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PPP loan forgiveness rejection? SBA offers guidance (Representation limited to attorneys)

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

By |2025-01-12T07:27:10+00:00August 18th, 2020|Categories: Business|Tags: , , , , , , |
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Second Stimulus check proposals (not yet finalized)

Democrats and Republicans have been in talks about the fourth and final stimulus relief package. Back in May, the House Democrats approved the HEROES Act but that bill was thrown out by the Republican-controlled Senate and President Donald Trump as Republicans supported the HEALS Act. Now, there is a new proposal for a $1,000 one time

By |2025-01-12T08:58:26+00:00August 4th, 2020|Categories: Individuals|Tags: , , , , , |
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Receiving unemployment? Careful of the tax bill (Unemployment is taxable!)

We have been informing some of our client to be aware that unemployment is taxable. Otherwise, you can get an unpleasant surprise in next year's taxes. Any State or Federal unemployment received will be taxable and you should received a 1099 - G (Certain Government Payments) tax form in the mail. You will owe taxes

By |2025-01-12T07:35:36+00:00August 4th, 2020|Categories: Individuals|Tags: , , , , |
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PPP – Expense deductibility supported by legislators

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

By |2025-01-11T11:25:54+00:00August 4th, 2020|Categories: Business|Tags: , , , , , |
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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 |2025-01-07T09:19:30+00:00July 28th, 2020|Categories: Business|Tags: , , , |
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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 |2025-01-12T09:04:58+00:00July 28th, 2020|Categories: Business|Tags: , , , |
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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 |2025-01-11T11:27:03+00:00July 2nd, 2020|Categories: Business|Tags: , , , , , |
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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 |2025-01-12T07:57:15+00:00June 25th, 2020|Categories: Business|Tags: , , , , |
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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 |2025-01-12T09:16:16+00:00June 18th, 2020|Categories: Business|Tags: , , , , , , , |
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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. 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

By |2025-01-13T16:37:02+00:00June 9th, 2020|Categories: Business|Tags: , , , , , |
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