PPP Loan Update:
Hi Everyone, this is Chris with Fidelis Tax and Accounting. It’s November 13th, it’s Friday, it’s a good time to update you on the PPP.
Let’s start with streamlined forgiveness. There’s a nice, easy application out there. Anyone with a loan less than $50,000 can fill out this form, it’s really easy, really straightforward. We’ve done a number already. You can submit that to the bank with your documentation.
With respect to deductibility, this is something, I know it surprises you. There’s conflicting information out there. The treasury department says you can’t deduct the expenses that you paid for with PPP funds. Congress on the other hand says no you absolutely can. I don’t know! There’s a lot of talk of congress clarifying that in the coming weeks, but like anything with congress, we’ve been talking about that for months. So let’s see what happens. We can slow down and really let this flush out a little bit before anyone moves forward.
Lastly, the deadline. It’s still December 31st, all the information needs to be submitted prior to that. But that doesn’t mean we need to rush. Again there’s still a lot we don’t know with this loan. The banks are starting to send out requests for the loan forgiveness application to clients, that doesn’t mean you need to push for it. Slow down, gather your documents. Let’s let this information come through congress and then we can get everything submitted before the end of the year. If you have any questions, please feel free to give us a call. We’ll update you with more information as we get it. We’ll talk to you next week!