COVID-19 Up date
May 12, 2020
Our team is working hard to keep our clients and our business affiliates updated on all things related to COVID-19. As a reminder, we have developed the Corrigan Krause Coronavirus Crisis Team (CKCCT) t o help you receive the information and timely answers you need. Please reach out directly to our crisis team by sending an e-mail request to ckcrisisteam@corrigankrause.com . The team will be notified of your inquiry and will respond directly to you within 24 hours.
Visit our website to see all of our recent COVID-19 updates.
PPP FAQs
We’re still receiving many questions regarding the Paycheck Protection Program (PPP). As we continue to await further guidance, here’s what we know. Read More Here.
Act Soon for Direct Deposit of Stimulus Check
For eligible taxpayers who have not yet received their stimulus payments, you have until this Wednesday, May 13 at noon to enter your direct deposit info on the
IRS Get My Payment portal.

After that date, any stimulus payments that have not been processed will be transferred to the Bureau of Fiscal Services for paper checks to be delivered, which the IRS estimates will arrive beginning in late May to early June.
PPP Repayment For Safe Harbor Date Extended to May 14th
The SBA and Treasury Department has extended the deadline to repay PPP loans from May 7 to May 14. Borrowers now have until May 14, 2020 to decide whether to return PPP funds within a safe harbor period provided by the SBA. Read More Here.
Make Your Voice Heard
The Paycheck Protection Program was created to help small businesses, not create future challenges. Please take the time to learn more and join us in sharing your voice with our elected representatives. 

On April 30, the Internal Revenue Service issued a ruling stating that expenses paid with the proceeds of Paycheck Protection Program loans cannot be deducted as business expenses, which has the practical effect of making the loan forgiveness amounts taxable income. Earlier this week, the U.S Senate began debating legislation to overrule the IRS ruling.

Please take a moment to communicate with your elected representatives in Washington D.C. and ask them to overrule the IRS and restore the deductibility of these expenses.

The Ohio Society of CPAs has made this very easy. All you have to do is enter your name and home address; your federal legislators will pop up. Drafted messages are already prepared that you can send “as is” or customize for more impact.

Thank you for helping us help small businesses.
Cuyahoga County Offers Second Wave of
Grants and Loans
The second round of applications for funding closes on Friday, May 15 at 5 p.m.

The program offers two types of financial assistance for small businesses: Stabilization Grants and Stabilization Loans.  The second round of funding will provide up to $2.5 million in funding for Cuyahoga County small businesses. Read More Here.
Employees Refusing To Return?
“What if my employees refuse to come back to work because they want to keep collecting unemployment?”

Generally speaking, if your employees refuse work in favor of collecting unemployment benefits, they will likely not be eligible for those benefits. 

Employers may use the following form to report employees who quit or refuse work when it is available due to COVID-19.
Extensions Granted to Ohio Counties for Collecting Real Property Tax
Property owners in some Ohio counties will have more time to pay their midyear tax bills, with the June deadline now pushed back to August.
Join Us on May 20
COVID-19 & Construction:
How to Bounce Back

Director Dennis Dlugosz, CPA will walk attendees through the next steps finance professionals should take to help the business bounce back after the coronavirus crisis. Topics to be discussed will include: cash-flow planning, PPP loan forgiveness and new tax strategies derived from the CARES Act.

CK contacts can register for free using code: CK_Client_Discount
Phone 440.471.0800 | Fax 440.471.0801 | www.CorriganKrause.com