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 bankREAD MORE
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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 shortlyREAD MORE
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 bankREAD MORE
As you may know, GPW takes pride in supporting our community by providing our time and resources with at least four firm-sponsored service events annually. With restrictions on gatherings and social distancing recommendations, we are not able to contribute our timeREAD MORE
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 valuesREAD MORE
IRS Coronavirus Tax relief News Releases: https://www.irs.gov/coronavirus IRS: IR-2020-59: People First Initiative https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program The IRS has launched a way for people who qualify for the $1,200 stimulus check to register to receive them. This will be helpful for those whoREAD MORE
U.S. Small Business Administration: COVID-19 Economic Injury Disaster Loan Online Application https://covid19relief.sba.gov/#/ U.S. Small Business Administration: 7(a) Loan Application Checklist. Provides link to form and list of information needed to apply for the traditional 7(a) business loan. https://www.sba.gov/loans-grants/see-what-sba-offers/sba-loan-programs/general-small-business-loans-7a/7a-loan-application-checklist%20 U.S. Treasury:READ MORE
California Franchise Tax Board Notice 2020-20 Extension of time to file tax protests, appeals and refund claims. https://www.ftb.ca.gov/tax-pros/law/ftb-notices/2020-02.pdf Employers statewide directly affected by the new coronavirus may request up to a 60-day extension of time from the EDD to fileREAD MORE
Download this chart – Loan Program Comparison Chart
Cares Act Sec. 1102 General Loan Info & Eligibility LOAN GENERAL INFO: Click here to download the PPP Loan Calculator Loan Term 2 Years Maximum Loan amount $10 million Interest Rate 1% No Loan Fees, or Prepayment Penalties PPP ApplicationREAD MORE