Are you a Schedule C taxpayer with no employees?
Then Uncle Sam has some good news for you.
You see, the SBA has recently clarified the rules governing the Paycheck Protection Program (PPP). Simply put, these rules make clear how you can put the new loan-forgiveness rules to work for you.
This means it’s easier than ever to take advantage of the PPP program.
It lets you take out a loan from the government that then forgives 100% of the loan.
In other words, Uncle Sam is giving you free money you can put in your pocket!
Want to learn how you can get your fair share?
Read the full article titled Tax Tips: Government Clarifies PPP Loan Forgiveness for the Self-Employed.
Three ways our fact-filled article can help you:
- You’ll learn when you have to spend your PPP loan proceeds. You owe thanks to the Paycheck Protection Program Flexibility Act of 2020. Why? Because this program creates a 24-week period in which you must spend your PPP loan proceeds. If you obtained your loan proceeds before June 5, you can elect to use the 8-week period in which to spend your PPP loan proceeds. What’s the important difference between the two periods? You’ll find out when you read the full article.
- We’ll tell you when you can apply for loan forgiveness. According to the SBA guidance issued on June 22, 2020, you can submit your loan-forgiveness application anytime on or before the maturity-date of the loan… including before the end of the covered period. That’s if you’ve used all the loan proceeds for which you requested forgiveness. We’ll give you full details when you read the full article.
- We’ll also cover other important topics. For example, we’ll explain the must-misunderstood “paid” rule, and how to handle interest, rent, utilities, and more. All will be explained when you read the full article.