Last Monday, a letter was Congressional leaders by Howard Schultz and signed by more than 100 current and former CEOs of some of America’s largest companies, major trade associations and small businesses. Since this letter was made public several Chambers of Commerce, trade organizations, business groups and other organizations have supported and signed the petition. Please,
As expressed in our previous post titled " Deduction of PPP expenses? IRS Notice 2020-32 says no, but it might change " from May 2020, we mentioned that the legislators were planning to introduce legislation to allow the deductibility of expenses covered with PPP funds. After the IRS issued Notice 2020-32, several legislators commented that the IRS
Congress is considering a second round of PPP for hard-hit businesses, which probably is directed to retail, restaurant, tourism, events, etc. Based on the article (link below), this second round would be structured in the following way: About $190 billion worth of PPP funding would be made available to business owners with 300 employees or fewer
We have had some conversations with clients asking if they should apply as soon as possible for the PPP application. Our response is "There is no need to rush as you might not need it or it might even be easier if you wait". The AICPA blog post has strong arguments to delay it as
The House extended the PPP for another five weeks as there are still resources available to business owners. Additionally, there is a push to streamline the forgiveness for loans under $150,000. The new legislation would require to submit a one-page attestation form to the lender. Note that business owners, banks, tax professionals and other groups are
In the last weeks, there have been some discussions requesting the disclosure of the PPP loan's recipients for transparency. Last week, the Treasury announced last Friday that more details will be disclosed. There will be several categories for the loans over $150k, which account for nearly 75% of the loan dollars approved, according to the
The first recording of Resolve it in 30 program for the hot topic of "Steps to maximize PPP loan forgiveness" brought to you thanks to the extraordinary GPHCC team - Jennifer Rodriguez, Javier Suarez, Keiren O'Connell and Yael Tacher for making it possible. Also, a big shut-out to my partners Brian Greenberg, and Erica Greenberg
Small businesses have been receiving communications (mainly, via email) that the EIDL has been approved and to complete the next steps on their website. Once you complete the process, you need to comply with their requirements and allow access to your books (“for the most recent 5 years until 3 years after the date of
The designation of Employee (w2) vs Independent contractor (1099) is not up to the free will of the parties. It has to follow regulations released by the IRS, DOL, and State authorities. Some business owners might consider that independent contractors might be less costly as there is no employer portion, no payroll processing fees, no workers
On a joint statement Monday from SBA Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin clarified that partial loan forgiveness will also be available under the 60% threshold. Statement - https://home.treasury.gov/news/press-releases/sm1026 Article - https://www.journalofaccountancy.com/news/2020/jun/partial-ppp-loan-forgiveness-remains-60-percent-threshold.html
