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October 16th, 2020

October 16, 2020Form 3508S is an SBA Form used to apply for the PPP loan forgiveness. Businesses can complete this form if they have received a PPP loan of $50,000 or less. Businesses that are eligible to complete Form 3508S are exempt from reductions in their loan forgiveness amounts. This is possible even if there is a reduction of full-time equivalent (FTE) employees or in salaries. At this time, the SBA does not request that business owners present or attach any of their wage…

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October 12th, 2020

October 12, 2020One of the common misconceptions concerning The Paycheck Protection Program (PPP) involves whether companies can use Form 3508EZ for their PPP loan forgiveness application. Form 3508 is an SBA Form used to apply for the PPP loan forgiveness. The 3508EZ form is a shorter version. Business owners believe that they are eligible to use the EZ version, rather than the full version, if their PPP loan is less than $150,000. Unfortunately, Form 3508EZ eligibility has nothing to…

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October 5th, 2020

Once a business has applied and received economic relief through the Paycheck Protection Program (PPP) the question may arise whether credit card statements count as utilities for the forgiveness application. The credit card statement itself is not eligible for PPP forgiveness, but the statement may provide evidence of eligible expenses.Pursuant to SBA Form 3508, PPP Forgiveness Application, businesses can submit documentation such as copy of invoices, cancelled checks or account…

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September 28th, 2020

September 23, 2020Hold On! We understand that Paycheck Protection Program (“PPP”) forgiveness is the foremost topic for small business owners, but we encourage owners not to rush to apply for relief. The Small Business Administration (“SBA”), FAQ -August 4, 2020, Question #3, states that the deadline for submitting forgiveness application is 10 (ten) months after the covered period. The covered period will vary for each business, but after 10 months, the PPP funds officially…

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September 9th, 2020

This year, there are several outside factors that have affected the entire tax bureaucracy. Some of these have caused great consternation for wage earners, investors and businesses alike. We know that the filing date this year has changed, but it is also true that many people needed expected tax refunds in order to get through the loss of wages because of COVID-19. Read on to learn more about how professional tax services in New Lenox IL may help with filing and tax preparation…

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