Blog & Newsroom

During the COVID-19 pandemic, the need to plan for taxes has become even more important due to all the changes from recently passed coronavirus relief legislation and especially for those businesses seeking forgivable loans through the Paycheck Protection Program (PPP).

While the PPP legislation was designed to help businesses weather the economic storm that many “Stay at Home" orders have created by providing funding to continue to employ workers and, the ramifications of not fully understanding the restrictions for use of these funds could ultimately cause further challenge for business owners.

Business owners and non-profits are strongly urged to reach out to their Zinner & Co. Client Service Team and should feel comfortable accessing information provided by our team of Recovery Specialists, not only in the Paycheck Protection Program (PPP) application process, but also in the proper documentation and accounting for loan proceeds.  

Move made to ease COVID-19 financial impact

Ohio Gov. Mike DeWine and Ohio Bureau of Workers' Compensation (BWC) Administrator/CEO Stephanie McCloud today proposed giving up to $1.6 billion to Ohio employers this spring to ease the economic impact of the coronavirus pandemic on Ohio’s economy and business community.

"This is great news for Ohio’s businesses, and will assist in relieving some of the financial pressures many are experiencing,” said DeWine. “Administrator McCloud and I both encourage businesses to reinvest this money in the health and safety of their employees.” 

The City of Cleveland wants to help businesses in the city, who were impacted by COVID-19. 

Until Jan. 1, 2021, the City of Cleveland is offering loans of up to $10,000 with 0 percent interest.  Loan payments of $150 per month would begin on Jan. 1, 2021. 

The American Institute of CPAs has recommended a defined set of documents for lenders regarding the Small Business Administration’s Paycheck Protection Program (PPP) application process.

According to the Maryland Association of Certified Public Accountants, Inc., the recommendations were informed by discussions with an AICPA-led small business funding coalition and other stakeholders in the PPP process with ties to 44,000 CPA firms, 2.5 million small businesses, and 30 million employees.

The Treasury Department and the Internal Revenue Service recently announced the distribution of economic impact payments will begin within the next three weeks, and will be distributed automatically, with no action required by most people.

However, some seniors and others who typically do not file returns, will need to submit a simple tax return to receive the stimulus payment.

The CARES Act will provide billions of dollars of relief to individuals, businesses, state and local governments, and the health care system.

After extensive negotiations, an agreement was reached on a massive stimulus bill to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic.

The U.S. Treasury Department, Internal Revenue Service, and the U.S. Department of Labor announced small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.

During the current Coronavirus pandemic, many businesses are struggling and some, unfortunately, are forced to lay off their employees.

In response to the impact of the COVID-19 pandemic, Zinner & Co. LLP continues to focus on the health and safety of our staff, our clients and our community. As part of these continued efforts, we will be taking the following steps beginning on March 22 in response to Ohio’s “Stay at Home” order:

• Our office will be closed to all visitors.
• Our staff will continue to work remotely with very limited staffing of the office each day.
• Our telephones will be answered by an auto attendant. While you will have access to our company directory when calling, extension numbers are included in the email signature of all Zinner & Co. associates. Our phones will forward to our remote work locations.

Ohio Gov. Mike DeWine, Lt. Gov. Jon Husted, and Ohio Department of Health Director Amy Acton, M.D. MPH, announced Ohio will be under a "Stay at Home" order.

The order goes into effect beginning on March 23 at 11:59 p.m. and will remain in effect until 11:59 p.m. on April 6, unless the order is rescinded or modified.