Brett Sutton is joined by Joe Amato, the District Director at the Small Business Administration to discuss the latest updates in the Paycheck Protection Program and answers the attendee's live questions. After that, Scott, a CPA based in Nevada, will discuss what you need to be aware of when trying to file your Federal loan tax credit for last year, and other tax info you need to consider. All the proceeds of this webinar will be going to the food bank of Northern Nevada.
Highlights:
- What do we need to know about the second draw of PPP?
- Every application for PPP must be in before March 31st.
- The eligible expenses for PPP have changed.
- How are you eligible for a second draw?
- If you have a 25% or greater loss in revenue, you're eligible.
- For PPP1 you need to be at 500 employees or less and for PPP2 you need to be at 300 employees or less.
- Do you have to apply for forgiveness in order to get a PPP second draw?
- Is your PPP taxable by the IRS?
- Do you have to use the same lender? The answer is no!
- Best places to contact a lender?
- Joe answers some pending questions!
- The whole idea of PPP is you get a fully-forgiven loan.
- It was unrealistic for the IRS to not let you deduct your expenses from a PPP loan.
- Applied for PPP and haven't heard back?
- Scott takes the stage to discuss the Federal loan tax credit.
- How do you consider sick leave?
- There are special rules for the self-employed.
- Remote schooling? You might qualify for medical leave.
- You have delayed payment of your employee payroll taxes.
- What do you need to know about the PPP flexibility act?
- Make sure your bookkeepers are using the right credit and going through this manually! Some software is not automatically calculating this.
- The IRS is behind, but they will still be checking on these tax returns.
- With the PPP proceeds, are they tax-exempt income or are they capital contributions? This is tricky and we still need more clarification on this.
- Scott answers some questions!
- Should you keep your doctor's notes to prove you have a legitimate request for medical leave?
Resources:
Suttonhague.com
Calnevalaw.com
Sba.gov/ppp
Email Joe: Joseph.Amato@sba.gov
