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Autumn is officially here! The time for sugar, pumpkin spice, and everything nice! Our home state of Minnesota is experiencing the peak color changes in our fall foliage. It’s that perfect time of year to get some fresh air by going for a hike, taking in a scenic drive, bringing your family to an orchard, or just cozying up by the fire. Just be sure to soak it all in while you can!
The Small Business Administration (SBA), Paycheck Protection Program (PPP) was created from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help businesses affected by COVID-19 for payroll and other business related expenses. When State’s began shutting down, non-essential businesses couldn’t run, and funds were needed in order to stay afloat.
For those business taxpayers paying or receiving non-employee compensation (aka contractors), there is now a new IRS form that you must use in your reporting. Payers must report any payment of $600 or more to a payee in the calendar year by completing Form 1099-NEC (Non-employee Compensation).
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