We wish everyone had a pleasant and safe Memorial Day! As Memorial Day marks the beginning of summer, we think it is a fitting conclusion to our weekly coverage of COVID-19.
Businesses are reopening and life begins to return to normal. We are firmly planted in that cerebral zone where we absorb all the changes that have occurred along with their financial impact and determining the best way to move forward. We have started the financial healing process, the “recovery.” We should all be focused on our post-pandemic business models, refinements, and risk mitigation strategies. Recent programs and changes have slowed as Congress continues to debate the best path forward.
We will regroup, focus on better understanding the changing landscape and develop the best strategies to help you move forward. We will continue to monitor important developments and communicate relevant information.
1. PPP Loan Forgiveness Calculator
On May 15, 2020, the SBA issues the long-awaited PPP Loan Forgiveness Application. We spent last week absorbing the Payroll Protection (PPP) Loan Forgiveness Application and understanding its implications.
We conducted an online presentation to provide an overview of the mechanics of the application and important changes. This presentation is published on our website for those of you unable to attend.
We have decided that the best tool moving forward is the AICPA (American Institute of CPAs) PPP Loan Forgiveness Calculator. This calculator allows you to draft the application to ensure that you maximize loan forgiveness and make any necessary changes before the end of your 8-week forgiveness period.
Strategy & Advise
It is important to prepare a draft of the loan application by using the AICPA PPP Loan Forgiveness Calculator. This will give you time to make any necessary adjustments before the end of your 8-week loan forgiveness period. Please do not hesitate to contact us if you have any questions about the application, specific application of the law or to review your method.
2. Tax Returns Due July 15, 2020
Looking ahead, please remember that all federal tax returns which had a due date between April 1, 2020 and July 14, 2020 (including extensions) are due on July 15, 2020. You can extend the due date for filing (not payment) beyond this date.
If you have not already done so, please gather your tax information and provide it to us at your earliest convenience. Please let us know if you would like for us to file for an extension to provide you additional time to gather your information.
3. The End
We are not sad to see this weird period in history pass. We are thankful for our team, clients, and community. We sincerely appreciate everyone’s patience, understanding and perseverance during these uncertain and unsettling times.
We remain committed to providing you with the best tools and advise to manage the economic challenges and successes ahead. We are here to provide solid guidance to ensure your financial well-being.
We are humbled by the gratitude of our clients and community for our hard work, outreach, and professional focus. Thank you!
In these uncertain times, we are continually evolving to ensure that we do what is in the best interest of our clients, team, and community.
We will continue to closely monitor the economic and tax changes and communicate important information to you timely and accurately. We are always available by phone or email to address your questions and concerns.
We strongly encourage you to leverage our expertise during these trying times. We have a deep understanding and broad view of the economic climate, which can add significant value during times of uncertainty. We are committed to assisting you in successfully managing through the rapidly changing economic environment.
Thank you for your support and stay safe!
© 2020