Blog Layout

Paycheck Protection Program (PPP) – Round 2

Paycheck Protection Program (PPP) – Round 2

Effective December 27, 2020, the Consolidated Appropriates Act, 2021 (CAA, 2021) was signed into law. The act contains numerous provisions meant to bolster the economy. Among these provisions is the funding of an additional round of PPP loans.

Background
The CARES Act established the Paycheck Protection Program (PPP) loan program to give assistance to small businesses during the pandemic. The funds are meant to encourage businesses to retain and rehire employees. If certain conditions are met the entire loan could qualify to be forgiven. The original PPP loan applicant closed in April of 2020.

What Changed?
 CAA 2021 created a second round of PPP loans, commonly referred to as PPP round 2. The requirements to qualify for the second round are stricter than the first round. The business must show at least a 25% reduction in gross receipts in any quarter of 2020 as compared to the same quarter of 2019. The borrower must also certify that current economic uncertainty makes the loan necessary to support the ongoing operations. To qualify for the second round the borrow must have taken the original PPP loan and used all the funds for qualified expenses.  

CAA 2021 also refunded the original PPP loan. Meaning that if a business did not take a PPP loan in the past, it can apply for the first loan, if it qualifies. The qualifications for the first loan are not as strict as the second loan. The borrower must also certify that current economic uncertainty makes the loan necessary to support the ongoing operations.   
October 25, 2024
Burzenski & Company once again supported an event at the Children's Center in Hamden. On October 24, three employees volunteered to be onsite for the Children's Center Trunk or Treat Halloween event. Callie Kutys, Shelly Panico and Carmen Rosado donned costumes and handed out candy to about 100 children. Booooooooo!
October 11, 2024
IR-2024-263, Oct. 10, 2024 WASHINGTON —The Internal Revenue Service announced today continued progress on Employee Retention Credit claims, with processing underway on about 400,000 claims, representing about $10 billion of eligible claims.
October 5, 2024
Monica Dixon Perry, CVPM, will speak at Veterinary Management Council of CT meeting
October 5, 2024
IRS Direct File set to expand availability in a dozen new states and cover wider range of tax situations for the 2025 tax filing season
September 5, 2024
On Thursday, August 29th, we held our annual state-of-the-firm and company picnic at Owenego Inn located in Branford, CT. The firm recognized the 40th employee anniversary of Partner Melody Mann Fox, CPA. Managing Partner Bill Kalinowski congratulated Melody on her tenure and accomplishments with the firm. Said Ralph L. Ricciardelli, CPA, Emeritus, a founding partner of Burzenski & Company, PC, “Mel, 40 years where does the time go? It’s not easy to build a firm and you’ve done it with a lot of grit, expertise, and professionalism. You have been integral in building the firm. You’ve been integral in helping with the staff, whether it was the administrative staff or the accounting staff. I don’t know what we would do without you. There aren’t enough words of appreciation that we can give to you.” It was a great day for employeea to play games such as bocce, corn hole, Jenga, and a trivia contest with staff split up into teams.
September 1, 2024
At the firm's annual state-of-the-firm and company picnic on August 29th, we recognized the 40th employee anniversary of Partner Melody Mann Fox, CPA. Managing Partner Bill Kalinowski congratulated Melody on her tenure and accomplishments with the firm. Said Ralph L. Ricciardelli, CPA, Emeritus, a founding partner of Burzenski & Company, PC, “Mel, 40 years where does the time go? It’s not easy to build a firm and you’ve done it with a lot of grit, expertise, and professionalism. You have been integral in building the firm. You’ve been integral in helping with the staff, whether it was the administrative staff or the accounting staff. I don’t know what we would do without you. There aren’t enough words of appreciation that we can give to you.”Mel, 40 years where does the time go? I remember when you first came to us in 1984 as a staff person. Our first tax season together was 1985. There was a lot of fun things that happened during those early years that laid the ground work for the future.
August 18, 2024
2024 Connecticut Sales Tax Free Week Highlights The 2024 Sales Tax Free Week is Sunday, August 18, through Saturday, August 24, 2024. Sales or purchases of certain items of clothing or footwear costing less than $100 per item are exempt from sales tax. This special exemption applies to purchases made from retailers located in Connecticut as well as from on-line retailers. This year will be Connecticut's 25th Sales Tax Free Week.https://portal.ct.gov/drs/sales-tax/sales-tax-free-week
July 22, 2024
Sarah Williams, formerly of Abilene, TX, has joined the staff at Burzenski & Company, as a Staff Accountant. She earned a Bachelor of Business Administration degree as well as a Master of Accountancy degree from Abilene Christian University in Abilene, TX. Prior to joining our firm, she was as a Tax Associate. She has two cats named Fig and Peach.
July 19, 2024
Burzenski & Company, PC will close the office on Fridays at 12:00 (noon) in the months of July and August. Please contact us during our normal business hours of 8:30AM to 5:00PM. 203-468-8133
May 7, 2024
Click here to listen to the podcast: https://www.buzzsprout.com/536560/15017840
More Posts
Share by: