PPP Second Draw Loan Regulations
Second Draw Loan applications will begin on January 11, 2021 from community financial institutions for at least the first two days of the reopening of the PPP loan portal. click here
CT Paid Family Medical Leave Insurance Program
On June 25, 2019, Connecticut passed legislation to create a comprehensive paid family and medical leave insurance program funded by employees and voluntary self-enrolled participants. The collection of wage deductions must begin on January 1, 2021. Payment of benefits to eligible employees will begin on January 1, 2022.
New Tax Deductibility Guidance for PPP Loan Expenses
New legislation clarifies the tax implications for forgiven PPP loans and the associated expenses. read more…
PPP Loan Forgiveness Changes, Relaxing Some Requirements
Information on PPP Loan Forgiveness Changes, Relaxing Some Requirements
New Employer Tax Credits for Employee Retention in 2020
Information on New Employer Tax Credits for Employee Retention in 2020
Eversource Offers Financial Resources for Businesses
During this challenging time, Eversource is committed to providing programs and resources to lessen the financial hardship on small businesses – the backbone of our communities. If you need support, Eversource can help: We’re offering a special, extended payment arrangement for any past-due amount, with $0 down payment, 12 months to pay, and the first … Read more
CT Labor Department Launches New System for Self-Employed to Apply for Federal Unemployment Benefits
Today, the Connecticut Department of Labor began accepting claim applications for the self-employed, many who are eligible to collect unemployment insurance benefits under the federal Pandemic Unemployment Assistance (PUA) program. “Our agency is proud of the work it has accomplished in order to serve the self-employed – individuals who have not been eligible to apply … Read more
Corona Virus Additional $600 Unemployment Benefit
The Federal Pandemic Unemployment Compensation, which adds $600 to weekly state unemployment benefit payments began April 24, Connecticut labor officials said this week. Here are a few answers to common questions about the additional payment: Find Out More
CARES Act Drastically Changes Required Minimum Distribution Rules For 2020
The CARES Act essentially suspended required minimum distributions (RMDs) for 2020 across the board. However, there have been a lot of questions about what this means for those who already took out distributions and the impact on taxes and inherited accounts. Find out more below: https://www.forbes.com/sites/jamiehopkins/2020/03/30/cares-act-drastically-changes-required-minimum-distribution-rules-for-2020/#212205fa19a0
Social Security Covid-19 Check Recipients
Social Security recipients who don’t usually file tax returns will automatically get $1,200 payments, Treasury says in reversal to the prior statement made by the Internal Revenue Service stating everyone would need to file some sort of tax return in order to qualify for the payments. Click Here To Read full Washington Post Article