By Steve Whitehill, Anchor Business Brokers To this point we have covered how to determine the “Cash” compensation portion of payroll for the Schedule A worksheet of the loan Forgiveness application (SBA Form 3508). The next topic is the Non-Cash Compensation & Compensation to Owner. Non-Cash Compensation First, we will be […]
By Steve Whitehill, Anchor Business Advisors If you have questions after reading this series please feel free to contact us. In part 1 we discussed what you got the PPP loan for and what you can use the money for. In this installment, we will be filling out part of the […]
By Steven Whitehill, Anchor Business Advisors To apply for forgiveness of your Paycheck Protection Program (PPP) loan, the SBA develop a form to be completed. Form 3508 – “SBA Loan Forgiveness Application”. You, as the Borrower, must complete. It is an eleven-page document (including instructions). It should be note like most […]
This is based on an email prepared by Jeff “Happy Day” Pasternack, CFP® Happy day, Please put your phone on silent, place it in the other room and pay attention. This email requires just a few minutes of your time. We gleefully sweated through the process of putting together your Paycheck […]
By MATTHEW LUTTINGER & BRAN NOONAN of Date May 8, 2020 The CARES Act created the Paycheck Protection Program (“PPP”), which amended the Small Business Act (“SBA”) to provide short term loans to companies with fewer than 500 employees and other companies (such as those in the restaurant and hospitality industry). Such […]
By N. Richard Grassano, Boca Accounting, LLC Recent updates in relief packages and stimulus payments Let us begin with the$ 1200/500 stimulus payments. Many of you may have received your US Treasury Check and many of you probably have not. The promised website to give you a status report on your […]
The following is based on and extracted from an article in The Motley Fool by Ollen Douglass and a Report from the SBA. As of April 16, the SBA’s statistics are: Summary *Net Approved Dollars do not reflect the amount required for reimbursement to lenders per statute within the CARES Act. […]
The following was extracted from a Treasury FAQ page on their website. What follows are answers to some questions if have been asked. Can my PPP loan be forgiven in whole or in part? Yes. The amount of loan forgiveness can be up to the full principal amount of the loan […]
IR-2020-62, March 31, 2020 WASHINGTON — The Treasury Department and the Internal Revenue Service today launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially […]
This article is an extracted from and article by Fenwick & West LLP. & Treasury Department website. Maximum Amount — The sum of (i) borrower’s average total monthly “payroll costs” during the one-year period leading up to loan origination multiplied by 2.5 (i.e., 2.5 times average monthly payroll costs) plus (ii) […]