Now that the Paycheck Protection Program for small businesses is winding down, the focus for businesses who received loans through the program is shifting to how to get forgiveness for those loans.
If you own a business that received money through the program, you will get instructions from your bank about what documents you will need to provide for loan forgiveness, and how those documents should be prepared. The instructions will be different from one bank to the next, but the requirements will likely be fairly similar. Once you get those instructions, we can help you prepare those documents.
The good news is that the application for loan forgiveness has been re-done to make the process easier. This is part of the PPP reform bill that passed last month.
More economic relief info
to visit the SBA COVID-19 relief website and
to visit the American Society of CPAs pandemic relief information page.
Federal Filing Deadlines Reminder
The federal deadline for filing tax returns and paying income taxes is coming up on July 15th.
In addition, Q1 and Q2 estimated tax payments are now both due on July 15th for those who make estimated payments throughout the year. If you are a business owner who uses our firm for accounting services and would like a revised number to use for estimated tax payments due to lower-than-expected income, contact our office.