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12/09/2020
Check this out and make sure you are informed of this text message scam!
IRS warns people about a COVID-related text message scam
IRS warns people about a COVID-related text message scam | Internal Revenue Service COVID Tax Tip 2020-167, December 8, 2020
There are more changes to PPP based on the bill passed by the senate last night.
- Extension of 8 week period to 24 weeks
- Only 60% of loan has to be spent on payroll, instead of 75%
- Payback term will be 5 years instead of 2
- You have until 12/31 instead of 6/30 to get your FTE back to normal
Check out my quick video summary
Lastest update based on the bill passed by the House and Senate
It looks like additional PPP funding will be available soon. If you have already applied, I would ensure that you are still in line. If you have not applied yet, now is the time to get with your bank to begin the application process. I am sure this money will go faster than the last batch. The banks and SBA are better prepared.
These are our recommendations on how to handle the funds from your PPP loan.
• Setup a separate bank account for your PPP loan proceeds.
• Only have qualified expenses paid out of that account.
• If you do not move expenses over to be paid from the separate account, transfer the money immediately from your PPP account over to your checking account to “reimburse” your operating account for the qualified expenses.
• Keep backup for all your qualified expenses as you go. Setup a folder to keep all the documentation in as you spend the money.
• There will be clarification on what the forgiveness process will look like over the next couple months. But, be prepared. The government probably won’t make it “easy” to have the loan forgiven. You will have to be organized.
• If you have a bookkeeper, ask them to assist you with the record keeping.
04/14/2020
IRS will launch a tool that allows taxpayers who filed taxes without banking information to provide it to the IRS to receive an Economic Impact Payment faster. If you previously chose direct deposit, you don’t need to take any action. www.irs.gov/eip
04/14/2020
The IRS has a link to check the status of your stimulus payment. Check it out!
To help everyone check the status of their Economic Impact Payment, IRS is launching a tool that will provide the status of a payment, including the date it’s scheduled to be deposited or mailed. www.irs.gov/eip
04/14/2020
A few of our clients have started to receive their EIDL grants. So, hopefully, you will receive yours soon. The SBA finally officially released their calculation which was speculative last week.
I am also seeing quiet a few PPP loan closings happening this week. I have not heard of any funding for the PPP loans yet.
Just a little update!
Don’t forget the individual tax deadline has been pushed back to July 15th for both IRS and Georgia.
I have a client who has access to Personal Protective Equipment for medical professionals. This would be for smaller hospitals, nursing homes, and doctor’s offices that are having a hard time getting this gear. If you know of an office that has a need for these, let me know. I will send along the information.
Alright, guys! Those are all the videos for today. I will continue to update my page with any new information as it becomes available.
I will also post any questions that we do not yet have the answers for under the video that it pertains to (if it is sent to me in a DM). Once we get more information, I will post the answers in response to the question.
Stay well and sane out there!
This video discusses potential legislation for small businesses via the CARES Act. This bill has passed the senate, but not the house.