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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.  

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.

The State of Ohio announced the U.S. Small Business Administration (SBA) has approved their request to allow small businesses and nonprofits in Ohio to apply for low-interest, long-term loans of up to $2 million through the SBA’s Economic Injury Disaster Loan program.

“Timing is everything as we navigate this crisis,” said Gov. Mike DeWine. “We have to move quickly to not only ensure that Ohioans are safe, but also that they have the necessary support in place to weather this difficult situation. I appreciate the quick response by federal officials to provide the state’s small businesses and nonprofits with access to this resource.”

The State of Ohio is taking action to help small business affected by the coronavirus pandemic.

On March 17, Ohio Gov. Mike DeWine and Lt. Gov. Jon Husted sent a letter and application to the U.S. Small Business Administration (SBA) to qualify the State of Ohio for the Economic Injury Disaster Loan program.

This federal program will enable small businesses and non-profits throughout the state impacted by the outbreak of COVID-19 to apply for low-interest loans for up to $2 million in assistance, which can provide vital economic support to help overcome the temporary loss of revenue they are experiencing.