Treasury Department

A bipartisan group of lawmakers has introduced legislation to close a loophole in the CARES Act.

The application from the Treasury leaves many questions unanswered.

The Internal Revenue Service and the Treasury Department are beginning to send nearly 4 million economic impact payments by prepaid debit card, instead of by paper check or direct deposit.

The U.S. Small Business Administration, in conjunction with the Treasury Department, released a loan forgiveness application for the SBA’s troubled Paycheck Protection Program, along with detailed instructions for the application.

Padgett Business Services’ Roger Harris suggests some exceptions for employers with fewer than 50 staff.

The decision, prompted by requests from a bipartisan group of lawmakers, reverses previous IRS guidance.

The Internal Revenue Service said individuals who got a $1,200 stimulus payment intended for someone who’s deceased or incarcerated should return the money but left open the question of how the agency would enforce that.

Leaders of Congress’s tax-writing committees want employers to be able to continue providing health insurance to their furloughed employees and still qualify for tax credits.

The U.S. Treasury Department is planning to instruct people whose deceased relatives received coronavirus stimulus payments to return the money to the federal government, according to a department spokesman.

Treasury Secretary Steven Mnuchin says the additional funding Congress approved Thursday to help small businesses survive the coronavirus pandemic should be the last round, but advocates fear it’ll run out quickly and won’t be enough for mom-and-pop shops struggling to stay open.