PPP

In our last article we discussed the Payroll Protection Program (PPP), which the government initiated to cover business-related expenses such as payroll, rent and utilities. But the Government also issued a second (and lesser known) relief program, named the Economic Injury Disaster Loans (EIDL). The good news is that the EIDL can be used for a much larger group of expenditures, which we will discuss in this article. For small business owners hit hard by the Coronavirus Pandemic, the CARES Act still has funds available after the second round of...

The Western Regional Off Track Betting Corporation (WROTB) is facing scrutiny in upstate New York after the Investigative Post news site revealed that the state-created public corporation recently reaped $3.2 million in Payroll Protection Program (PPP) emergency funding that is supposed to aid small private businesses hurt by the COVID-19 pandemic. According to the article, authored by Phil Gambini, WROTB is "owned by 15 counties and two cities, and [is] charged with running legalized betting operations in western and central New York. It shares its profits with those local governments...

The National Thoroughbred Racing Association compiled a summary of benefits available to owners under the latest federal COVID-19 legislation. Benefits available to horse owners includes: Tax Benefits: Owners may be entitled to some new tax benefits that allow them to file amended returns for prior years and get cash in the form of tax refunds. Net operating losses can now be carried back for up to five years. This applies to C corporations and individuals who generate net business losses. The IRS is currently accepting faxed refund requests in order...