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 … Read More
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 … Read More
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 … Read More
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
… Read More
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 legislation below.
Please contact us … Read More
Many business owners were nervous about taking the PPP loan because it was unclear if you could demonstrate the need for a loan if you had reserves to get through the crisis without it. The SBA has now made it … Read More
Well, you probably saw this coming…
Turns out … if you received a PPP loan, the expenses you pay from the proceeds of this (forgivable) loan … are not deductible.
The IRS just released new guidance to this … Read More
Yes, the CARES Act for the Paycheck Protection Program was passed last Friday. It’s 800 pages and the banks are still feeling their way around to determine how to process these new loans. The complete guidelines have not been developed … Read More