Hear an update from Matt Thorpe and Dick Jacobs on PPP Loan Forgiveness. Click here to read more about how on to record your PPP loan transaction. Click here to read more about how forgiveness of PPP loans will be taxed.
How Will Forgiveness of PPP Loans be Taxed?
The CARES Act provided cash to millions of small businesses during Spring, 2020 with Payroll Protection Program (PPP) loans. Most of these loans will be forgiven by the SBA when the borrowers submit documentation of incurred payroll costs and other covered expenses during the COVID Pandemic. Forgiveness of PPP Loans is excluded from Income Borrowers […]
How to Record your PPP Loan Transaction
Now that the dust is starting to settle on the PPP and the application window has officially closed, it’s time to shift gears on to how to record PPP loan transactions. There has been an abundance of commentary on how the program works, and what constitutes a qualifying expense, but the accounting of it all […]
Rebuild! VA Small Business Grant Program Expanded
The Rebuild! VA Small Business Grant Program has made some changes. They’ve expanded eligibility requirements to any small business or nonprofit under $10 million in gross revenue or 250 or fewer employees and the grant can now be up to $100,000 (technically the lessor of $100,000 or 3 months of your business’ average reoccurring operating […]
Employees May Defer Social Security Taxes
Recent Treasury guidance permitting employers to defer employee Social Security taxes has been widely reported in the media. On August 8, 2020, the President of the United States issued a Presidential Memorandum deferring the withholding of and payment of the employee share of social security taxes for the period beginning on September 1, 2020, and ending on […]
State of the Paycheck Protection Program
It’s been a while since we have chimed in on the Paycheck Protection Program (PPP). A lot of that has to do with the fact that there is still so much uncertainty around the Program and what should be done next by you, the banks, the SBA and so on. Unfortunately, continued changes are undoubtedly […]
State & Local COVID-19 Resources
Rebuild! VA Small Business Grant Program Expanded November 2, 2020 The Rebuild! VA Small Business Grant Program has made some changes. READ MORE. Rebuild! VA Small Business Grant Program July 28, 2020 The Rebuild VA Grant Fund is a program to help small businesses and non-profits whose normal operations were disrupted by COVID-19, including restaurants, […]
SBA Loans & Financing Resources
PPP Loan Forgiveness Updates November 3, 2020 Watch an update from Matt Thorpe and Dick Jacobs on PPP loan Forgiveness. How Will Forgiveness of PPP Loans be Taxed? November 3, 2020 The CARES Act provided cash to millions of small businesses during Spring, 2020 with Payroll Protection Program (PPP) loans. READ MORE How to Record your […]
Forgiveness Bill Passes in Senate
Huge news yesterday for all of us swimming in the PPP pool. Yesterday, the Senate passed H.R. 7010 that will bring forth dramatic changes to the PPP. This legislation now sits on the desk of the President for his signature. Specific language and additional guidance have yet to be released but the high points of H.R. 7010 are […]
How to Make Virginia Extension Payments Online
Reminder – your 2019 Virginia tax due and 2020 1st quarter estimated payments are due Monday, June 1st. Please do not forget to submit your payments, as Virginia delayed payments to only June 1st and not to July 15th, as many other states and the IRS did. For assistance, click here.
