by Andrews Tax Accounting & Bookkeeping | May 21, 2020 | Educational
Forgiveness Finalized? The Small Business Administration (SBA) has finally decided on the rules it will use to determine the Paycheck Protection Program (PPP) loan forgiveness. The SBA has published an application that borrowers will use to ask their lender to remove...
by Andrews Tax Accounting & Bookkeeping | May 16, 2020 | Educational
PPP Loan Forgiveness Updates A stipulation to have a PPP loan forgiven is to prove COVID-19 has had a negative impact no your business. Recently this condition was nullified for small businesses with PPP loans less than $2 million. Other conditions still hold though....
by Andrews Tax Accounting & Bookkeeping | May 7, 2020 | Educational
Business Deductions and PPP Loans Tax deductions are subtracted from your adjusted gross income which results in paying a lower amount in taxes. Businesses can take advantage of many deductions to reduce their tax bill. Some common deductions for businesses are...
by Andrews Tax Accounting & Bookkeeping | Apr 17, 2020 | Educational
Stimulus Checks This week marks the third week of the IRS depositing stimulus checks directly into taxpayers’ bank accounts. If you have not received your stimulus check it is probably due to one of the following reasons: you are not eligible for a stimulus check, you...
by Andrews Tax Accounting & Bookkeeping | Apr 10, 2020 | Educational
Paycheck Protection Program The SBA is offering loans of up to $10 million to eligible small businesses to protect small business workers. The loan can be forgiven if employees are on the payroll for eight weeks and the loan is used for payroll, rent, utilities, etc....
by Andrews Tax Accounting & Bookkeeping | Apr 3, 2020 | Educational
The CARE Act The Care Act gives a relief payment of $1,200 to adults that make no more than $75,000 annually. This applies to couples that make $150,000 annually (in which the relief would be $2,400). Also, each child under 17 years-old amounts to an additional $500...
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