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Millions of small businesses are fighting off permanent closures, looking for every possible penny to help them stay afloat amid the pandemic. However, there is a little-known CARES Act rule that could net small businesses tens of thousands of dollars in just a few weeks, and it helps keep more people employed.Back in March, when Congress passed the CARES Act, most of the focus for businesses was on the billions of dollars allotted for Paycheck Protection Program (PPP) forgivable loans. Congress also included a temporary tax rule, at the same time, for businesses.“If you had a loss in 2018, 2019, or 2020, any of those years, you could carry it back up to five years to generate refunds,” said Chris Catarino, a CPA with the firm Drucker & Scaccetti in Philadelphia.Catarino explained that under the new rule, businesses can generate a tax refund by applying 2020 losses to taxes paid over the past five years, essentially making the tax burden in past years less, netting them the refund.Losses for 2020, though, can only be filed after Dec 31, 2020. However, the temporary rule also applies to 2019 and 2018. So, if a business had losses over those two years, they could carry back those losses to their respective five-year period and possibly generate a refund.Businesses can start filing for a refund on 2018 and 2019 losses now. Catarino explained they would have to file an amended return or 1045 form.“The 1045 is generally quicker,” said Catarino “The IRS is required to respond and process those within 90 days.”The tax refund, under the temporary net operating loss rule, could mean tens of thousands of much-needed dollars for some businesses. However, Catarino pointed out that the biggest refunds would be for businesses with the largest “swing” from the prior years.For example, take a business that did extremely well in 2019. It likely paid a high tax bill that year. Then, this year, it had a significant loss of business. That business could get most of the money it paid in taxes the year prior, possibly even all the money it paid but nothing more than was paid in taxes. The same principle applies to 2018 and 2019.“The idea that they could recoup some taxes that they already paid in the past, today, could really be significant,” said Todd McCracken with the National Small Business Association. “It could mean the difference between keeping your doors open or not.”Although the temporary tax benefit could save some businesses, there is concern that the businesses that may need it the most may not be aware of it.“It is the smallest companies that don’t know, that tend to deal with their taxes once a year,” said McCracken. "They don’t have an ongoing relationship with a CPA. They go have their taxes prepared in the spring and find out, ‘Wow, I could’ve had this benefit all along.’ Next spring, of course, could be too late.”It could be too late for many businesses, especially if another round of coronavirus-related closures occurs and a second stimulus package isn’t passed soon. 3031

MoviePass is making big changes in a bid to stay alive.The service, which lets subscribers see a movie a day in the theater, is raising the price of its standard plan from to .95 per month. The change will take effect in the next 30 days.And some major releases will be "limited in their availability" on the service for the first two weeks they're in theaters.It's not clear how "limited" those films will be to MoviePass users. The company did say that big movies may be made available through promotions.MoviePass subscribers have already reported similar restrictions. For example, the blockbuster "Mission: Impossible — Fallout," which opened last weekend, was unavailable for at least some MoviePass customers.The changes come amid serious financial woes for the company, which borrowed million last week so it could pay for movie tickets.MoviePass is also facing some big competition: Less than an hour after the company announced its plans Tuesday, the theater chain AMC said it has enrolled 175,000 people in its own, similar service within the first five weeks of its debut.AMC charges per month for the ability to see three movies a week at any AMC location. It expects to reach 1 million members within two years.MoviePass, meanwhile, has more than 3 million subscribers. But analysts have questioned whether it can stay in business.Stock in its parent company, Helios and Matheson, has dropped more than 99 percent since last fall. The company's market value has plunged from .8 billion to less than million.The stock more than doubled on Tuesday after MoviePass announced the price increase, but it quickly gave up all of that gain. The stock closed down nearly 40 percent, at 50 cents per share.In a new "plan for profitability," the company also noted that cost-cutting has helped bring its cash-burning under control. It has been blowing through million to million each month, according to regulatory filings. 1976

NASHVILLE, Tenn. (AP) -- Comedian D.L. Hughley announced he's tested positive for COVID-19, following his collapse onstage during a performance in Nashville, Tennessee.In a video posted to Twitter on Saturday, Hughley said he was tested while being treated for exhaustion and dehydration after passing out at Zanies on Friday.He said the COVID-19 diagnosis was surprising because he was otherwise asymptomatic. He plans to quarantine in his Nashville hotel room for 14 days.The rest of the 57-year-old's shows at the Zanies club were canceled.In addition to stand-up comedy, Hughley is an actor, author and television and radio host. 641

Myrtle Beach, South Carolina's police department is dealing with national scrutiny after police removed a man after he reportedly purchased a meal for homeless man inside of a McDonald's.The incident, which took place on Wednesday, was recorded on video, and has since gone viral, generating a national buzz. Nearly 40 million people have viewed the video in the 24 hours since it has been released. The incident happened after police were attempting to remove a man, who is reportedly homeless was eating a meal inside McDonald's. The man recording the incident claimed that he brought the man into the McDonald's and purchased him a meal."You guys suck... He didn't ask me for food, I saw him across the street and brought him over here for food," Yossi Gallo said. Gallo was then warned that he was being disorderly."I’m getting kicked out of here because I gave a homeless guy food,” Yossi Gallo said on the video he posted. Gallo and the homeless man were removed from the McDonald's by police. Police claim that the homeless man was asking people for money. A claim Gallo disputed. Myrtle Beach Police released a statement involving Wednesday's incident: Officers were dispatched to the location after receiving a call, from an employee of the business, that a male was in the parking lot asking people for money. Upon arriving at the restaurant, an employee approached the officer and indicated the male was inside the establishment. The employee requested the officer issue a trespassing warning and asked that the person leave the premises. The officer advised the male of the request made by the business and issued the warning. A bystander, who was videotaping the incident was also trespassed from the location, at the request of the manager, for what management deemed as disorderly behavior. 1858

NATIONAL CITY, Calif. (KGTV) -- A National City family was shocked Monday when they showed up at their business and noticed someone broke-in and vandalized their business. Dulce Tablas' parents own Diva's Fashion 2 in National City, a store in which they sell formal clothing like ball gowns and tuxedos. The family also owns a banquet hall and a second clothing store. The family showed up to find their storefront window broken, glass all over the ground and a designer quincea?era dress, worth over 0, gone. The person who took the dress grabbed it from the mannequin. Tablas says it will cost the family over ,000 to fix the window. The family is wondering if they were targeted. Last week, during the Black Lives Matter protests, they decided to paint the phrase on their windows. After the break-in, Tablas said she noticed the phrase had an "X" through it. The break-in came on the same day the family decided to close down one of their locations, not able to survive during the COVID-19 pandemic. The business that was vandalized is the one staying open. The family also says they had insurance and surveillance cameras but they had cut the expense in April since they were closed due to the pandemic. Tablas mom tells 10News it is a move she now regrets. Diva's Fashion 2 now has a fundraising page on Facebook, to help the family with the repairs for the window. If you'd like to donate, click here. The crime was reported to National City Police. 1470