PPP Loan Services

Businesses with fewer than 500 employees, including sole proprietors and those with self-employment income, are eligible for a forgivable loan that is fully guaranteed by the federal government through December 31, 2020.

Help with PPP Loans

Companies that have managed to secure financing through the Paycheck Protection Program (PPP) are fortunate—but also saddled with a lot of red tape. Business owners and managers should be careful that they adhere strictly to the terms of the program to qualify for loan forgiveness.

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Calculate the PPP loan amount

Unfortunately, the Small Business Administration loan program, which was rapidly flooded with applications, quickly maxed out the money available for emergency loans. Congress is expected to authorize more funds for the program soon.

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Forgiveness amount
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Expense tracking

A Few Recommendations:

PPP Loans have stringent rules as to what the funds can be spent on, to help you stay in compliance with the laws. We recommend the following:

SEPARATE BANK ACCOUNT

We advise clients to set-up a separate (new) bank account for the PPP funds, so they can easily be traced to use for appropriate purposes. Ideally, you would pay the qualifying items out of this account. However, if this is not possible, we recommend continuing to pay those expenses from other accounts and keep a detailed record of what is reimbursed to other accounts for a precise tracing of these funds.

WHAT CAN THE FUNDS BE USED FOR

Generally, the funds can be used in the eight weeks following the loan, for payroll costs, rent, utilities, and interest (not principal) on loans. More specifically, these costs include:

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Payroll

Wages, tips, and other similar compensation, employer portion of SUTA, employer portion of health insurance, dental insurance, and health savings account contributions. Payroll does not include the employer portion of FICA, which is Social Security and Medicare.

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Rent

Rent payments on leases dated before February 15, 2020.

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Mortgage Interest

Payments of interest on mortgage obligations incurred before February 15, 2020.

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Utility Payments

Payments of utilities based on contracts that were in effect before February 15, 2020.

Do You Have Questions?

COVID-19 Resources

4 Recent Accounting Changes

4 Recent Accounting Changes

Reading Time: 3 minutes Whether it is working from home, virtual school, or curbside pickup at your favorite restaurant, 2020 has had no shortages of changes and required adaptations. Accounting in 2020 is not exempt from these changes.

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We are committed to continuing to provide excellent service as we all navigate these unprecedented times. We are grateful for our relationship and encourage you to contact us if you have questions or would like more information.

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Have been impressed with the entire operation…whether calling or in person.

 – Tom Illies Insurance Agency

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 – Learning Masters

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