Barry Sunshine, Senior Tax Partner,
was supposed to be the last day to secure your PPP business loan and the Treasury Department reported that it still has over $130 billion for loans to help small businesses. Congress just extended the PPP program until August 8
and the president signed this into law on July 4
without much fanfare.
There are still many businesses that haven’t applied for any PPP money so apply if you haven’t received the loan. Of course, if you get a PPP loan and plan on getting it forgiven, then you can’t get the employer retention credit. So if your small business hasn’t done anything yet, then consider applying assuming your business meets that eligibility rules.
The other PPP news, the SBA and Treasury Department are releasing rules dealing with the forgiveness computations. They are moving very slowly but are making favorable headway. Still way too many traps for the unwary.
For many businesses, the 8 week forgiveness period has past and if your one of the lucky businesses that spent the money and obtained full forgiveness, then apply with the bank for forgiveness. If you don’t have full forgiveness, then there is still time as you can use the 24 week period to spend the money. After the 24 week period has passed, a business can still use either the 8 weeks or 24 week coverage period to obtain
Either way, I can assist you to secure as much forgiveness as possible.
Also, I can help with the forgiveness application. It seems that the forgiveness application is equivalent to completing a tax return!
Congress is talking about other relief provisions for businesses which may include allowing an income tax deduction for those expenses attributable to the forgiveness that the IRS announced about a month ago that those deductions are not deductible.
More to follow in the very near future.
If you have any questions, then please give me a call.
Barry Sunshine | Senior Tax Partner
485 Madison Avenue | New York | NY 10022
100 Quentin Roosevelt Blvd | Garden City | NY 11530
Direct: 516 393 5602 / 516.542.6300