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PPP Loan Forgiveness: What Borrowers Can Do Now

Submitted by Debra Rodway on Fri, 2020-05-01 16:55

 

Now that small businesses and organizations are starting to receive Paycheck Protection Program (PPP) funding, attention has turned to the next and most vital phase: loan forgiveness. If borrowed funds are spent as intended on payroll, mortgage interest, rent and utilities in the eight weeks after receipt, those expenditures are potentially eligible for complete, tax-free forgiveness.

$320 Billion Additional Funding for PPP Signed By President Today!

Submitted by Debra Rodway on Fri, 2020-04-24 15:00

 

 

Today the President signed a $484 Billion bill that provides $320 Billion in new funding for the Paycheck Protection Program.  It also includes $75 billion for hospitals, $25 billion for coronavirus testing and $60 billion for the Small Business Administration’s Economic Injury Disaster Loan program.

The SBA expects to start taking applications for the second round of funding for the Paycheck Protection Program on Monday, according to SBA Region 5 Director Rob Scott.

Today IRS Unveiled New Tool For Taxpayers To Find Out When Their Check Will Arrive

Submitted by Debra Rodway on Wed, 2020-04-15 12:20

The Internal Revenue Service today unveiled the new Get My Payment with features to let taxpayers check on their Economic Impact Payment date and update direct deposit information.

With an initial round of more than 80 million Economic Impact Payments starting to hit bank accounts over the weekend and throughout this week, this new tool will help address key common questions. Get My Payment will show the projected date when a deposit has been scheduled, similar to the “Where’s My Refund tool” many taxpayers are already familiar with.

IRS Extends More Tax Deadlines to July 15

Submitted by Debra Rodway on Mon, 2020-04-13 16:32

 

Last month, the IRS announced that taxpayers have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due.

IRS Launching a New Tool To Advise Users When Their Stimulus Check Will Arrive

Submitted by Debra Rodway on Mon, 2020-04-13 14:09

 

The IRS will help Americans track their stimulus payments with a new tool called "Get My Payment" it expects to launch by April 17.

According to the IRS, the first of the checks were sent out on Saturday.

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