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. The New Jersey Small Business Development Center (NJ SBDC) recently shared our webinar focusing on small business taxes and updates related to Beneficial Ownership Interest (BOI). This
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
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
There will be major changes in the horizon for the PPP as the House of Representatives passed a bill yesterday that included: PPP period extension to 24 weeks Payroll requirement for forgiveness moved to 60% Extending the program up to Dec 31, 2020 Extending the PPP loan from 2 years to 5 years Note that
