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Thursday, May 13, 2021

The Latest PPP Deadline Information For Tax Season

Credit: KADN
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The Latest PPP Deadline Information For Tax Season
The Latest PPP Deadline Information For Tax Season
The Latest PPP Deadline Information For Tax Season

P p p deadline has now chand to may 31st.

So originally it was march 31st, meaning businesses would need to apply for the paycheck protection program by next week.

Now we have the benefit of an extra two months to apply for those loan programs, and this is an sp a back program that you can get alone.

Actual local bank and these loans or forgivable, which means they're a huge benefit for businesses now, originally, it was strictly mostly payroll costs that businesses were able to use these funds for but under the new regulations, businesses are able to use it for expanded costs, such as any ppe that they had.

So a lot of those businesses that had to put up you know the plastic protective shields at the cash registers as well.

A sanitizers gloves mask.

All those costs are now being able to be used with these peopie p loan funds as well as anything cos purchase to transfer to beam or.

Virtual cloud based like zoom and online accounting software, and pointed the sale systems that contact list, so there's all these expanded costs that businesses are now able to use another change to the p p p guidelines is.

Schedule c filers are able to use their gross profit.

Essentially they're lying seven income from their tax forms so certain businesses that actually experienced a loss.

In 19, or 20, who were not able to qualify for the program can qualify under the new rules using their gross receipts instead of net, so that is a big thing that was gonna help.

A lot of business owners qualified for this program.

Holds that anyone needs related to the p p p program.