Webinar Recap: Taxes & The Pandemic CARES Act
On February 21st, 2020 the Pace University Small Business Development Center hosted a webinar in partnership with the Small Business Administration's (SBA) New York District Office to discuss available COVID-19 relief and provide insight as to how small businesses can comply with necessary program guidelines and tax stipulations. We encourage you to view the full webinar and review the below summary of key topics discussed.
Summary of Key Webinar Topics:
Andrew Flamm, Regional Director of the Pace SBDC, led off the session and encouraged attendees to seek no-cost business counseling when they need guidance in a particular issue area or with an application for a COVID-19 relief program. He also highlighted the Pace SBDC’s coronavirus resources page which contains information about relief programs from various sources. He then introduced Akiro Arroyo, Director of the City Bar Justice Center's Neighborhood Entrepreneur Law Project, who reviewed their pro-bono and low-cost legal programs available to NYC entrepreneurs.
Andrew then introduced Beth Goldberg, District Director, and John Mallano, Deputy District Director, from the SBA's New York District office who covered key updates to the Paycheck Protection Program, SBA Debt Relief program, Economic Injury Disaster Loans, the Targeted EIDL Advance, and the upcoming Shuttered Venue Operators Grant. They also discussed important cross program eligibility requirements.
Richard Kravitz from the NYS Society of CPAs then introduced the following two speakers. Ramona Cedeno, the founder & CEO of FiBrick, detailed the tax implications of different COVID-19 relief programs, including how grants, forgivable PPP loans and related expenses, and Pandemic Unemployment Assistance are treated for tax purposes.
Attorney Alan Gassman reviewed legal implications of COVID-19 relief programs and highlighted the financial benefits associated with the employee retention tax credit and under what circumstances businesses may be eligible. Visit the IRS’ website and read their FAQs for more information about this tax credit.
If you have questions about COVID-19 relief or other topics discussed during this webinar, we encourage you to contact the Pace University Small Business Development Center and speak with a business advisor.