COVID-19 Tax Updates and
Information on SBA and PPP Loans
PPP Application Deadline Extended
The White House signed into law a new bill allowing an extension for the Paycheck Protection Program.
This means that the previous deadline to apply, which occurred on 6/30/2020, is now moved to 8/8/2020.
Though it's just a few weeks away, if you have yet to assess the program for your situation, schedule a meeting with us here and we can walk through the details.
As of 6/27/2020, the remaining amount left to distribute equates to $134,453,990,454. If you have not yet walked through the steps to apply, schedule with us here to discuss.
If you have already received the funds, are you taking the proper steps to distribute the loan amount in accordance with the Forgiveness requirements? The Paycheck Protection Program is not similar to a normal SBA loan. In this specific instance, you will be able to not have to pay back the funds if you use these funds towards the following expenses:
Payroll—salary, wage, vacation, parental, family, medical, or sick leave, health benefits
Mortgage interest—as long as the mortgage was signed before February 15, 2020
Rent—as long as the lease agreement was in effect before February 15, 2020
Utilities—as long as service began before February 15, 2020
These funds must be distributed, tracked and reported correctly or else the lender may not approve the funds to be forgiven.
If you want to walk through your options and new changes, let’s talk.
July 6, 2020
Do you have more questions about the SBA and PPP Loans? Check out the Fast Track Infusion and join the Facebook Group to get real time updates and access to an accountant who can answer your questions
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