You cannot elect the 8-week option if your PPP Loan was approved after passage of the PPP Flexibility Act on June 5, 2020. If your PPP Loan was approved on or before June 4, 2020, you can elect the 8... (More)
Matt Evans 91 SCORE Mentor
Fully retired CPA who mentors small business owners in the greater Washington D.C. area
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Per the U.S. Treasury Department, you can submit for loan forgiveness at anytime during the 24 week period. It's also mentioned on Page 9 of the Interim Final Rule >
I also like a lot of what Rebecca is... (More)
If this is part of your rental / lease agreement and you "normally" pay this type of expense at this time of year, then I would say - Yes this is part of your Rent Expense covered by the PPP... (More)
I don't understand why "full time" personnel who have jobs would be filing for unemployment? If an employee requested a "reduction" in pay or hours, then you should document this and make sure to notify the State Unemployment Office. It... (More)
I would encourage everyone to align expenses to the time frame which is not 3 months, but 2 months. If you calculate your expenses on a "daily basis" and fit this exactly to the time frame involved, then you are... (More)
I would encourage all business owners to do what is right for the business and not get too preoccupied with ensuring 100% loan forgiveness. No, the "hazard" pay or "bonus" pay is most likely not forgivable unless you can defend... (More)
You do not have to pay tax on the loan amount that was forgiven - you simply compute your taxable income for 2020 WITHOUT deducting the expenses that were forgiven. So any payroll, rent, utilities or interest that you incurred... (More)
You cannot accept more than one loan - this is clearly against the law. Once the first bank approves the loan, they will transmit the application to the SBA via the e-Trans system and the SBA will assign the loan... (More)
No - you do not have to hire back the same people. Some will not come back - they found other jobs or prefer to stay on unemployment ($ 600 is paid every week for 13 weeks). They are looking... (More)