As part of the GPHCC's technical assistance on demand, Victor Garrido, CPA, EA, made a video presentation on "Preparing for year end taxes" in November 2020. Link to the video presentation - https://www.youtube.com/watch?v=jz39znKtwnE Link to the GPHCC's video library - https://www.philahispanicchamber.org/r-video-library.html
A few months back, several media organizations requested the disclosure of PPP information and filed a lawsuit under the Freedom of Information Act. There were concerns over a lack of transparency on this SBA program. In July 2020, the SBA had released the borrowers information for all loans over $150,000. On November 5, 2020, the
The New Jersey Economic Development Authority (NJEDA) today announced Phase 3 of the Authority’s Small Business Emergency Assistance Grant Program. Phase 3, which will be funded with $70 million in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding, significantly expands eligibility for the Grant Program and increases the amount of funding businesses can receive.
We want to share one of our experiences dealing with the USDA as there is not enough information publicly available. Also, we noted that small business can be extremely impacted from USDA accusations and in certain cases, there is no opportunity to defend himself or herself without professional assistance, specialized legal team. We continue to
We are one of the companies supporting NJEDA through the SHCCNJ (Statewide Hispanic Chamber of Commerce of New Jersey) providing consulting services in their COVID-19 Recovery Program. Extracted from the article: "The New Jersey Economic Development Authority announced on Monday it has launched a free consulting program to help small businesses that have been impacted by
Another Interim Final Rule (IFR) was released yesterday, the PPP loans will have a special form (S form) for amounts under $50,000 that exempts from any reduction in forgiveness based on a) reduction in full time equivalent (FTE) and/or b) reduction in employee salary or wages. Keep in mind that even the short version, if
The Small Business Majority https://smallbusinessmajority.org/, through their Policy Agenda, support "Pass legislation that would ensure business insurance companies cover COVID-19 revenue losses." Note that the business interruption insurance (BII) does not cover COVID-related expenses. The Small Business Majority endorsed two pieces of legislation nationally that would allow insurance companies to cover those expenses that small businesses have
As you might be aware some banks and financial institutions are opening their PPP forgiveness application intake. Note that after the PPP period of 24 weeks, there is a 10 month period of no interest so we recommend filing the forgiveness during the period. Currently, there are still some moving pieces and there is the
As included in our previous post https://ggcpaservices.com/blog/faq-on-ppp-loan-forgiveness-first-release/, the SBA is offering guidance in the loan forgiveness process, which includes the scenario of rejection of the PPP forgiveness. In many cases, the PPP application was prepared by CPAs, EAs, bankers, consultants and other business professionals. These professionals are already aware of the PPP application, support provided with
On August 4, 2020, the Small Business Administration (SBA), in consultation with the U.S. Treasury Department, issued new guidance through Frequently Asked Questions (FAQs) aimed at helping Paycheck Protection Program (PPP) borrowers navigate maximum loan forgiveness. This is the first release of clarification for the loan forgiveness as FAQs and we consider it a step
