Small businesses are struggling in the wake of the coronavirus pandemic, but tax professionals are advising employers to make a few smart moves right now to access the new loan funds and other economic support.   Julio Gonzalez, CEO of Engineered Tax Services, says there are several essential steps small businesses should

Your Paycheck Protection Loan may be forgivable, but that doesn’t mean the funds are tax free.  Debt forgiveness is a taxable benefit in some states, according to Bloomberg Tax. While the federal government said it will not tax the discharged debt, states will need to update their tax codes to provide

The Paycheck Protection Program allegedly discriminated against woman- and minority-owned businesses by prioritizing businesses with employees, according to a lawsuit filed by Maryland business owners on Friday.  The lawsuit claims the loan program allowed businesses with employees to apply for emergency funds before businesses without employees — which the suit claims are

American Express (Amex) and 40 partner companies, including Amazon, Google, Facebook, Microsoft, Verizon and IBM, launched the “Stand for Small” coalition on Tuesday to help small business employers navigate their options during the pandemic.  The coalition’s website offers links to several resources for employers from both Amex and partner organizations. The

The Senate on Tuesday authorized a relief package that adds billions in new funding to the Paycheck Protection Program (PPP), expands coronavirus testing and provides extra funding for hospitals.  The $484 billion bill will head to the House on Thursday for a vote, according to CNN. The additional funds come on

Even though the Paycheck Protection Program had limited funds, 71 publicly traded companies nabbed millions in loans before the stimulus was exhausted.  These large firms received more than $300 million in emergency loans, or about .09% of the funds available, according to Forbes. The most highly valued publicly traded company to

Republicans and Democrats in the Senate did not reach a deal on small business relief on Monday, but hope to come to a vote on a measure as soon as Tuesday afternoon.  Lawmakers are looking to replenish the stimulus program for small businesses with as much as $370 billion, according to

The U.S. Chamber of Commerce Monday initiated a “Save Small Business Grant Fund” to give $5,000 in supplemental grants to help small business owners in “economically vulnerable communities.”  The grants will be supported by the chamber’s corporate and philanthropic partners and must be put toward business expenses, according to FOX Business.

Class-action lawsuits targeting JPMorgan Chase, Bank of America and Wells Fargo claim the big banks favored larger businesses with Paycheck Protection Program (PPP) funds at the expense of small business employers.  The suits say the banks "prioritized corporate greed" and opted to maximize profits, leaving small businesses out in the cold

Congress may be ready to pass a bill that will provide extra funds to help small businesses during the coronavirus pandemic and could approve the measure as early as Monday. President Donald Trump said Sunday that Republicans were “close” to a deal with Democrats and believed there could be a resolution

The Paycheck Protection Program is out of funds, at least for now, but there are companies stepping up to alleviate some of the economic pain felt by small business owners. Here are a few more companies offering grants to entrepreneurs as listed by Forbes.  The Save Small Business Fund - grants

Three weeks after the $2 trillion stimulus package was passed, millions of households and small businesses are still standing by for financial assistance.  Several technical glitches have delayed the distribution of direct relief payments to Americans, the $349 billion in Paycheck Protection Act loans, and the $260 billion in unemployment benefits,