PPP

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PPP change for Schedule C (self-employed) – You can now use Sales/Revenue

PPP keeps changing, if last week, it allowed ITIN holders, individuals with prior criminal records unrelated to fraud, etc. Now, they are allowing self-employed individuals (Schedule C) to use the revenues/sale amount to calculate the maximum loan amount (capped at around $20k based on the maximum annual salary of $100k). This change will allow taxpayers

By |2021-03-08T08:20:35+00:00March 3rd, 2021|Categories: Business|Tags: , , , , |

PPP expands its reach – Access non US citizens, prior non-fraud felony convictions, etc.

From tomorrow February 24th, 2021, the PPP will accept applications from business owners that were not accepted in the past, such as non-citizens with ITIN. Please, see below some details extracted from the SBA note: "These simple progressive steps by the Biden-Harris Administration further demonstrate the commitment to racial and gender equity, reaching low and

By |2021-02-23T17:25:37+00:00February 23rd, 2021|Categories: Business|Tags: , , , , |

Status 2nd round PPP – Around 36% approved (SBA Press released 21-15)

Out of the $288 billion for the second round of PPP, around $103 billion (around 36%) have been approved as of earlier this week. The SBA has released some relevant details on how the majority of the loans are for amounts under $100k. Release Date: February 10, 2021     Release Number: 21-15 This week, the

By |2021-02-10T18:31:34+00:00February 10th, 2021|Categories: Business|Tags: , , |

Employee Retention Credit – Waiting on further guidance

The Employee Retention Credit (ERC) is one of the most complex tax credits in these stimulus packages. Initially, you could not get PPP and the employer retention credit. There was a previous post that discussed this matter. Now, it seems that the IRS is addressing only if no forgiveness PPP is available to the business

By |2021-01-31T03:57:29+00:00January 31st, 2021|Categories: Business|Tags: , , , , |

Second round PPP – Apply now

Back on January 8, 2021, the SBA release the new guidance for PPP: A borrower is generally eligible for a Second Draw PPP Loan if the borrower: Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses; Has no more than 300 employees; and Can demonstrate

By |2021-01-21T23:14:04+00:00January 19th, 2021|Categories: Business|Tags: , , , , , , |

New PPP forgiveness applications released on Jan 19, 2021 – Under $150k no submission of support

In some of our previous posts, we mentioned that the financial institutions, Chambers of Commerce, small business groups, etc. were pushing for the increase of the threshold of form 3508 from the initial amount of $50,000 to the $150,000.  In fact, some of the financial institutions stopped the forgiveness process intake (or never started it)

By |2021-01-22T22:18:46+00:00January 19th, 2021|Categories: Business|Tags: , , , , , |

2nd round of PPP – Calculation 25% reduction of revenue

The SBA and the Treasury have release guidance (18 page document) on how the 2nd round of PPP should be calculated for the 25% reduction of revenue 2020 Q vs 2019 Q. For the majority of the business, the main impact was experienced on the second quarter of 2020 due to the lockdowns and restrictions

By |2021-01-22T21:53:45+00:00January 19th, 2021|Categories: Business|Tags: , , , , , , |

Tips to apply for the 2nd round of PPP

After being involved with a large number of applications, we have summarized some relevant tips when you apply. Keep in mind that each financial institution is different, they have different intake process (online portal, email, etc.) and different requests. Have the 1st round PPP information available - a) PPP 1st round SBA loan number and

By |2021-01-23T17:58:30+00:00January 19th, 2021|Categories: Business|Tags: , , , , , |

Never got 1st round of PPP? Apply now

The SBA is allowing the borrowers that never got a first round of PPP to get it now. Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount You should contact your financial institution to know if you can still apply for the 1st round of PPP through them. If their

By |2021-01-21T23:32:21+00:00January 13th, 2021|Categories: Business|Tags: , , , |

PPP expenses are now Deductible

As we had anticipated in our previous posts, the IRS has changed its position in 2020-32 guidance. On January 6, 2021, the IRS released Revenue Ruling 2021-02 which confirms the deductibility of eligible PPP expenses. As mentioned by the IRS, the new ruling "...reflects changes to law contained in the COVID-related Tax Relief Act of

By |2021-01-30T23:03:33+00:00January 6th, 2021|Categories: Business|Tags: , , |
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