Coronavirus Updates

Updated Information in light of Coronavirus (COVID-19) for employers and employees, individuals and business owners.

COVID-19 Related FAQs

Updated 1/5/2021 11:00am Central Time: This page will be periodically updated to provide you with relevant information that affects your tax, business or financial circumstances, as well as Gineris & Associates operational protocols.

On 12/27, President Trump signed the most recent COVID relief package into law. As we continue to make our way through the nearly 6,000 page bill, here are the provisions that benefit both individuals and businesses.


  • $600 checks will be issued to each eligible individual. This includes adults and children.
  • There is no limit to the number of children that qualify for this stimulus program, however children must be less than 17 years of age at 2020 year-end.
  • There is an income limit. For individuals with a 2019 adjusted gross income above $75,000 ($150,000 for joint returns and $112,500 for head of households), every $100 earned above the limit will reduce the amount of your check by $5.
    • This reduction also applies to dependent checks.
  • If you made enough in 2019 to not qualify for a check, but your 2020 financial status has changed significantly, you can claim this money as a credit on your 2020 return.
  • There is a new $300 above-the-line deduction for charitable contributions. You do not need to itemize to claim this.
  • Earned income tax and additional child tax credits can be based on 2019 earned income rather than 2020 earned income.

There are discussions of the stimulus amount increasing to $2,000. A bill has passed the House of Representatives and is awaiting Senate approval.

$300 federal unemployment supplement is included through mid-March 2021. The federal eviction moratorium has also been extended.


If you got a Round 1 Paycheck Protection Program (PPP) loan, due to provisions in the new law, if you have not yet submitted your PPP forgiveness application, it could be wise to hold off on submitting it until all guidance is issued.

Economic Injury Disaster Loan (EIDL) grants are not considered income. PPP forgiveness is NOT reduced by any EIDL advance received. Businesses who got less than $10,000 in EIDL can go back and request the balance up to the full $10,000 (i.e., if you got $4000, you can request an additional $6000).

Qualified businesses are able to draw from a second round of PPP funding. The qualifications to receive the second round of funding have changed.

  • Businesses must have received a Round 1 PPP loan and used those funds in full.
  • Businesses must demonstrate a 25% revenue loss for any quarter in 2020 compared to the same quarter in 2019.
  • Businesses must have 300 or fewer employees.
    • Restaurants and lodging businesses can satisfy this condition if they have 300 or fewer employees per location.

This new round of funding has new uses and terms that affect the amount of money you can receive and the allocation of the received funds.

  • The second round of funding can now be used to cover various operation expenditures, supplier costs, property damage costs (related to vandalism or looting due to public disturbances) and worker protection (i.e., COVID safety improvement) expenses.
    • Learn more about the qualified uses here.
  • The covered period is through 3/31/2021.
  • While most businesses can still qualify for 2.5 times monthly payroll, restaurants and hospitality businesses can qualify for 3.5 times monthly payroll.
  • The maximum loan amount is $2 million.
  • The loan is still forgivable when spent on eligible expenses.
  • Businesses can now deduct eligible expenses (paid for using PPP funds) for tax purposes.
  • Additionally, PPP borrowers with loans less than $150,000 can use a simplified form to streamline their loan forgiveness.
  • Seasonal employers can also qualify for additional funding.

Employee Retention Tax Credit

  • The employee retention tax credit is extended through June 30, 2021 and is retroactive to March 2020.
  • For 2020, if the business had revenue in one quarter that was at least 50% less than the same quarter in 2019, there is a 50% credit on wages up to $10,000 per employee.
  • In 2021, if the business had revenue in one quarter that was at least 20% less than the same quarter in 2019, the retention credit is 70% of wages, up to a maximum of $10,000 per QUARTER – thus a maximum $7000 credit per employee per quarter.
  • Retention credit is now available for businesses that got PPP loans. However, you cannot double-dip.
    • You may not count the same employee’s wages towards BOTH PPP expenses AND this retention credit; you must choose either/or.
    • PPP is better – dollar-for-dollar and forgiveness is tax free; and also, retention credits reduce deductions.

The employer credit for paid sick and family leave is extended to March 31, 2021.

The payback period for deferred payroll taxes has been extended to December 31, 2021. Currently, we do not recommend opting into payroll tax deferral in most cases.

Business meals are fully deductible for 2021 and 2022.

We will continue to monitor this bill and update this page when any new information is known.

On 10/8, SBA released rules that state PPP borrowers who have received loans of $50,000 or less are exempt from reductions in forgiveness based on:

  • Reductions in full-time-equivalent (FTE) employees
  • Reductions in employee salary or wages.

Recipients of loans under $50,000 can apply for forgiveness using a simplified application here with corresponding instructions here.

When submitting the forgiveness form, the borrower will required to provide:

  • Receipts of the borrower certifications contained in the form.
  • Receipts of the documentation the borrower is required to submit to aid in verifying payroll and nonpayroll costs, as specified in the instructions to the form.

Further guidance on this application can be found here.

Here are all 6 of our webinar recordings regarding PPP.

On 8/4/2020, the SBA released an updated and very helpful Frequently Asked Questions regarding PPP loan forgiveness.

We hosted a webinar on Friday, 6/19 regarding the PPP Flexibility Act. You can access the 22-minute recording here. It discussed updated SBA guidelines (highlighted below), and helped business owners make the best decision to optimize PPP forgiveness.

Here are highlights from the latest SBA guidance on PPP Loan Forgiveness – this information may continue to evolve.

  • You now have a 24-week Covered Period to spend loan funds starting from the date of loan origination. If you were funded prior to June 5, you can still use the 8-week period if you choose.
  • You must use at least 60% of funds for eligible payroll costs to qualify for full Loan Forgiveness, down from 75%.
  • You can use up to 40% of funds for eligible non-payroll costs, up from 25%. This includes rent, interest, and utilities. PREPAYMENTS are NOT allowed.
  • Loan Deferral: If you request Forgiveness, you won’t have to start making payments until the SBA makes a decision or remits the funds. You generally have to submit a Forgiveness request within 10 months after the Covered Period ends.
  • If you don’t request Forgiveness, you won’t have to start making payments until 10 months after the 24-week Covered Period ends.
  • You may be able to use FTE Safe Harbor provisions if you have fewer full-time equivalent (FTE) employees now if you document an inability to:
  1. Rehire individuals who were employees as of February 15, 2020
  2. Hire similarly qualified employees for unfilled positions on or before December 31, 2020
  3. Return to the same level of business activity before February 15, 2020 due to compliance with requirements or guidance from the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration from March 1, 2020 through December 31, 2020, related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID-19

Here is the updated “EZ” PPP Loan Forgiveness Application (3508EZ), which you can use if you meet any one of these 3 criteria:

  1. Applied for PPP as self-employed, independent contractor, or sole proprietor with no employees
  2. Did not reduce salary or wages for any employee by more than 25% and did not reduce the number or hours of employees (except laid-off employees who refused an offer to return)
  3. Did not reduce salary or wages for any employee by more than 25% during the covered period and experienced reductions in business activity as a result of health directives related to COVID-19

Here is the updated regular (non-EZ) PPP Forgiveness Application (revised 6/20).

Here is the updated PPP Borrower Application (revised 6/20).

On 6/5/20, the president signed the Paycheck Protection Program (PPP) Flexibility Act which includes a number of positive changes for small business owners. Most notably, the legislation includes some of the following PPP changes:

    • Extends the expense forgiveness period from eight weeks to 24 weeks
    • Reduces the 75 percent payroll ratio requirement to 60 percent
    • Eliminates the two-year loan repayment restrictions for future borrowers
    • Allows payroll tax deferment for PPP recipients
    • Extends the June 30, 2020, rehiring deadline to December 31, 2020

The SBA released the PPP Loan Forgiveness Application on 5/15, and also updated their Frequently Asked Questions as of 5/19. Connect with your Account Manager now regarding your PPP forgiveness strategies, and connect with them after your 8-week covered period is up to prepare your forgiveness application. Banks have advised clients to wait on completing the application until that time in the event the application itself changes or additional guidance emerges.

On May 13th, the Treasury and Small Business Administration updated their Frequently Asked Questions (Question 46) to clarify that “Any borrower that…received PPP loans…of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith and thus will not be under further audit scrutiny around the necessity of the loan. A number of clients have received communication from their banks reminding them about the “necessary” certification they made when applying for the PPP and about “returning the funds” before the safe harbor deadline. Those instructions generally apply to public companies who had access to other capital.

On April 27th, the $320 billion 2nd round of Paycheck Protection Program (PPP) funding went live. Apply if you have not. Here is the SBA Frequently Asked Questions (FAQ) regarding the PPP, updated as of 4/28/2020.

Sole Proprietors and Self-Employed Individuals (including Partners with Self-Employment Income): Updated Guidance from the SBA about the Paycheck Protection Program was released on April 14th, which describes how to calculate maximum loan amount and qualifications for loan forgiveness.

Taxpayers: Get information on your Economic Impact Payments here at the IRS website, where you can check your payment status, confirm your payment type, and enter or update bank information.

Access our free webinar and bonus resources about the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) for small business owners.

Here is an overview of the CARES Act (stimulus package) signed into law 3/27/2020. The Tax Foundation also summarizes the CARES Act here. The full CARES Act is here.

Here is the US Small Business Administration (SBA) webpage describing programs helping small businesses. This is a nice summary of the Paycheck Protection Program (PPP) and emergency loans for small businesses put out by the US Chamber of Commerce. See detailed FAQ on the PPP below.

Small businesses should strongly consider applying for the Paycheck Protection Program. (See FAQs below.) Note: SBA released Interim Final Rule guidelines late on April 2nd that clearly state that Independent Contractors are NOT counted AS EMPLOYEES as part of a payor company’s PPP loan calculation or forgiveness (since independent contractors can file for their own PPP loan). See those rules here.

Small businesses who want to apply for the SBA Economic Injury Disaster Advance Loan (EIDL) can learn more here. Note: Latest guidance from the SBA says EIDL loans will take approximately one month from application to receive approval. Also, businesses who applied for an EIDL prior to Monday 3/30/2020 will NOT receive the forgivable cash advance of up to $10,000. On 4/14/2020, the SBA clarified that EIDL applicants who applied after 3/30/2020 would qualify for up to $10,000 of a forgivable advance, based on employee headcount, with $1000 per employee being awarded.

Review the FAQs below, broken out into 5 categories – Paycheck Protection Program, Small Business, Tax, Individual Financial, and Gineris Service FAQs. If you have other questions or still need help, please contact your tax professional, account manager, or our front desk. We’re here to help you.

Paycheck Protection Program

What is the Paycheck Protection Program (PPP)?

What does PPP cover?

Is my business eligible for a PPP loan?

How much can I borrow under the PPP?

What are the terms and requirements of the PPP loan?

Where do I get a PPP loan?

What do I need to apply?

Is there any loan forgiveness with the PPP?

How do I qualify for PPP loan forgiveness?

Is the forgiven PPP loan amount considered taxable income?

Is there time sensitivity to applying for the PPP loan?

How does the PPP differ from the Disaster Loan program?

Can I do both an Economic Injury Disaster Loan (EIDL) and a PPP Loan?

If I have an existing SBA loan in good standing, can I still do a PPP loan?

If I own multiple businesses, how many PPP loans could I get?

Small Business FAQs

The small business I own is shut down or suffering dramatically. What government help exists?

Does my small business need to provide paid sick leave?

As a small business owner and employer, what are my responsibilities?

Tax FAQs

Has the tax FILING deadline been extended?

What if I owe a FEDERAL tax payment with my filing?

What if I owe a STATE tax payment with my filing?

What if I owe estimated taxes? Are those extended?

Should I file my tax return now?

If I've already filed my taxes, and I owe money, can I wait until July to pay?

If I owe taxes, but don’t have the resources to pay, what can I do?

Do I have until July 15th to contribute to an IRA or HSA?

If I didn't file a 2018 or 2019 tax return, should I file them now?

Do I need to file a 2018 or 2019 tax return to get the stimulus payment?

If I want an electronic deposit of the stimulus payment, what can I do?

Individual Financial FAQs

What should I do if I’ve been laid off, or the company I work(ed) for is shutting down?

What government relief can I expect? I heard about checks - do I qualify?

I’m worried I won’t be able to pay my mortgage. What should I do?

What are the CARES Act updates regarding retirement plans?

Gineris Service FAQs

How can I get you my documents?

Are you doing in-office meetings?

How will I get my tax return from you?

Are you taking new clients? Can you help my (family/friend/colleague)?

Take Heart

“We have proven our resilience as a nation, again and again. We do not expect that this will be the exception. Take care of yourselves and each other. Let us know how we can help.” ― Pat Gineris
“Although the world is full of suffering, it is also full of the overcoming of it.” ― Helen Keller
“On the other side of a storm is the strength that comes from having navigated through it.” ― Gregory S. Williams