Tag Archives: longisland

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 the filing deadline for submitting your application for forgiveness has been extended to December 31, 2020.

Unfortunately, the Full Time Employee Equivalent safe harbor requirement date of June 30, 2020 has been pushed back to either the date their FTEE forgiveness application is filed or December 31, 2020. Recipients that may have met the terms of the safe harbor on June 30 may not be able to do so at these later dates.

You will be submitting your PPP Loan Forgiveness Application to your lender. This application can be made either on SBA forms or any application designed by your lender. It appears that many lenders are creating online applications to accept your PPP Forgiveness request.

The amount of loan forgiveness is dependent on how the funds were used, how many full time employee equivalents you had post COVID-19 versus pre COVID-19 and whether you choose to follow the original PPP rules or the revised rules.

As there are mutterings of a new set of changes coming, there appears to be no rush to apply for forgiveness. Many lending institutions are requesting that any company who received PPP funds of less than a certain amount need only to certify that they met the requirements of full forgiveness and many recipients that met the June 30 Safe Harbor are complaining that the rules were changed in mid-stream.

We will certainly be available to assist you in your application process. Our fee for this service will based on firm’s normal billing rates with a 25% discount for current business conditions.

We at D&F are happy to announce:

It is with great pleasure that Diapoules & Feinstein CPAs P.C. announces the merger of its accounting and tax practice with Richard Grebinger CPA. Rich is joining our team in his desire to utilize the benefits of a larger firm that offers additional services while still maintaining his personal touch. 

 Diapoules & Feinstein CPAS, P.C. utilizes a team approach so that clients benefit from the full range of the firm’s expertise and can always speak with someone who is knowledgeable about their business and able to address their concerns, while at the same time offering personalized and individualized service. 

 At D&F you are not “just another client”. We realize that each and every client is different with a different set of needs and concerns. We believe that our mission is to be your “Trusted Advisor” who will help guide you through business and life’s concerns.  

 As a D&F client we take great care to continue and nurture our relationship 


 We would like to extend an offer for you to meet the D&F team at either of our two “Meet and Greet” events: 

Breakfast Meeting: 8:30am 11/8/18 at the Golden Coach Diner, 350 W. Jericho Tpke. Huntington NY. 

Evening Meeting:  5pm to 7pm 11/27/18 at our Melville office, 900 Walt Whitman Rd Suite 200. We will be serving wine, light refreshments and hors d’oeuvres. 

Please RVSP via e-mail (sc@dfcpaonline.com) or by phone @ 631 547-1040.