The 2nd round of PPP is here

Congress has approved and President Trump has signed a second COVID-19 Relief Bill that includes another set of imminent business funding and certain loan provisions for existing COVID-19 business loans and expansion of the Employee Retention Credit. PPP Loan Forgiveness for 1st round applicants who have not finalized their loan forgiveness and for future 2nd round […]

Key points to keep in mind in regards to your EIDL Loan

If you were the recipient of the EIDL (Economic Injury Disaster Loan) from the SBA,   there are some key points to keep in mind: Per SBA guidelines you have to have a Hazard Insurance Liability policy on your business if your EIDL proceeds were $25,000 or more. If your corporation received the EIDL loan, […]

COVID-19 on the rise

As the number of Covid-19 cases are rapidly rising, and in an abundance of caution, our office will be instituting the following policies: For the Thanksgiving holiday our office will be closed on Thursday, November 26 and Friday, November 27. Our staff will be working remotely for the week following Thanksgiving, November 30 to December […]

PPP Forgiveness Loan Application

Any business that received a Paycheck Protection Program Loan will now have to complete SBA Form 3508 and submit it via their lending institution to the SBA. Unfortunately, completing the form requires complicated calculations and backup documents. You will likely need assistance completed the application. If you would like us to complete your Form 3508, […]

Your PPP forgiveness application

In order to complete your PPP forgiveness application; If you received $50,000 or less, you will need the following information handy: The EIDL advance amount, if any, that you received The EIDL application number The business’ bank statements for your covered period that begins as of the date the PPP funds were received. Your covered […]

COVID-19 Related Tax Credits for Employers and Self Employed

For those business owners and self-employed individuals currently experiencing an adverse business environment due to COVID-19. The IRS in conjunction with Congress have a couple payroll tax credits to help with your quarterly or annual tax liabilities. Employee Retention Credit: Eligible employers can claim the employee retention credit, a refundable tax credit equal to 50 […]

Are you prepared for an audit?

  We have been noticing an alarming trend regarding our clients record keeping practices. They are more often than not insufficient thus making our job of defending you much more difficult. What constitutes the business records needed in case of an audit? The most obvious ones are bank statements, payroll journals and tax filings. But […]

Major changes made to Paycheck Protection Program

As you are probably aware, there have been major changes in the Paycheck Protection Program. The SBA now allows recipient companies an extended period in which they may be able to use their PPP funds from 8 weeks to 24 weeks. Also, only 60% of the proceeds need to be paid out as wages and […]

Preparing for loan forgiveness

While you focus on running your Business the U.S. Small Business Administration(SBA) and financial institutions are working on finalizing the loan forgiveness application process for Paycheck Protection Program(PPP) loan proceeds. When can I apply for loan forgiveness? Many of you have or soon will deplete your PPP loan proceeds and will be ready to apply […]

Congratulations On Your PPP Loan, now the hard part starts.

If you, like many other businesses, have just received your Payroll Protection Program (PPP) loan please keep the following in mind. -PPP loans were created in the CARES Act with the stated purpose of providing a direct incentive for small businesses to keep their workers on payroll. -PPP loan proceeds may be forgiven, in total […]