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We are continuing our focus on keeping you informed on topics and changes related to you as changes continue to occur. Here are the latest updates:
PAYROLL PROTECTION PROGRAM (PPP):
- There is still availability to get a PPP if you have not yet obtained one, but you need to act fast with these changes the applications will go quickly
- Last night the senate passed changes to the PPP program and the bill is going to the president to be signed into law for the following changes:
- Extended spending period to 24 weeks (up from 8 weeks)
- 60% of the funds to be spent on payroll (down from 75%)
- December 31st to return to pre-pandemic employment levels (previously June 30th)
- 5 years to repay the loan (up from 2 years)
- Payroll tax payments can be delayed (previously not allowed if you had a PPP)
INDIVIDUAL UPDATE:
- July 15th extended deadline is just 6 weeks away, send your information in sooner than later for filing prior to July 15th . All individual clients have been extended thru October 15, 2020 for their 2019 tax returns
- IRS has approved the 1040-X (amended individual return) to be submitted electronically starting later this summer
- IRS permitting remote signatures for retirement-plan participants to take coronavirus-related distributions
We will continue to post updates on social media as changes occur. Stay healthy and safe.
Thank you,
CPA Partners
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