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Fall Updates from Beyond Accounting: Personal Tax Extensions, EIDL Loan Payments, & Student Loans

We can't believe that Fall is just around the corner! Here are some important updates from the Beyond Accounting, Inc. team: This newsletter will cover:

  • Upcoming & Current Team Out of the Office

  • Personal Tax Extensions

  • EIDL Loan Payments

  • Student Loan Forgiveness

  • Health Care Worker Bonus Progam

Out of the Office

We wanted to make sure our clients are aware Dara is out of the office from August 29th - September 12th. She will be back in the office on September 13th. If you need anything or have any questions while she is out, please don't hesitate to give our office a call. Our team is happy to help!

Personal Tax Extensions Personal Tax Extensions are due October 15th. Additional fees may apply for information provided after October 1st. Our team is happy to assist you with this information, but please reach out as soon as possible. Thank you!

EIDL Loan Payments The US Small Business Administration (SBA) has been extending the deferment period for COVID-19 Economic Injury Disaster Loan (EIDL) payments. However, we are now aware that payments on these loans will begin soon. Please take care to look for updated information in our next newsletter and we will communicate with you as soon as we have confirmed repayment details.

Student Loan Forgiveness President Biden, Vice President Harris, and the U.S. Department of Education have announced a three-part plan to help working and middle-class federal student loan borrowers transition back to regular payment as pandemic-related support expires. This plan includes loan forgiveness of up to $20,000. Many borrowers and families may be asking themselves “what do I have to do to claim this relief?” This page is a resource to answer those questions and more. There will be more details announced in the coming weeks. To be notified when the process has officially opened, sign up at the Department of Education subscription page. You'll have until Dec. 31, 2023 to apply. Visit this web page to learn more about the details surrounding this plan. If you have any questions, the Beyond Accounting, Inc. team is here to help you navigate these topics.

Health Care Work Bonus Program New York State is rewarding health care workers in 2023. The New York State Executive Budget legislation has allocated $1.2 billion in funding for the payment of bonuses for certain frontline healthcare workers. Located within Part ZZ of Chapter 56 of the Laws of 2022, the HWB provision allows for the payment of bonuses to "recruit, retain, and reward health care and mental hygiene workers" meeting specified eligibility requirements. Bonus amounts will be commensurate with the number of hours worked by eligible workers covered by the HWB Program during designated vesting periods for up to a total of $3,000 per covered worker. We are currently identifying applicable clients to determine if they qualify. If we believe that your organization qualifies, please know we will reach out to you with more information. If you have questions on this topic, please don't hesitate to reach out.

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