Borrowers can be eligible for loan forgiveness for eligible payroll costs and eligible nonpayroll costs through the Payroll Protection Program (PPP). Borrowers are generally eligible for forgiveness for the payroll costs paid and payroll costs incurred during the eight week (56-day) covered period. Payroll costs are considered paid on the day that paychecks are distributed, […]
Paycheck Protection Program (PPP) – Payroll Costs Q&A
Additional answers have been posted by the SBA pertaining to the Payroll Protection Program (PPP) payroll costs. Here is a sample of questions and answers that have been posted. Do PPP loans cover paid sick leave under payroll costs? What period of time should borrowers use to determine their number of employees and payroll costs […]
Senator Marco Rubio Discusses PPP Loan Forgiveness with CPAs
Today, United States Senator Marco Rubio (R-FL) held a town hall on the Paycheck Protection Program (PPP) loan forgiveness process. The town hall was held with the Florida Institute of Certified Public Accounts’ (FICPA) leadership and board. During the town hall, the Senator discussed specific federal responses to the ongoing COVID-19 pandemic. The topic included details […]
Payroll Protection Program (PPP) – Deductible Expenses – Loan Forgiveness
Business owners are wondering if their Paycheck Protection Program (PPP) loan will affect their deductions when they file their tax returns and what portions of the loan will be deductible. Here is an update from our COVID-19 team leaders on this issue. Late yesterday evening, the IRS released guidance regarding the deductibility of certain expenses businesses […]
How Does Gross Income Affect Expenses Forgiven Under the PPP?
How does gross income affect expenses that can be forgiven under the Payroll Protection Program (PPP)? Under the Cares Act, a recipient of a covered loan can receive forgiveness on the loan (covered loan forgiveness) in an amount equal to the sum of payments made for the following expenses during the 8-week “covered period” beginning […]
What is the Status of My Stimulus Check from the IRS?
Are you trying to check the status of your stimulus check from the IRS? Here is a way that you can check on the status of your Economic Impact Payment. This link will give you information about: Your payment status Your payment type Whether the IRS needs more information from you, including bank account information […]
CARES Act – Employers Can Claim an Employee Retention Tax Credit
Were you able to receive relief from the small business loans offered through the CARES Act? If the answer is no, you may be able to claim an Employee Retention Tax Credit! The CARES Act supports certain employers that operate a business during 2020 and retain their employees with an employee retention tax credit, despite […]
Will my business be audited if I take the Paycheck Protection Program (PPP) loan?
Will there be an audit of my business if I take the Paycheck Protection Program (PPP) loan? Business owners are wondering if their companies will be audited if they take the Paycheck Protection Program (PPP) loan. The Treasury Secretary, Steven Mnuchin, said that the government will perform a full audit on any company taking out […]
Paycheck Protection Program (PPP) – Payroll Costs
While there is a lot of speculation surrounding payroll costs as they pertain to the Paycheck Protection Program (PPP), below are answers to questions that we have at this time. The most important thing to remember if you apply for this program is to document, document, document. What qualifies as “payroll costs” under the Payment […]
Q&A on the CARES Act and Paycheck Protection Program (PPP)
In partnership with the Greater Tallahassee Chamber of Commerce, THF CPAs, Canita Gunter Peterson and Andrea Medley, held a webinar to discuss relevant issues pertaining to the CARES Act and Paycheck Protection Program (PPP) and provided a Q&A session. You can watch the video above or read the transcription below. In late March, the […]
