PPP Round 2 is Here!

New PPP Loans

It’s going to take us many weeks to digest everything in the Coronavirus Relief & Omnibus Agreement that the President signed Sunday night. PPP Round 2 is upon us! That’s right. PPP Loans for 1st time borrowers: -Generally 500 or fewer employees -Sole proprietors, independent contractors, and eligible self-employed individuals. -Any business that averages less than […]

Some PPP Forgiveness News…

You might have seen some rumors on this already, but I wanted to help make everything clear for you… A few weeks back I told you that there were some tax professional rumors circulating about “automatic forgiveness” for PPP loans under $150K. Remember that? Well, they did it! Except it is for even smaller loans […]

Do you accept credit cards? Then read this.

Accept Credit Cards Legal Settlement

You may have already heard about the multi-billion-dollar legal settlement if you accepted credit cards from 2004-2019. Here’s the warning: you do NOT need a lawyer to claim your part of this settlement. But there are lawyers now advertising to do it all for you, for 20% of any recovery. All of the information you […]

Cash is King…Especially Now

Cash is King During COVID-19 Pandemic

Cash flow has always been the lifeblood of any business. With COVID cases raging in some states and creeping upwards in our region, it is clear the pandemic will be with us for the foreseeable future. Whether your business remains on life support or has been on the road to recovery, managing cash flow is […]

Will PPP Loans and EIDL Advance be Taxable?

Will PPP Loans be taxable?

PPP Loans The IRS has clarified that if your loan money is forgiven, it won’t be considered taxable income. BUT, nor will it be eligible for tax deductions, even though you likely used it for expenses that normally would be tax deductible. This will leave you with a tax liability. For example, if you received […]

Every Small Business Owner Needs a CFO – Especially Now

As a small business owner, you may not feel you can justify the expense of a full time CFO. But there are times you absolutely need someone with a trained financial mind to help you make big decisions, plan for the future – and ensure you are properly tracking your finances.   Here are just […]

SBA Clarifies Last Week’s PPP Legislation

loan forgiveness payment protection program

When the latest PPP legislation passed last week, it eased a number of restrictions, making far easier for businesses to qualify for loan forgiveness. While the 75% requirement for payroll had been reduced to 60%, the original wording implied that this 60% level would be a “cliff,” below which no forgiveness at all would be […]

PPP Restrictions Eased – New PPP loan Legislation Just Passed

loan forgiveness payment protection program

GREAT news if you have a PPP loan or are still considering applying for one.  Congress moved quickly this week, and the president JUST signed it into law. We share the highlights of the new PPP loan legislation below. Please contact us with any specific questions – the loan forgiveness calculations are still complex, and you […]

Powered by Top Rated Local®