by The MDTAXES Network | May 26, 2020 | COVID-19
Understanding how the number of Full Time Equivalents (FTEs) working at your office impacts the PPP loan forgiveness calculation is essential for anyone looking to max out the portion of this SBA loan that will ultimately be forgiven. According to the SBA rules...
by The MDTAXES Network | May 26, 2020 | COVID-19
Last week we posted information about how the PPP loan forgiveness calculation works at: https://www.schwartzaccountants.com/2020/05/ppp-forgiveness-guidelines-finally-issued. Included in that post was the following vague guidance from the SBA about how certain...
by The MDTAXES Network | May 18, 2020 | COVID-19
Over the weekend, the SBA finally issued guidelines on how the loan forgiveness calculation will work. The Paycheck Protection Program Loan Forgiveness Application is available at:...
by The MDTAXES Network | May 18, 2020 | COVID-19
The clock is ticking. Assuming your office has been closed for more than a month, what can you do now to maximize the loan forgiveness? The first step is to determine if you will be able to fully staff up by 6/30/20 to qualify for the Safe-Harbor described above. ...
by The MDTAXES Network | May 18, 2020 | COVID-19
As we wrote last week, the SBA is now reaching out to small business owners that their Economic Injury Disaster Loans are now available. That article is available at: https://www.schwartzaccountants.com/2020/05/economic-injury-disaster-loans-eidl-are-now-granted/...
by The MDTAXES Network | May 11, 2020 | COVID-19
Maximizing the portion of your PPP loan to be forgiven should be one of your goals. Taking steps to ensure that the full amount of your loan is forgiven might be short-sighted. Too many clients seem singularly focused on doing whatever it takes for the full PPP to be...
by The MDTAXES Network | May 11, 2020 | COVID-19
Here is a question we got from one of our clients and the response provided by our firm’s payroll manager Greta Malstrom (payroll@schwartzaccountants.com): Q: Two of my staff members have contracted this virus while on furlough. I am trying to find out the legal...
by The MDTAXES Network | May 11, 2020 | COVID-19
Many of our clients got the PPP during the initial phase three or four weeks ago. Others got their PPP loans much more recently. Either way, should you consider fully repaying the PPP loan by Thursday, May 14th? One big issue that impacts your decision is whether...
by The MDTAXES Network | May 11, 2020 | COVID-19
According to one of the local dental lenders: We are soon expecting an update from management and SBA about forgiveness, I shall keep you posted. You can apply as early as June 30th for forgiveness. That’s when the first phase customers 8 weeks end. Rumor is that date...
by The MDTAXES Network | May 11, 2020 | COVID-19
By the end of last week, a few clients reached out to us to let us know that they received the SBA approval for their EIDL loan. The amount for most loans came in at $150k. We were then asked if they should take advantage of these loans. We are recommending that...
