April 20, 2020
PPP Loan Forgiveness Checklist
There are so many questions surrounding Loan Forgiveness under the PPP Program.

 Getting the funds is critical – but understanding what you need to do to ensure that the loan is forgiven is equally important. To help small businesses navigate through the loan forgiveness process, the AICPA has created a checklist that outlines the necessary steps to take for PPP loan forgiveness

PPP Loan Forgiveness FAQS for Small Businesses
We've updated our site with some FAQs regarding Loan Forgiveness for Small Businesses with links to important information.

If you spend 100% of the funds on payroll, mortgage interest, rent, and utilities in the eight weeks after receiving the loan, lenders will forgive your PPP loan.

You can also use your loan to cover existing debt obligations, such as credit card payments, but you will not receive loan forgiveness on those costs.

But what if your business had to close and your employees are not able to work?

Are payments to employees when they are not currently able to work (due to business being closed or for any other reason)?
The PPP was intended to keep businesses’ employees employed and paid. For the PPP loan to be forgiven, a minimum of 75% of the loan proceeds must be spent on payroll. Based on guidance provided currently, the covered 8-week period starts when the loan is funded. If a business is not open and the business’ PPP has been funded, employees will need be paid even if they are not able to work to ensure maximum forgiveness of the loan.

To read more FAQS about Loan Forgiveness for Small Businesses, Click Here.
PPP Loan Forgiveness FAQs for Self- Employed Individuals
To assist our self-employed and independent contractor clients, we have added an FAQs section and links to valuable information on our COVID-19 Updates page of our website.

One question we get asked is:
What are the acceptable uses of the PPP funds for self-employed individuals?
Owner compensation replacement (calculated based on 8/52 of 2019 net profit from Form 1040 Schedule C):
  • Employee payroll costs (as defined by the interim rule)
  • Business mortgage interest payments on real/personal property
  • Business rent payments
  • Business utility payments
  • Interest payments on debt obligations incurred before February 15, 2020
  • Refinancing an SBA EIDL loan made between January 31, 2020 and April 3, 2020

Note that the individual must have claimed or be entitled to claim a deduction for the included expenses on 2019 Form 1040 Schedule C.

To read more about PPP Loan Forgiveness for Self- Employed and Independent Contractors, Click Here.
Office Re-Opening - Phased Approach
Karen Collom, CPA, will be using a phased approach to re-opening the office that follows the weekly US Government Guidelines.  

To ensure that all safety precautions can be taken and a smooth transition process can occur, we plan to be in the office a couple days each week beginning May 11th. We will not be accepting walk-in appointments the first week.

There is a receptionist in Suite 150, that is now available 9am – 3pm. You may drop off your documents with the receptionist during that time frame. We may be available if you reach out to us at least a day prior to visiting the office. .

If the state guidelines stay in place and the situation is improved, our plan is to be back in the office full time starting June 1st.
To All Moms - Happy Mother's Day!

We would like to wish all the Moms and Grandmas out there a Happy Mother's Day.

We hope that you had a great day yesterday, filled with love and family!