By Keiter CPAs
SBA PPP LOAN FORGIVENESS RULES
Tax Senior Manager Offers Insights to Business Owners on When to Apply for Paycheck Protection Program (PPP) Loan Forgiveness with RTD
Tax Senior Manager Scott Zickefoose shared his insights with the Richmond Times-Dispatch on when business owners should begin applying for PPP loan forgiveness.
“Businesses are weighing when to apply for Paycheck Protection Program loan forgiveness; advisers offer tips” Excerpt:
“Months after billions of dollars in federal government-backed loans flowed to small businesses across the nation to help them keep people employed during the COVID-19 pandemic, many business owners are now considering when to seek forgiveness for those loans.
The U.S. Small Business Administration, which oversaw the loan process, has opened up applications for forgiveness, but so far there hasn’t been a big rush among business owners to apply for forgiveness, some local business advisers say.
Instead, many are taking a wait-and-see approach on the chance that Congress will adjust the rules for forgiveness and possibly fund another round in what has amounted to a $669 billion program.
We are closely monitoring this evolving and unique economic situation. We will keep you updated and informed on how to respond to these and additional tax and regulation changes as they are announced.
Disclaimer: This content has been prepared for general guidance and informational purposes only based on the date published.
The FFCRA, CARES Act, and SBA Paycheck Protection Program (PPP) are continually releasing new guidance that may change the information provided within this content. Keiter recommends that you perform your own independent research and/or speak with a qualified accounting professional before making any financial business decisions. © 2021 Keiter, All Rights Reserved.
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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.