COVID-19 Relief Options and Additional Resources
The United States Government has announced a number of programs available to small and medium sized businesses. The programs are designed to help you weather the storm and many of our clients have been able to take advantage of them already.
In some cases, all allocated funding has been exhausted. You can view available relief options on the Small Business Administration's (SBA) website here.
We would also recommend that you contact your financial institution as soon as possible, to determine options that they may be able to offer you locally. If you do not currently have a relationship with a banker, please feel free to contact us for a referral.
Go to the Small Business Administration Website Here
Just reading through the latest proposed bill floating through Washington.
It looks like good news! Hold on to your Hats and Glasses as they attempt to get this through and THEN administered!
The original intent of the PPP program was that loans were forgiven and not taxable! With no mention of disallowing NORMAL deductible expenses.
The best advice at year end was... plan for current law, pay tax expected on the disallowed deductions...and hope for allowance of deductions prior to filing!
Current issue at hand is the discussion re: deductibility of the “PPP” qualified expenses.
Allowance appears probable but there is mention of “IF you can show a loss of revenue during the year.”
There are no qualifiers yet of what constitutes a “loss of revenue”.
That will be the devil in the details to come!
For now....hold on and let’s hope that the best outcome lies before us!