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Blogging Beyond the Numbers

Posted by: Kate Serpe 3 months ago
SBA Releases Names of All PPP and EIDL Recipients On Tuesday evening, the SBA released the names of the remaining recipients of the Paycheck Protection Program (PPP) along with the recipients of loans through the Economic Injury Disaster Loan (EIDL) program that were funded by the CARES Act.  In early July, the names, demographic information, and loan amount range of PPP recipients that had borrowe...
Posted by: Kent Collier 3 months ago
Generally, when loans are forgiven or canceled, the canceled amounts are includable as income. When the CARES Act established the Paycheck Protection Program (PPP), Congress specifically included language that PPP loan forgiveness would be excluded from gross income, thus creating an exemption for PPP loan forgiveness. Sounds good…so far. In May 2020, the IRS released Notice 2020-32. The IRS...
Posted by: Tony Jaynes 4 months ago
Unfortunately, the COVID-19 pandemic has forced many businesses to shut down permanently. Legally closing your business can require several steps to wrap up the company’s financial affairs and notify the government and tax authorities.  If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax compliance obligations that must be met. Of cour...
Posted by: Kate Serpe 5 months ago
While the blitz of new PPP information has slowed substantially over the past few months, there has been some important new guidance released over this past week. Here are some highlights. Changes in Ownership for PPP Borrowers An SBA Procedural Notice was issued on Friday, October 2nd regarding changes in ownership for PPP loan recipients.  Per the notice, a change in ownership takes place when at...
Posted by: Kate Serpe 6 months ago
Important PPP clarifications issued regarding the definition of owner-employees and eligibility of certain non-payroll costs. The new interim final rule will be helpful for anyone grappling with the thresholds related to their employees who are also owners of the business and those paying rent or mortgage payments to a related party.  Here is a great summary of this IFR from the Journal of Accountancy. ...
Posted by: Kate Serpe 7 months ago
Some updated PPP FAQs are here! These updated FAQs relate to the forgiveness process. We are still encouraging everyone not to rush into the forgiveness process as the SBA is not yet accepting applications. We are also *patiently* awaiting the passing of the next stimulus bill.  Please reach out to us with additional questions. Stay tuned Join our email list to receive updates ...
Posted by: Kate Serpe 7 months ago
We understand the anxiety surrounding the potential forgiveness of the PPP loans and the desire to get the process over with, however, with constantly changing guidance and new bills on the horizon, it’s important to know that things will likely change for the better!  These articles share great insight into why you should pump the brakes on expediting the forgiveness application process. 5 reasons b...
Posted by: Hannah Lanser 7 months ago
1. Budget As you budget for the rest of your fiscal year or the next, the best practice right now is to create multiple scenario budgets ranging from most to least likely. Take into consideration giving trends from previous years compared to this year, variable and fixed costs, PPP loans (if applicable), and timing of expenditures. The regular budgeting process is just not very practical these days. ...
Posted by: Christin Biermeier 8 months ago
PPP Loan Forgiveness Application & Instructions Click here to download the Paycheck Protection Program Loan Forgiveness Application (06-16-2020) (Spanish version) Click here to download instructions for the Paycheck Protection Program Loan Forgiveness Application (06-16-2020) PPP EZ Loan Forgiveness Application & Instructions Click here to download the Paycheck Protection Program E...
Posted by: Melodi Bunting 8 months ago
On June 17, 2020 the U.S. Small Business Administration (SBA), released a revised Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act, as well as an EZ version.  The EZ version applies to the following borrowers: Self-employed, independent contractor, or sole proprietor who had no employees at the time of the applicationThose who did not reduce annual...