While the deadline gives everyone some breathing room, there are several different permutations that will be calculated to determine the best way for you to file for forgiveness. And there will be a flood of applicants at the end of the year. For your sake (and your tax professional’s), don’t wait until the holidays to figure this out. Depending on your situation, it may be advantageous to submit your application earlier, particularly if you think you can get the full amount forgiven. If you need until the end of the year to bring employees back on payroll, however, it may make sense to wait (since the “FTE safe harbor” rule extends to 12/31 as well). Contact us to discuss your situation and make a plan for filing your application. Remember, after filing, your bank has 2 months to approve the application and then the SBA has 3 months to agree, then 6 months after that – payments start – if you owe them.
Bookkeeping Support and a Virtual CFO for the Same Cost!
Think about what you pay a full time bookkeeper… Chances are, for a similar monthly cost, Emerald Financial can perform your bookkeeping AND give you the insight and guidance of our senior accounting team. We get to know your business, keep your books in order, and can offer tax planning and strategies to help you reduce expenses and fuel growth throughout the year. Contact us for details on how smoothly this can work.