Announcing P3, An Online Tool to Easily Manage PPP Loan Forgiveness
May 25, 2020
As business owners are starting to receive Paycheck Protection Program loans, they are faced with the challenge of what, and how, to collect all the data they need to ensure their loans are forgiven. P3 was created to make the entire process easier for all involved and give CPAs a convenient tool with which to help their clients gather what they need during the eight weeks after receiving their loans.
Deductibility of Forgivable Expenses
May 1, 2020
On Thursday, April 30, the IRS released Notice 2020-32, which states that expenses related to forgivable loans through the Paycheck Protection Program (PPP) will not be tax-deductible. While we, and many others, do not believe this was the intention of the original legislation, the IRS has released guidance otherswise.
May 1, 2020
There have been numerous questions about the recent guidance from Treasury (in the form of Frequently Asked Questions) regarding a company’s “need” for a Payroll Protection Program (PPP) loan. To this end, large companies have returned their loan proceeds to the banks (as discussed below), and Treasury Secretary Steven Mnuchin has announced (as confirmed in FAQ #39) that all loans in excess of $2 million will be audited. These factors have businesses concerned about whether they are actually eligible for the PPP loan for which they applied, and may have already received. This article is intended to help a business evaluate various factors in order to come to its own conclusion regarding its eligibility for a PPP loan.
April 1, 2020
Financial institutions can start accepting applications Friday.
What We Know
- The application will be processed by your financial institution. We suggest you use the bank you are currently doing business with.
- The financial institutions are working diligently to get the program up and running, so please be patient.
- We are working closely with financial institutions to finalize checklists and document requests.
- It is very important to file a complete application the first time.
- The banks are, and will be, overwhelmed with applications.
How Does the CARES Act Impact Individuals?
March 31, 2020
On March 27, H.R. 748, "Coronavirus Aid, Relief, and Economic Security (CARES) Act," was signed into law. Many of our clients have asked how this may impact them on an individual basis, so here is a brief summary of key provisions. Read More...
How Does the CARES Act Impact Businesses?
March 31, 2020
On March 27, H.R. 748, "Coronavirus Aid, Relief, and Economic Security (CARES) Act," was signed into law. Many of our clients have asked how this may impact their businesses, so here is a brief summary of key provisions. Read More...
How to Apply for an SBA Economic Injury Disaster Loan
March 24, 2020
Below is a brief explanation of the three step process that the SBA uses to approve and fund loans under the Economic Injury Disaster Loan (‘EIDL’) Program. Loans under this program became available upon the declaration of the national emergency, coupled with the similar declaration by Georgia’s Governor. Thus, it is our understanding that these loans are currently available under this program. Read More...
AGL CPA Group
info@aglcpa.com
Phone: (800) 326-9530
