To keep the economy afloat, Congress introduced the Paycheck Protection Program, also known as PPP. PPP consists of potentially forgivable loans to keep employees on the payroll. The long-term purpose is to help the overall economy.
Several issues and questions about PPP are still up in the air for both taxpayers and business owners. What is next for businesses that accepted money from the Paycheck Protection Program? With the many layers of the Paycheck Protection Program and the ever-changing rules, the frustration of business owners and taxpayers have continued to rise. This episode’s purpose is to give listeners guidance and clarity on these concerns.
Understanding and Handling PPP Forgiveness
Tony Nitti, Partner at Rubin Brown tax service group, writer for Forbes tax content, and frequent public speaker joins Kelly this week to answer questions that business owners and taxpayers have about PPP. Tony has 20 years of accounting and tax experience, focused on Corporate and Partnership taxes and restructuring. Tune in this week to hear Kelly and Tony chat about loan concerns regarding what is next for PPP applicants.
Listen to Kelly and Tony talk about:
- The Evolution and Confusion Behind PPP
- The Next Steps
- Computing Forgivable Amounts
- Pressures Businesses Felt Allocating Loan Money
- The Four Categories of Expenses and SBA Rules
- Concerns When Applying for Forgiveness
- Economic Uncertainties and Trickle Effects
- Do Not Rush Application Process
- The Unknown of Deductible Expenses
- Lender’s Positions and Issues of Early Applications
- Audit Triggers and Buckets of Income
- Plan for Now or Plan for Changes?
- Hope and Chatter for PPP Penalty Relief
- Small Borrowers Forgiveness versus Larger Borrowers
- Record Keeping Importance and Impact
- The Silver Lining
Kelly Phillips Erb created and hosts the Taxgirl podcast, your home for tax news, tax info, and tax policy. In each episode, she shares conversations about taxes, money, and the choices we make. Kelly is a tax attorney who works with taxpayers and tax practitioners like you every day. She helps folks out of tax jams, and hopefully, keeps others from getting into them.
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