Yesterday the Senate passed the PPP modifications that the House passed last week. Due to the overwhelming bipartisan support, the modifications are expected to be signed by the President. Below is a summary of the changes to the program. These modifications to the program require a new strategy but provide significant flexibility for a business to reopen and rehire employees as appropriate and still be able to obtain forgiveness. It is very important to know that this will require a new round of guidance t
BWTP wants to keep you informed of potential changes in the PPP Loan Program. The following description of legislation that passed the House must now go to the Senate before it is final, but it appears that changes may be forthcoming.
Individual income tax returns normally due on April 15th have been automatically extended until July 15th due to difficulties brought on by COVID-19. We’re including a few additional reminders concerning income tax due dates.
Over the weekend, the SBA released the Paycheck Protection Program (PPP) Loan Forgiveness Application. While the application is not the full guidance we have been awaiting, it does give us significant insight into the direction the SBA is headed with forgivable expenses as well as the process the SBA will use when requesting forgiveness.
As members of the Academy of Dental CPA’s (ADCPA), BWTP has access to information that our fellow member firms may provide. We’re glad to share this information as we feel it can be useful for your Practice.