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Blogging Beyond the Numbers

Posted by: Kate Serpe 6 days ago
Shuttered Venue Operators Grant Portal Open The Shuttered Venue Operators Grant (SVOG) portal opened on 4/8/21 at noon EST on the SBA.gov website.  There have been reports that the website has been down intermittently due to an overwhelming response for funding.  We recommend being patient and persistent in your efforts to complete the application process.  As a reminder, once you submit your SVOG ap...
Posted by: Carrie Shefchik 1 month ago
Did you have payroll expenses last year? Will you have payroll expenses first or second quarter of 2021? Was your company struggling during the pandemic and is it continuing to struggle? If so, it literally pays to be sure you are receiving all the COVID relief you are eligible for. Who is eligible for the ERC The Employee Retention Credit (ERC) is a refundable credit for qualified wages.  Recen...
Posted by: Kate Serpe 1 month ago
On February 22nd, the Biden administration announced that PPP loans would be made exclusively available to employers with less than 20 employees beginning February 24th through Tuesday, March 9th.  This was done to ensure that the smallest of businesses in need of funding would have enhanced access to lenders for a predetermined amount of time.  As of today, the current deadline to apply for a PPP2 first...
Posted by: Kate Serpe 1 month ago
On Wednesday, March 3rd, the SBA and Treasury released a new Interim Final Ruling (IFR) that details previous guidance announced by the Biden administration related to Schedule C filers and the calculation of their maximum PPP2 first draw or second draw loan.  The new guidance allows Schedule C filers to use either gross income or net profit when calculating an amount for owner compensation replacemen...
Tax Cut
Posted by: Mike Scholz 2 months ago
On Thursday, February 18, 2021, Wisconsin Governor Evers applied his signature to AB-2 and issued a statement highlighting $480 million in tax savings included in the legislation, Wisconsin’s first new state law for 2021. The legislation — originally a routine revision of the state tax code primarily to match changes in the federal code — took on added attention after lawmakers added language to h...
Posted by: Mike Scholz 3 months ago
The Wisconsin Department of Revenue recently announced on the WDR website a note to taxpayers regarding the Wisconsin-federal differences related to the treatment of expenses paid with PPP loan funds. It’s not good news. The federal Consolidated Appropriations Act, 2021 (the Act, signed into law December 27, 2020) provided welcome news to business. The Act provided that expenses paid with forgivable ...
Posted by: Kate Serpe 3 months ago
The SBA released revised PPP Loan Forgiveness Application Form 3508S late Tuesday night.  This form was revised to now be applicable for borrowers that received $150,000 or less from either a first draw or a second draw PPP loan.  Form 3508S was originally only available to those borrowers who received $50,000 or less in PPP funding.  The new form is one page in length and requires the borrower to list ...
Posted by: Kate Serpe 3 months ago
The SBA provided clarifying documentation on January 19th in the form of FAQs regarding calculating the maximum second draw amount, definition of gross receipts for for-profit and not-for-profit organizations and documentation required.  Highlights include: Definition of gross receipts for non-profits is defined as the following:Gross amount received as contributions, gifts, grants, and similar amounts...
Posted by: Kate Serpe 3 months ago
Are you currently banking with a Community Financial Institution (CFI)?  If so, you may be able to apply for a PPP2 first draw loan as early as today!  The SBA has re-opened the PPP loan portal to these smallest lenders to help businesses that are looking to apply for a PPP loan for the first time starting today.  If you are looking for a second draw loan and work with a CFI, the portal will...