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I’ve got a 2-for-1 for you today.
Hey all,

I’ve got a 2-for-1 for you today.

1) The SBA recently released a streamlined application, Form 3508S, for PPP borrowers with loans less than $50,000 eliminating the requirement of reducing forgiveness.  Put simply, this means that any PPP borrower of less than $50,000 no longer has to take into account salary/hourly wage reductions and FTE’s during the covered period.  Forgiveness is NOT automatic in the sense that you will still have to go through the process of filing with your lender, but it alleviates having to do the covered period/alternative period reduction calculations.  You will still have to substantiate some documentation for payroll and non-payroll costs.  Lenders haven’t yet started accepting these forms, but this is great news for these borrowers.  We hope that Congress will expand a similar change for borrowers with larger amounts.

If you need a refresher on PPP rules, please check out our website here.

2)  We’re all wondering if there will be another round of stimulus checks.  That is still yet to be determined.  But, if you are entitled to the “first round” and haven’t yet received your payment, you now have until November 21 by midnight to request your economic impact payment if you haven’t filed a 2019 federal tax return AND are not required to do so.  Use the IRS tool here to start that process.   If you ARE required to file a 2019 return, you must file it to get the stimulus payment.

This year has been unique to say the least, and we are still making sure to stay on top of things for you. Once again, we want to thank you all for your continued support!

Tim

 
 
 

Tim Petrey, CPA, CGMA
Managing Partner
HD Davis CPAs,LLC
330.759.8522 ext. 103









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