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:

 

  1. Payroll—salary, wage, vacation, parental, family, medical, or sick leave, health benefits 

  2. Mortgage interest—as long as the mortgage was signed before February 15, 2020 

  3. Rent—as long as the lease agreement was in effect before February 15, 2020 

  4. 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

J.D. Frost & Company has achieved positive results for its clients, but the successes of our top clients are not typical. Because past performance is not a predictor of future success, you may have more or less success depending on many factors, including your background, experience, work ethic, client base, and market forces. Additionally, at times we may discuss the law or new and pending legislation.  Please know our understanding of it is constantly changing, and you cannot and should not rely upon these communications for legal, financial, or accounting advice. For the latest updates, set up a time here.


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Phone:          423-486-9300

Address:      1413 Chestnut Street, Suite 401

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Contact us: info@frostcpas.com

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