PPP Forgiveness Application

The SBA has now released the PPP loan forgiveness application.  This is not only the application, but also includes guidance for small business people regarding the forgiveness period, FTEs, etc.  If you have any questions, please contact your CPA here at Loggins anytime.  If you are not a client of ours, please feel free to reach out.  We offer a one time hour long consultation to see how we can assist you with your tax and accounting needs.

https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf

COVID-19 Small Business Relief Webinar

FREE SMALL BUSINESS RELIEF WEBINAR:  Tuesday from 12-1 pm

 

Covid-19 Webinar

With a presentation from one of our Partners/CPA’s Kim Fourman and other speakers.

The Chamber is pleased to partner with the Aerotropolis Atlanta Alliance, Atlanta Area Airport Chamber and South Fulton Chamber to present a COVID-19 Small Business Relief Webinar on Tuesday, May 12 from 12-1 pm.  See more information below.  To register, visit https://app.smartsheet.com/b/form/48c7c24770cf4f8c93f7d0504ed9f0c7

STATE & FEDERAL TAX CREDITS AVAILABLE

The TRACS Group is offering FREE consultations with our Chamber members to see how new federal and state tax credits could help your business.  Call 855-668-7227 to schedule your consultation!

 

UPDATE – PPP LOAN

Newest details of the PPP loan:

  1. Although the government funding ran out earlier, the President signed additional funding into law today (4/24/2020).  If you have applied for the PPP or the EIDL and were told that there was no more funding available, please check back with your bank.
  2. If you are an independent contractor (i.e. you are not paid through a W-2) or self-employed, you could be eligible for the PPP even if you do not have employees of your own.  Check with your bank about applying for the PPP for the self-employed, or get with your CPA.
  3. We are starting to receive information about what will be required for the forgiveness of the PPP loan:
    1. The critical period is the 8 weeks starting the day the funds are received.
    2. The application for forgiveness of the PPP loan must be filed with the bank where the loan was funded
    3. The most that can be forgiven to any one employee is $15,385 (If you are Self Employed with no employees you count as the one employee)
    4. It is suggested that you open up a separate checking account to track the funds.  You will need to provide support for how the funds are spent.
    5. Interest will start the date the loan is funded.  Any unforgiven portion will have interest.
    6. If your number of full time equivalent employees go down during the 8 weeks, or if your salary is reduced by more than 25%, then the forgivable portion will be reduced.
    7. At least 75% of the funds must be on payroll costs.  The remainder can be spent on rent, mortgage interest or utilities.

 

More information regarding the PPP forgiveness will be coming out at a later date, and so this information is subject to change in the future as more guidance comes out.  Please check our blog for the most up to date information: https://www.logginscpa.com/blog/

 

UPDATE ON EIDL

It has come to our attention that the SBA is limiting the forgivable advance of the EIDL to just $1000 per employee.  From an email from the SBA to applicants:

To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.

We do not have any official posted guidance from the SBA, but clients that applied for and received the EIDL are confirming with us that they are only receiving $1000 per employee, and not the full $10,000 as we originally thought.

Stimulus Checks for Non-Filers

The IRS has launched an online tool for non-filers to receive their stimulus payment.  If you think that you are eligible to receive the stimulus payment, but you have not filed your 2018 or 2019 tax return, then follow the link below in order to register with the IRS.

 

https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

 

CORONAVIRUS – INDIVIDUAL TAXPAYERS

As the coronavirus (COVID-19) continues to affect local communities and global economies, you may have concerns about your financial well-being. Or you may be wondering about how recently passed legislation impacts you. We’re providing a high-level summary of some of the key provisions impacting individuals and recommend discussing your particular circumstances with us in more detail.

Relief available

There are several recently enacted tax changes and new or expanded benefits that might be helpful to you.

Income tax provisions:

  • The IRS extended the April 15, 2020 federal income tax filing and payment deadline to July 15, 2020. However, we continue to work on filing returns as soon as possible.
  • First quarter estimated tax payments usually due April 15, 2020 are now extended to July 15, 2020.
  • Georgia has also extended the filing and payment deadlines to July 15, 2020.

Recovery rebates:

  • Payments to individuals of $1,200 ($2,400 for joint filers) plus $500 for each qualifying child are expected to be delivered around mid-April.
  • The recovery rebate begins to phase out for taxpayers with adjusted gross income (AGI) above $150,000 for joint filers, $112,500 for heads of households and $75,000 for other individuals. If you’d like to estimate the amount you’ll receive, download the AICPA’s CARES Act stimulus calculator in excel format cares-act-stimulus-calculator
  • The payment is not taxable.
  • More details on this payment are still forthcoming.

Retirement accounts:

  • Through the end of the year, individuals who are under 59 ½ years old can take up to $100,000 in coronavirus-related distributions from retirement plans without the usual 10% penalty for early distributions. The distributions may be repaid within three years and any resulting income inclusion can be taken over three years.
  • If you were over 70 ½ at Dec. 31, 2019 you won’t have to take required minimum distributions (RMD) in 2020. If your retirement assets have taken a hit, not having to take an RMD may allow those assets to recover some value before you liquidate them..

Other benefits:

Small Business Owners – Comprehensive Guide

Small business owners, please take a look at the following documents:

As of 4-3-2020

This is information we have as of 3-31-2020

US Chamber of Commerce Guide to Emergency Loans for Small Business

Confused about some of the options for small business people?

Please take a look at this helpful guide from the US Chamber of Commerce.

Details from the CARES act are still coming out, and we will post information here as it becomes available.

https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

Guidance from the DOL about Unemployment

Many small business people are wondering about unemployment under the Families First Coronavirus Response Act (FFCRA) – the DOL has published 37 Q&As that address these questions.

https://www.dol.gov/agencies/whd/pandemic/ffcra-questions

Updated & User Friendly SBA assistance

The SBA has updated its website and created a user friendly site outlining all of the loan programs available to small businesses as emergency loans.

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources