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PPP Updates and Individual Tax Updates

Posted by Admin Posted on June 04 2020
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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