May 2020

House Passes a Bill Making Several Favorable Changes to PPP Loan Forgiveness

Posted on May 29, 2020. Written by GPW

On Thursday May 28, 2020 the House approved a bill which, if approved in the Senate and signed by the President, would make several favorable changes to the PPP loan forgiveness provisions.

Some of the changes would include:

• Decreasing the minimum amount…
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Audits of PPP Loan Applications

Posted on May 14, 2020. Written by GPW

The Paycheck Protection Program (“PPP”) loan was intended to sustain small businesses and preserve employees’ jobs by helping cover essential operating expenses so businesses could stay afloat and retain employees during the COVID-19 shutdown.

When banks started accepting applications shortly after the program opened on…
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Accounting for Your Paycheck Protection Program (“PPP”) Loan:

Posted on May 12, 2020. Written by GPW

Recording Receipt of the PPP Loan Proceeds:

GPW recommends that a new general ledger account be created to track the PPP loan proceeds separately from other payables, loans, and lines of credit. You could also consider creating a separate bank account to track that the…
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Roth IRA Conversion:

Posted on May 1, 2020. Written by GPW

Retirement Fund Planning Opportunities:

For those expecting a drop in income for tax year 2020, this could be the opportune time to consider a Roth IRA conversion. This way you are getting your money into the account when the values are at their lowest, making…
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