Thinking of applying for your Paycheck Protection Plan (PPP) loan forgiveness?
Then here’s some good news for you…
- If your PPP loan takes your employees into account and
- Your PPP loan was for $50,000 or less…
… your loan-forgiveness account may have increased by 100% even though you reduced employee pay or headcount.
What’s more, this new Small Business Administration (SBA) rule makes it easier than ever to apply for loan forgiveness. A big benefit.
Want to find out more about how the new rules affect you?
“Good News If Your PPP Loan Is for $50,000 or Less”
We’ll cover three important topics
you need to know now.
- How rule changes related to employee-status make life easier for you. With a PPP loan of $50,000 or less, it doesn’t matter if you cut your employees annual salaries, hourly wages, or reduced your employee headcount. Regardless, you still qualify for full forgiveness of your PPP loan. We’ll sure explain everything when you read the full article.
- Be aware of the Form 3508S expiration date. On the SBA forms, you’ll find an expiration date located on the upper right corner of the form. For example, SBA Form 3508S has an expiration date of October 31, 2020—a date that has already passed. The SBA says you should ignore that date. That can make your life a whole lot easier as you’ll learn when you read the full article.
- You can get loan forgiveness you never would have been eligible for before. True. This may not end up being a lot of money. Why? Because you do have to spend 60% of the loan-money on defined payroll (including 2019 Schedule C profits and defined partnership self-employment income, if applicable). But any added benefit in these tough times has to be a welcome one. Want to find out more?
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