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Latest Updates from CPA Partners

Posted by Admin Posted on May 08 2020
As changes continue to incur, our focus is to keep you informed on topics and changes that are relevant to you.  Here are the latest updates:

1.Individual Stimulus Payments
    a.To enter your direct deposit information or check the status of your payment, go to: https://www.irs.gov/coronavirus/get-my-payment
       i.Use ALL CAPS for the address when entering your information
       ii.Use your 2018 tax return information if you filed your 2019 return after 3/15/2020

2.Paycheck Protection Program (PPP)
     a.The 2nd round of funding has not yet been fully exhausted, if you haven’t applied for your PPP loan yet apply as soon as possible, many lenders are not taking new applications however you can try checking here for additional lenders.  https://www.sba.gov/paycheckprotection/find?address=33772&pageNumber=1
     b.Forgiveness calculation - business owners have many questions that have not been clarified, but the SBA is expected to release their interim rule on May 15th to provide guidance to business owners. If you have already received your funding we can assist with budgeting the payroll costs and other costs for the 8 week period and inform you of the updated rules.  Please contact us with questions.
     c.Over the weekend, the Small Business Administration provided a response regarding employees that are refusing to be rehired, here is the latest guidance on what to do if you are finding yourself in that situation:
       i.If an employee turns down a written offer to be rehired: keep the documentation regarding the written offer and documentation of the rejection of the offer and then that employee can be excluded from the calculation.  The Small Business Administration warned that employees who reject offers of reemployment may find themselves ineligible to continue to receive unemployment benefits.
     d.The AICPA is challenging the nondeductibility of PPP-related expenses ruling from the SBA and we are keeping a close eye on this as it will affect the 2020 planning.

3.Small Business Administration – Economic Injury Disaster Loans
     a.Has been reopened for eligible agricultural businesses so far, the program has limited funding at the moment, we are keeping an eye on developments and are hopeful that the program will reopen to all small businesses .

4.Unemployment
     a.States continue to work on updating their portals but we are still hearing many are frustrated with the processes.
     b.Florida’s system is only open during the week and shut-down on the weekends, so we would recommend applying and updating during off-peak hours during the week.

5.IRS
     a.Is working to bring back employees and reopen paper filing of returns.

6.Local grants, loans, funding
     a.We are keeping an eye on opportunities available and adding to our resource page as they come up.
 
We are keeping an eye on the latest changes and posting changes to social media as soon as we see them.  We hope you are staying safe and healthy.
 
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