The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 […]
Read More… from Employers, be wary of ERC claims that are too good to be true
On December 27, 2020, the Economic Aid to Hard-Hit Small Business, Nonprofits, and Venues Act (the 2021 Act) was signed into law. It includes additional funding for the Paycheck Protection Plan (PPP) and expands eligibility to certain not-for-profit organizations. The 2021 Act does the following: Provides another $284 billion in funding for the PPP; Allows […]
What are the key takeaways from the second round of the Paycheck Protection Program (PPP)? The Consolidated Appropriations Act (CAA) 2021 permits certain small businesses who received a Paycheck Protection Program (PPP) loan and experienced a 25% reduction in gross receipts to take a PPP Second Draw Loan of up to $2 million. Who is […]
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Additional answers have been posted by the SBA pertaining to the Payroll Protection Program (PPP) payroll costs. Here is a sample of questions and answers that have been posted. Do PPP loans cover paid sick leave under payroll costs? What period of time should borrowers use to determine their number of employees and payroll costs […]
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Business owners are wondering if their Paycheck Protection Program (PPP) loan will affect their deductions when they file their tax returns and what portions of the loan will be deductible. Here is an update from our COVID-19 team leaders on this issue. Late yesterday evening, the IRS released guidance regarding the deductibility of certain expenses businesses […]
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Will there be an audit of my business if I take the Paycheck Protection Program (PPP) loan? Business owners are wondering if their companies will be audited if they take the Paycheck Protection Program (PPP) loan. The Treasury Secretary, Steven Mnuchin, said that the government will perform a full audit on any company taking out […]
Read More… from Will my business be audited if I take the Paycheck Protection Program (PPP) loan?
While there is a lot of speculation surrounding payroll costs as they pertain to the Paycheck Protection Program (PPP), below are answers to questions that we have at this time. The most important thing to remember if you apply for this program is to document, document, document. What qualifies as “payroll costs” under the Payment […]
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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: […]
Read More… from Senator Rick Scott Meets with CPAs to Focus on PPP Loans
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 […]
Read More… from Paycheck Protection Program (PPP) Lender Allowed to Apply for a PPP Loan?
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 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 […]
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 […]
Read More… from Recommendations for Paycheck Protection Program (PPP) Application Documents
(Audio Only) Updates on COVID-19 relief as of April 2, 2020, with Allison Harrell, Michael Kalifeh, and Canita Gunter Peterson. […]
Read More… from COVID-19 Updates with THF Shareholders – As of 4/2/2020
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