SBA Releases PPP Loan Forgiveness Application – Key Takeaways
The SBA has released the much-anticipated form for businesses to apply for PPP Loan Forgiveness. The 11-page application goes a long way to resolve many of the questions and concerns businesses had anxiously wondered about loan forgiveness.
AACounty Offers Grants to Help Businesses Deal with COVID-19
County businesses with 50 or fewer employees can apply for a grant up to $10,000 to cover the purchase of a variety of supplies and technology that are suddenly necessary to keep business going safely in the midst of a pandemic. Qualifying purchases include: PPE for employees Protective shields/dividers Sanitation products and services such as: […]
Less than $2 Million Borrowed? Yes, You Meet the Good-Faith Certification Test
Many business owners were nervous about taking the PPP loan because it was unclear if you could demonstrate the need for a loan if you had reserves to get through the crisis without it. The SBA has now made it clear that if you received less than $2 million, it is automatically deemed that you […]
Loan Forgiveness under PPP Loan Provisions
Well, you probably saw this coming… Turns out … if you received a PPP loan, the expenses you pay from the proceeds of this (forgivable) loan … are not deductible. Ouch. The IRS just released new guidance to this end (which is being protested by the AICPA and other accounting associations). This provision reduces the value of the […]
Be Mindful of Scammers…
Anytime (like now) that there is a rollout of government assistance, you can count on two things: 1) Bumps in the road (it’s difficult managing help for millions of people) 2) SCAMS None of my clients have been victims of this, but I wanted to alert you to this dynamic. How to make sure your check is […]
Understanding the Paycheck Protection Provision Loan Program
Yes, the CARES Act for the Paycheck Protection Provision loan program (PPP) was passed last Friday. It’s 800 pages and the banks are still feeling their way around to determine how to process these new loans. The complete guidelines have not been developed yet. We recommend starting your application with the bank you already have […]
Financial Matters of the Heart
Celebrating 40 Years of Service
3 Tips for 2020 Tax Returns
5 Tax Tips For 2020 Tax Season
2018 and 2019 were big years for tax changes. The Tax Cuts and Jobs Act had major implications for individuals and businesses. In 2020, overall, we will see much less change but it’s important to ensure you’re taking advantage of these changes properly in 2020. Here are 5 tax tips for 2020 tax season to […]