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Congress considering a second round of PPP

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

By |2021-01-05T11:12:18+00:00July 28th, 2020|Categories: Business|Tags: , , |

Should I prepare my PPP forgiveness application asap? No, there is no rush

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

By |2021-01-05T11:15:55+00:00July 28th, 2020|Categories: Business|Tags: , |

PPP extended until August 8, 2020 – Streamline forgiveness under $150k?

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

By |2021-01-05T11:21:17+00:00July 2nd, 2020|Categories: Business|Tags: , , , |

SBA to disclose PPP loans over $150k

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

By |2021-01-05T11:20:11+00:00June 25th, 2020|Categories: Business|Tags: , , |

Steps to maximize PPP loan forgiveness – 30 minutes video (Resolve it in 30 – GPHCC)

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

By |2021-01-05T11:26:52+00:00June 18th, 2020|Categories: Business|Tags: , , , , |

EIDL use of funds, collateral and other requirements

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

By |2021-01-05T11:26:23+00:00June 11th, 2020|Categories: Business|Tags: , , , |

Employee (w2) vs Independent contractor (1099)

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

By |2021-01-05T11:30:29+00:00June 11th, 2020|Categories: Business|Tags: , , , , , , |

Partial PPP Loan Forgiveness Remains if 60% Threshold not Met

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

By |2021-01-05T11:33:03+00:00June 9th, 2020|Categories: Business|Tags: , , , |

Approved PPP changes in the Senate

Last night, the Senate approved the changes to the PPP. These changes include: PPP period extension to 24 weeks PPP forgiveness for payroll over 60% PPP loan repayment extension from 2 years to 5 years These are positive changes that will benefit small business owners. Link - https://www.journalofaccountancy.com/news/2020/jun/ppp-loan-forgiveness-changes-coming.html

By |2021-01-05T11:34:07+00:00June 4th, 2020|Categories: Business|Tags: , |

Deduction of PPP expenses? IRS Notice 2020-32 says no, but it might change

After the IRS released the Notice 2020-32 (link below) indicating that the PPP funds used to cover business expenses were non deductible, the legislators like Sen. Charles Grassley (R-IA), the chair of the Senate Finance Committee, and Rep. Richard Neal (D-Mass.), the chair of the House Ways and Means Committee, have expressed that the IRS interpretation

By |2021-01-05T11:35:41+00:00May 29th, 2020|Categories: Business|Tags: , , , |
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