For those business owners in need, the PPP Loan and possible forgiveness will hopefully secure resources needed by employers to pay their people and survive this economic downturn. With the SBA’s recent publication of the PPP Loan Forgiveness Application , we have put together guides to help you collect necessary information , documentation , and a simplified forgiveness calculator . These files are intended to aid you in preparing for a PPP loan forgiveness application with your lender after the expiration of your eight week PPP measurement period. Our guides do not substitute application guidelines used by your bank and the guidelines used in our materials are subject to change. Please continually monitor developments from the SBA and U.S. Treasury as subsequent pronouncements are released. The AICPA is also continually providing us guidance to apply the SBA’s forgiveness calculation. Our guides and tools can also be found at www.hancockaskew.com/theledger.
For further questions on our simplified forgiveness calculator, please contact Senior Manager, Sam Evans at 912-234-8243 or email@example.com.
On January 5, 2021, Treasury and the IRS issued a second set of final regulations on the deduction of business interest expense (the 2021 final regulations) that provide additional rules to reflect changes to Internal Revenue Code Section 163(j) made by the 2017 Tax Cuts and Jobs Act (TCJA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). These […]
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