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Spring Updates from Beyond Accounting: EIDL Loans, ERC Forms, and Upcoming Deadlines

Spring has sprung! As the first quarter comes to a close, please find some important updates from the Beyond Accounting team below: Here's what to pay attention to this month... This newsletter will cover:

  • EIDL Loans

  • ERC Form Filing Updated

  • Tax Day

EIDL LOANS Payments for EIDL, a federal small business loan program supporting small businesses’ recovery from the COVID-19 disaster’s economic impacts, have been extended for another six months.Payments for EIDL were supposed to start on July 1st, 2022. Now, they will not be due until at least January 2023. As we learn more, we will keep you updated. If you are able, we recommend starting payments on your EIDL loan ASAP, as interest is accruing each month.

ERC FORMS This notice is only for some of our clients. Please read below to see if it applies to you or your organization: For applicable clients: you may have received letters from the IRS stating that the ERC forms we filed for Q1 now have to be submitted with Q2. Per this new requirement, we will modify the reports and file appropriately on your behalf as indicated. We have heard from some clients that they have received a check(s) regarding ERC. If you have received a check, please be sure to send us a copy of the check to keep with your paperwork. Additionally, please ensure you deposit the check separate from all other deposited funds for tracking purposes. Any questions, please let us know. Thank you!

Upcoming Deadlines: Tax Day Tax day is April 18th, 2022 If you have any questions, please contact us ASAP. Thank you!

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