FTE Impact on Loan Forgiveness & Documentation for PPP Loan Forgiveness It is my understanding you may choose to either use an 8 week or a 24 week reporting period. If you have used all of your PPP monies for forgivable expenses I suggest submitting your forgiveness request as soon as your 8 week reporting […]
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AWARD Winning: EXCELLENCE IN SERVICE As CFO/CPA, maintained quality earnings during dramatic company growth period ranging from $3 to 30 million in five years BBA in Accounting · 1979 from Georgia State University · Atlanta, GeorgiaGPA: 3.8/4.0 To Learn More
PPP Law Changes Below is a link to an article detailing the changes Congress passed/President signed easing the restrictions for PPP (Payroll Protection Program). The predominant clauses are: Extending the reporting period from 8 to 24 months for those who received a PPP loan prior to June 5th (you may select which period is best […]
The Employee Retention Tax Credit Helps Keep Workers Working Employers can received a credit against their payroll taxes of up to $5,000 per paid employee offsetting the employer’s 6.2% share of Social Security taxes. Those who received a loan under the PPP Program are not eligible for this additional credit. The credit is calculated as […]
Trump signs PPP reform bill loosening restrictions on small business loan recipients https://www.foxbusiness.com/politics/trump-ppp-reform-bill-restrictions-small-business-loan-recipients
The U.S. House Passed Rules Governing the PPP Program Loan Monies and Debt Forgiveness. Two of the Major Changes Include Extending the Covered Period to 24 Weeks and the Requirement that Payroll Costs be 75% of the Amount Forgiven Being Reduced to 60%. Hopefully the law will quickly be passed by the Senate and signed […]
Attached is an early release of the Paycheck Protection Program Loan Forgiveness Application for your Review. Be sure you are tracking all of the information which will be needed to process your Forgiveness Application Request
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Tracking Loan Proceeds to Your Business for the Payroll Protection Program/Stimulus Monies I am suggesting to all who received a loan for the Payroll Protection Program/Stimulus Monies that Congress approved for small business owners for covered payroll expenses, rent & utilities to: Set up a separate bank account and deposit the full amount of the loan so that all of the loan proceeds are in one account. Pay all/only covered expenses directly out of new established bank account so that there is a clear audit trail of what has been paid out of this account. If for any reason it is not possible to pay all covered expenses out of the newly established loan account then as soon as monies are paid for covered expenses reimburse the account where monies were paid from. Keep a file of all covered expenses, bank statements, canceled checks and supporting documentation in one place. This will help ensure all of your covered expenses to be tracked are in one account and for all of the covered expense documentation to be readily available when/if requested at the end of the eight week reporting period. Blessing and be safe. www.HisCPA.com