May 18, 2020
Over the weekend, the Small Business Administration (SBA) finally published the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Application.
You can download the application here: SBA Paycheck Protection Program Loan Forgiveness Application
The 11-page application is comprehensive and addresses a large number of the questions you’ve been asking us about payroll periods, employees who quit or refuse to return to work, etc.
The application will be submitted to your bank (not the SBA). Your bank will be providing you with specific instructions for applying for forgiveness.
We are here to help!
Do you need assistance with computing your loan forgiveness? We are here to help if you need us.
If you get a PPP loan and use the proceeds on certain expenses, the loan amount will be forgiven. Can you then deduct the expenses on your tax return? The IRS answers that question in new guidance.
Estate tax law changes are on the horizon. Is your estate plan flexible enough to roll with the changes while still achieving your estate planning goals? A power of appointment may be the answer.
We are collecting information about the Paycheck Protection Program in order to determine how we can best assist each of our clients with navigating the program and obtaining maximum loan forgiveness.