Rule Change for the PPP!
In the tradition of having a major tax law change every few days during 2020, Congress has now passed the PPP Flexibility Act and the President is expected to sign it. The key features of the bill: Extending the loan forgiveness covered period from 8 weeks to 24 weeks from the loan origination date, as long […]
I got PPP money and EIDL money… now what?!
When the pandemic hit, many nervous business owners applied for everything that they could to keep their businesses afloat. Now they are seeing random amounts of money being deposited in their bank account and don’t know what to do. Economic Injury Disaster Loan (EIDL): EIDL Loan vs the EIDL Grant There are two of them? […]
Worksheet for Calculating PPP forgiveness
On May 15, 2020 the SBA released a worksheet for calculating PPP loan forgiveness. Note: this worksheet does not provide any more official guidance or definitions on what is forgivable. So taxpayers and their advisors are still in the dark about exactly what qualifies. So, until then you have a nifty excel worksheet that you can […]
Guidance issued on PPP for Self-Employed
The SBA has issued a second set of Interim Final Rules for the Paycheck Protection Program (PPP), this time focusing on how these loans work for self-employed individuals. The guidance clarifies the following issues: Individuals who are partners in a partnership (or LLC taxed as a partnership) should include their self-employment income from the partnership […]
What is payroll for the PPP?
If you are applying for a Paycheck Protection Program Loan, you may have been stumped about what to include in payroll costs. Thankfully, the SBA released guidance yesterday in response to demands from banks and borrowers to provide greater clarity as to what information is required for purposes of obtaining a Paycheck Protection Program loan. […]
Which SBA Loan should I choose?
The Small Business Administration has published a site outlining many loan options that employers can use to get through the COVID-19 retraction. These loans are not tax initiatives thus we cannot provide advice on these loans. Paycheck Protection Program (PPP) This could be a good option for your business if you have employees and you expect […]