The U.S. Department of the Treasury has released an additional Q&A update of Frequently Asked Questions surrounding the Paycheck Protection Program (PPP). A few questions asked in the FAQ update include: Are small business concerns (as defined in section 3 of the Small Business Act, 15 U.S.C. 632) required to have 500 or fewer employees […]
Senate Votes to Push Additional Money to Paycheck Protection Program (PPP)
On Tuesday afternoon, the Senate agreed on a $484 billion Coronavirus relief package for small businesses, hospitals, and testing. The House could approve the bill as early as Thursday. What does this deal include? $310 billion total for the Paycheck Protection Program (PPP), with $250 billion unrestricted and $60 billion set aside for smaller institutions. […]
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Senator Rick Scott Meets with CPAs to Focus on PPP Loans
United States Senator Rick Scott (R-FL) participated in a virtual town hall with the Florida Institute of Certified Public Accountants’ (FICPA) leadership and board members, including THF Shareholder and current FICPA Board member, Julian Dozier, on April 21, 2020. Also participating in the call was THF Director, Steve Stevens, former President of the FICPA’s Board. Topics included: […]
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Will there be additional funding for the Paycheck Protection Program (PPP)?
Will there be additional funding for the Paycheck Protection Program (PPP)? Members of the Senate began nearing a deal on Sunday that would bring an additional $370 billion into loan programs for small businesses. Talks were sparked after the initial $349 billion ran out of money on Thursday. Of this amount, $310 billion will be […]
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How have the Paycheck Protection Program (PPP) funds been spent so far?
Are you interested in learning more about how the Paycheck Protection Program (PPP) loans have been spent so far? You can check for updates on the SBA site here. How much of the Paycheck Protection Program (PPP) loans have been approved so far? As of April 16, 2020, the loan count was 1,661,367 with net […]
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Paycheck Protection Program (PPP) Lender Allowed to Apply for a PPP Loan?
Unlike other SBA loan programs, the financial terms for Paycheck Protection Program (PPP) loans are uniform for all borrowers. The standard underwriting process does not apply because no creditworthiness assessment is required for PPP loans. Consequently, there is no meaningful risk of underwriting bias or below-market rates and terms. It has also been recognized that […]
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Paycheck Protection Program (PPP) – Documentation for Loan Forgiveness
What documents do I need to provide for loan forgiveness for the Paycheck Protection Program (PPP)? If you have employees, you should submit Form 941 and state quarterly wage unemployment insurance tax reporting forms, or your equivalent payroll processor records that best correspond to the covered period. This should also include evidence of any retirement […]
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How Much of the Paycheck Protection Program (PPP) Loan Will Be Eligible for Forgiveness?
How Much of the Paycheck Protection Program (PPP) Loan Will Be Eligible for Forgiveness? The amount of the Paycheck Protection Program (PPP) loan forgiveness can be up to the full principle amount of the loan, plus any accrued interest. The actual amount of loan forgiveness will depend, in part, on the total amount spent over […]
How Can PPP Loans Be Used By Individuals With Income From Self-Employment Who File a 2019 Form 1040, Schedule C?
The proceeds of a PPP loan are to be used for the following. Owner compensation replacement, calculated based on 2019 net profit. Employee payroll costs (as defined in the First PPP Interim Final Rule) for employees whose principal place of residence is in the United States, if you have employees. Mortgage interest payments (but not […]
Paycheck Protection Program (PPP) – How do I calculate the maximum amount I can borrow?
Paycheck Protection Program (PPP) – How do I calculate the maximum amount I can borrow? How you calculate your maximum loan amount depends upon whether or not you employ other individuals. If you have no employees, the following methodology should be used to calculate your maximum loan amount: Step 1: Find your 2019 IRS Form […]
Am I Eligible for the PPP If I Have Income From Self-Employment and File a Form 1040, Schedule C?
Am I eligible for the Paycheck Protection Program (PPP) loan if I have income from self-employment and file a Form 1040, Schedule C? You are eligible for the Paycheck Protection Program (PPP) loan if: You were in operation on February 15, 2020; You are an individual with self-employment income (such as an independent contractor or […]
Tax Deadline Extension to Cover Individuals, Trusts, Estates, and Corporations
Has the tax deadline been extended to cover individuals, trusts, estates, and corporations? To help taxpayers, the Department of Treasury and the Internal Revenue Service announced that Notice 2020-23 extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay […]
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Paycheck Protection Program (PPP) Q&A
Information about the Paycheck Protection Program (PPP) is changing rapidly. Because it is changing so quickly, we want to remind you of the importance of checking your sources. For this reason, we are providing the link to a great resource from the Small Business Administration (SBA), their FAQ page. You can find their Paycheck Protection […]
What is the Main Street Lending Program from the Federal Reserve?
What is the Main Street Lending Program from the Federal Reserve? The Federal Reserve has taken additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the […]
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Paycheck Protection Program (PPP), Can the Loan Be Forgiven?
Can my Paycheck Protection Program (PPP) loan be forgiven in whole or in part? Can my Paycheck Protection Program (PPP) loan be forgiven? Yes. The amount of the Paycheck Protection Program (PPP) loan forgiveness can be up to the full principal amount of the loan and any accrued interest. That is, the borrower will not […]
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Recommendations for Paycheck Protection Program (PPP) Application Documents
AICPA Recommendations for Paycheck Protection Program (PPP) Application Documents The American Institute of Certified Public Accountants (AICPA) is the world’s largest member association representing the accounting profession. As members, we closely follow their guidance. The AICPA-led Coalition, and other key stakeholders – collectively representing 44K CPA firms, 2.5M small businesses and 30M employees – have […]
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CARES Act – Benefits for Donors to Not-For-Profit Organizations
The CARES Act also provides incentives to donors to 501(c)(3) organizations. There is a new deduction for total charitable contributions of up to $300 made by an individual taxpayer. This is an “above the line” deduction so all taxpayers would be eligible to take the deduction, even those who use the standard deduction. The deduction […]
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CARES Act – Things You Need To Know – Get The Facts
Payment Protection Program (PPP) – This is a program that was included in the CARES Act and was enacted into law on March 27, 2020. This is an 800+ page bill. Here are a few fast facts to highlight things you need to know now, especially if you decide it makes the most sense for […]
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Paycheck Protection Program (PPP) – What do Borrowers and Lenders Need to Know?
What are the Paycheck Protection Program (PPP) loan terms and conditions? Loans will be guaranteed under the Paycheck Protection Program (PPP) under the same terms, conditions, and processes as other 7(a) loans, with certain changes including, but not limited to: The guarantee percentage is 100 percent. No collateral will be required. No personal guarantees will […]
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What can the Paycheck Protection Program (PPP) Loan be used for?
What can the Paycheck Protection Program (PPP) Loan be used for? The proceeds of a Paycheck Protection Program (PPP) loan are to be used for: Payroll costs (to calculate payroll costs, click here); Costs related to the continuation of group health care benefits during periods of paid sick, medical, or family leave, and insurance premiums; […]
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How do I apply for the Paycheck Protection Program (PPP) Loan?
You’ve done your research on the Paycheck Protection Program (PPP) Loan, and you think your business is eligible. How do you apply for it? In order to apply for the Paycheck Protection Program (PPP) Loan, you must submit SBA Form 2483 Paycheck Protection Program Application Form and your payroll documentation. The lender must submit SBA Form […]
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Paycheck Protection Program (PPP) – Loan Details
The Paycheck Protection Program (PPP) loan can help many businesses, but what are the loan details? Check out the specifics below. What is the interest rate on a Paycheck Protection Program (PPP) loan? The interest rate will be 100 basis points or one percent. The Administrator, in consultation with the Secretary, determined that a one […]
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7 Mistakes to Avoid in Continuity of Operations Plan (COOP)
The world isn’t getting less risky – pandemic events like COVID-19, catastrophic weather, devastating cyber threats, unthinkable man-made disasters, and more. Now more than ever, it’s imperative that organizations know how to respond to critical events and ensure essential functions are maintained. But is your organization fully prepared in the event of a crisis? Many […]
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7 Key Steps for a Continuity of Operations Plan (COOP)
A Continuity of Operations Plan (COOP) is an effort within governmental departments and agencies to ensure that the Primary Mission Essential Functions (PMEFs) continue to be performed during a wide-range of emergencies, including localized acts of nature, accidents, pandemics, and technological or attack-related emergencies. The Coronavirus (COVID-19) is now a serious global threat. An increasing […]
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Paycheck Protection Program (PPP) – How much can I borrow?
I have determined that I am eligible for the Paycheck Protection Program (PPP). How much can I borrow? Under the Paycheck Protection Program (PPP), the maximum loan amount is the lesser of $10 million or an amount that you will calculate using a payroll-based formula specified in the CARES Act, as explained below. How do […]
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Paycheck Protection Program (PPP) – Can I be ineligible even if I meet the requirements?
Paycheck Protection Program (PPP) Eligibility Requirements You are eligible if you are: A small business with fewer than 500 employees A small business that otherwise meets the SBA’s size standard A 501(c)(3) with fewer than 500 employees An individual who operates as a sole proprietor An individual who operates as an independent contractor An individual […]
Paycheck Protection Program (PPP) – Impact on Business
In this time of rapidly changing information, we are here to provide answers to some of the Paycheck Protection Program (PPP) questions businesses have. What is the Paycheck Protection Program (PPP)? The Paycheck Protection Program (PPP) is intended to provide a direct incentive for small businesses to keep their workers on payroll. Loans guaranteed under […]
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SBA Economic Injury Disaster Loan (EIDL)
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for the SBA Economic Injury Disaster Loan (EIDL) advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available […]
COVID-19 Updates with THF Shareholders – As of 4/2/2020
(Audio Only) Updates on COVID-19 relief as of April 2, 2020, with Allison Harrell, Michael Kalifeh, and Canita Gunter Peterson. […]
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CARES Act – Small Business Relief
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep their workers employed during the COVID-19 pandemic and economic downturn. The Paycheck Protection Program provides 100% federally guaranteed loans to small businesses. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their […]
Families First Coronavirus Relief Act Update!
Congress has passed, and President Trump signed into law on March 18, 2020, the Families First Coronavirus Response Act (FFCRA). The FFCRA provides for three sections that likely will be of particular interest for employers (both for-profit and not-for-profit organizations alike): (1) Emergency Family and Medical Leave Act Expansion, (2) Emergency Paid Sick Leave, and […]
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COVID-19 – Grant and Loan Programs with Links
There are multiple options being offered right now to help for-profit and not-for-profit organizations during this difficult time. How do you know what is best for you? Please feel free to reach out to our team with questions. In the meantime, below are some options for you to consider: Tallahassee-Leon County Office of Economic […]
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Tax Reform: Changes to Depreciation Affect Businesses Now
If you are a business owner, the Tax Cuts and Jobs Act may affect your depreciation deductions and taxes. You can generally depreciate tangible property except land, which includes buildings, machinery, vehicles, furniture, and equipment. Changes to depreciation and how they will affect businesses may include: Businesses can immediately expense more under the new law. […]
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4 Steps to Fortifying Your Cyber Security
Unfortunately, no organization is immune to cyber threats. These days, most companies should have some basic form of cyber security program in place. If yours doesn’t, or if you need a refresher, here are four steps you can take to establish a stronger foundation. Step 1: Create a Comprehensive Set of Cyber Security Policies What […]
Popular Mileage Tracking Apps
Whether you’re traveling for business, charity, medical purposes, or pleasure, it is important to track your mileage for tax purposes. The IRS has documentation requirements in order to claim business mileage deductions. You will need to keep a mileage log for each year you claim this deduction. Your mileage log must include the starting mileage […]
Standard Mileage Rates for 2018 Up from 2017 Rates
The 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes have been issued. Beginning January 1, 2018, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be: 54.5 cents for every mile of business […]
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