The Coronavirus has affected many of our lives during 2020. Many Americans have been concerned for both their health and financial situation. As the US government has given orders to prevent the spread of the virus, businesses have been forced to halt operations and individuals were obligated to follow stay-at-home orders. The US government provided various stimulus packages to help the American people. Although the stimulus package was developed, many individuals did not receive any or all…

Matters concerning taxes are crucial. For professional and satisfying tax consultant services, you must choose the fittest option. There are plenty of options and offers available, but you should only settle with a tax consultant in New Lenox after you are satisfied that they can deliver. Tax consultancy calls for extensive and highly specialized skills, understanding, and patience. You can rely on our professional team due to our superior skills and professionalism. We also provide our…

October 16, 2020 Form 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…

October 12, 2020 One 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…

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…