Documents Required:

• 3rd Party payroll reports (Gusto, ADP, Paychex, etc.) or self-generated payroll report, supported by bank statements, that show gross wages paid out to employees, and, if hourly, the number of hours worked for the covered period
• Tax forms (or equivalent 3rd party payroll reports) for the periods that overlap with the covered period – specifically Federal 941, 944, or 940 forms and State quarterly wage and unemployment tax filings that are or will be filed with the state

If you are going to include Rent, mortgage interest, and/or utilities, you will need to provide the following:

Rent:

• Current lease agreement!
• Canceled checks/receipts for the covered period

Mortgage Interest:

• Lender amortization schedule and canceled checks/receipts for the covered period OR
• mortgage statements from February 2020 and the covered period through one month after the end of either period.

Utilities:
(These can include: Electricity, Gas, Water, Phone, Internet, and some transportation costs)

• Utility bills
• proof of payment for utility bills incurred or paid for during the covered period.
• (Please note on utilities that this does not include equipment or vehicle lease or loan payments)

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The post Just released: SBA “Paycheck Protection Program Loan Forgiveness Application” Form and Instructions appeared first on Salt Lake City's CPA's.

The disaster loan program is different from the $669 billion Paycheck Protection Program (PPP), which is run by private banks and regulated by the SBA. While the PPP is focused narrowly on keeping small businesses from laying off employees and encouraging them to rehire workers, disaster loans are meant as an economic lifeline to help small businesses survive the crisis. It is a preferred option for some of the smallest businesses because the loan size does not depend on the number of employees. Although the Paycheck Protection Program received significantly more funding from Congress, the disaster loan program is considered a crucial component of the Trump administration’s coronavirus response.

The SBA has released little information on the disaster loan program. In an April 24 document, the agency disclosed that it had processed 38,984 loans totaling roughly $8 billion, which would amount to less than one percent of SBA’s total backlog. A government website labeled “SBA Today” states that 58,431 disaster loans have been approved so far in the fiscal year 2020, but it was unclear how recently the page had been updated. The SBA’s failure to release detailed information about disaster loans has prompted harsh criticism from members of Congress.

For more information please visit: https://www.washingtonpost.com/business/2020/05/07/sba-disaster-loans/

The post SBA slashes disaster-loan limit from $2 million to $150,000, shuts out nearly all new applicants appeared first on Salt Lake City's CPA's.

According to the SBA, borrowers with loans below the $2 million threshold are less likely to have had access to adequate sources of liquidity in the current economic environment than borrowers who obtained larger loans.
The SBA said the safe harbor will promote economic certainty for PPP borrowers with limited resources as they work to retain and rehire employees. The $2 million threshold also will help the SBA conserve its resources and focus its reviews on larger loans.”

For more information please visit: https://www.journalofaccountancy.com/news/2020/may/sba-safe-harbor-for-ppp-loans-under-2-million.html

The post SBA provides a safe harbor for PPP loans under $2 million appeared first on Salt Lake City's CPA's.

For more information visit: https://www.sba.gov/disaster-assistance/coronavirus-covid-19

The post U.S. Small Business Administration offering assistance during Coronavirus appeared first on Salt Lake City's CPA's.