More Information Than You EVER Wanted
Here is what we understand and also what we are hearing from our clients. Are you ready?
HHS Portal
The portal to register to report the use of the HHS funds has opened. HOWEVER, you cannot actually input your report until HHS sends you an email indicating that they are ready to receive your information.
Shout out, Dr. B (SC)!
Please remember, if you do not submit your report, the money you received could result in the HHS categorizing the money as a loan rather than a grant. Either way, we need to know what they determine. Please and thank you.
HHS 2nd and 3rd Funding
One of our dentists called the HHS to inquire if he could still register for the 2nd and 3rd HHS funding. The person he talked to said she was unaware of the portal being opened back up for additional applications. She was also unaware of any additional funding in the future. She said that they (the HHS bosses?) do not really give her any inside information and she finds out about it when the news becomes public. So, all we can say is WOW!
Shout out to Dr. D (NC)!
PPP2 Funds
We understand that clients are starting to receive their second funds from Round Two of the PPP. We are attaching a link (same as the last one) so you can review what you should spend your money on after you receive it. We have also attached the link to the expense tracker again. Again, we recommend you spend the money on payroll since it is the easiest to submit for the forgiveness.
Shout out to Dr. B (GA)!
In case you do not need the $$$ you received from Round Two, hold on to it in case the rules are changed again. . . Yes, we are just a bit paranoid from past experience.
ERC Update
If you asked us to look and see if you qualify for the ERC (Employee Retention Credit), please wait for us to let you know before you apply for the PPP loan forgiveness (Round One). If we have already told you that you do NOT qualify and your banker is making you anxious and your loan is under $150,000, apply on the easy form and get it behind you.
If you do qualify (you have a 2020 quarter that was 50% down from 2019), DO NOT APPLY for PPP loan forgiveness. Wait for us to look further into it for you.
To date 35% of those who asked us to calculate if they were eligible are indeed eligible. If you did not let us know you want us to check on this for you, please let us know and we will calculate it for you. We are charging an arm and a leg to do this. Nope, just kidding! But we are charging as we said in a prior Eblast. (See our previous Eblast for details)
CUAK Portal
Please, please, please register for our new portal we are utilizing this tax season. You can review the portal video on our website (our wonderful Sarah put the video together and has been the genius behind this conversion). You will miss important documents posted to your portal during tax season if you are not registered.
If you have not received our email setting you up, please let us know by contacting Sarah Martin @ smartin@cu-cpa.com.
