporting conflicting and sometimes incorrect information, our firm is working to add clarity to this situation by providing new and verified information as it becomes available to us. We have also set up a Coronavirus Resource Center on our website for ongoing information. 

 

In addition, we have created the HSC COVID-19 Fast Response Team to serve our clients in addressing the difficult decisions they are being faced with on a daily basis. This dedicated multi-disciplinary team consists of our tax, payroll, HR, capital markets and accounting professionals. 

 

If you have questions or would like to speak with this team, please contact your HSC team member or Kyle Wininger,

CPA, CICA, CVA, CFE at kwininger@hsccpa.com

 

 

A Business Guide to the December Federal Coronavirus Relief Package

 

On Sunday night, President Trump signed the coronavirus relief and government funding bill into law, but sent it back to Congress with a redlined version of the bill asking for changes. Everyone is uncertain whether Congress will make any or all of the his requested changes. However, below is a summary of the bill.

   

On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, containing one of the largest relief packages in history at more than $900 billion. This relief package provides direct payments of up to $600 to individuals, restores the Federal Pandemic Unemployment Compensation
at $300 per week, provides additional funding for the Small Business Administration’s Paycheck Protection Program while allowing for certain borrowers to draw a second round of PPP funding, and includes grants for shuttered live venue operators. This bill also ensures tax deductibilty for expenses paid with forgiven PPP loan money.
    

The 5,593-page legislation also includes an extension of several provisions of the Coronavirus Aid, Relief and Economic Security Act, including paid sick and family leave credits, the employee retention credit, the airline payroll support program, and more.
 

The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (part of the Consolidated Appropriations Act) includes $284 billion in additional funding for the PPP, $15 billion in grants for shuttered venue operators and $20 billion in new Economic Injury Disaster Loan Assistance (EIDL) grants for eligible entities located in low-income communities. High-level details on each are included in this program overview from RSM.
 

If you have any questions please contact Kathy Ettensohn, CPA at kettensohn@hsccpa.com or Mike Vogel, CPA at mvogel@hsccpa.com.

 

 

 

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Harding, Shymanski & Company, P.S.C. is a public accounting firm with offices in Evansville, Indiana, and Louisville, Kentucky. We are one of the largest accounting firms in Southern Indiana and Kentucky, providing experienced professionals who look beyond the numbers to the heart of complex issues.  Our clients range in size from small proprietorships to billion-dollar corporations, from closely-held and family-owned businesses to publicly traded firms, and span nearly every industry. They all have one thing in common: they count on our expertise to capitalize on their opportunities and make the best of their challenges.

 

Evansville Office

21 SE Third Street

Suite 500

Evansville, IN  47708

(812) 464-9161

Louisville Office

545 S Third Street

Suite 102

Louisville, KY  40202

(502) 584-4142

 

 

As a reminder, you are receiving this email because you are a valued client of Harding, Shymanski & Company, P.S.C.  For more information on our company, please visit our website.

 

 

Harding, Shymanski & Company, P.S.C

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