RTBH welcomes Andrea to the team as our Accounting Technician. She supports our CPAs and clients by providing bookkeeping services, payroll solution services, and assisting clients with their tax deposits and tax estimates. Andrea is a graduate of the University of South Alabama. Andrea holds a bachelor’s degree in Business Administration with a concentration in Finance and a Master’s in Business Administration. View Bio
Good Morning, Please see below for a PPP Loan update and reminders about the upcoming tax deadline. Revised PPP Loan Forgiveness Application The SBA recently issued revised Paycheck Protection Program (PPP) Loan Forgiveness Applications to reflect recent favorable changes to the forgiveness calculation. These applications and instructions are accessible below: PPP Loan Forgiveness Application PPP Loan Forgiveness Instructions PPP Loan Forgiveness EZ Application PPP Loan Forgiveness EZ Instructions The EZ Application is available if the borrower meets any one of the following: Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the time of the ...
Last night, Wednesday June 10, 2020, the SBA issued revisions regarding the Payroll Protection Program (PPP) Loans, including the following: Maturity date For loans made before June 5, 2020, the maturity is two years; however, borrowers and lenders may mutually agree to extend the maturity to five years For loans made on or after June 5, 2020, the maturity is five years Deferral period If a borrower submits to its lender a loan forgiveness application within 10 months after the end of the “loan forgiveness covered period”, no payments of principal or interest on the loan will be required before ...
Last evening, Wednesday June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020. The significant provisions of the bill, which was previously introduced by the House of Representatives, and is expected to be signed by the President, are the following: Borrowers can choose to extend the eight-week “covered period” to 24 weeks, or they can keep the original eight-week period. This provides additional time to spend funds on potentially forgivable expenses. The payroll expenditure portion drops from 75% to 60%, meaning 40%, rather than 25%, of expenditures may be used for rent, mortgage interest and utilities and ...
Good evening, In recent weeks, as revelations surfaced about big businesses receiving loans under the Payroll Protection Program (PPP), the Treasury Secretary announced that the SBA would be conducting reviews of all large borrowers (in excess of $2 million) and selected smaller borrowers. The SBA issued further guidance requiring all borrowers to assess their economic need for the PPP loan and, in particular, the required certification that was made on the PPP loan application which stated “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” The guidance went on to say that borrowers must make ...
