Our business model allows us to “stay lean” offering high standards of service in results and turnaround times alike, allowing streamlining of services from our partner John Dillard CPA, at very competitive rates. As my client, you will feel like you are more than just a number as we seek to provide service that seeks […]
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I Have Served as a CPA/Accounting Manager of a Nuclear Consulting Firm. Perhaps it’s a good idea to give us a call. John Dillard CPA 770 814 9304
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Hopefully you are having a good year in spite of the Pandemic!!!!!!!! Please be reminded to obtain Forgiveness for a PPP loan you have to request it from the bank where you received the loan from. I understand SBA is still working on some of the Forgiveness criteria and I have not heard of but […]
In readying for your PPP Loan Forgiveness Application Request it is My Understanding that: Payroll Processing fees are not part of the covered expenses and not eligible for forgiveness. That any EIDL Loans are to be listed on the PPP Forgiveness Application and will offset the PPP loan amount eligible to be forgiven. I suggest […]
Should I Convert my LLC to an S Corporation for Tax Purposes?
10 Takeaways on the PPP Loan Forgiveness Application https://www.accountingtoday.com/list/10-takeaways-on-the-ppp-loan-forgiveness-application
Attached is a link to an article detailing PPP Rule Refinements & SBA Issues New EZ Forgiveness Application. Some of the highlights of recent changes to the PPP Program as I understand them are: You may elect to report either under the original 8 week or an extended 24 week reporting period if you received your PPP loan prior to June 5. Under 8 week reporting maximum salary which can be forgiven is $15,385 (100K annual salary divided by 52 weeks a year times 8 week reporting period). Under 24 week reporting maximum salary which can be forgiven for an owner is $20,833 and for other employees $46,154 (100K annual salary divided by 52 weeks a year times 24 week reporting period). Loans June 5 or later are required to use the 24 week reporting period. Owners Medical Insurance paid by the company is not able to forgiven. Payroll costs (including salaries, state unemployment & portion of medical insurance paid for by company) were originally required to be 75% of total forgiveness amount. Rate is now reduced to 60% (Called the Payroll Cost Rule). PPP loans after June 5 are no set to repay any unforgiven amounts over five years. Loans prior to that date are two years. Interest rate remains at 1%. Business owners can apply for forgiveness anytime they are ready and if qualify under salaries and FTE safe harbors (do not have to wait until December 31 to submit your application). You can use the EZ PPP Forgiveness Application if any of the three items below apply: Self Employed with no employees or S Corporation with yourself as sole employee. You had employees but did not reduce salaries/wages during the covered period by more than 25% and did not reduce the number of hours worked by employees. You had employees but did not reduce salaries/wages during the covered period by more than 25% and due to sheltering in place not able to operate at same level of business that existed before February 15, 2020. Be safe!