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To the Relief of Small Business Owners, Congress Approves PPP Loan Changes

by Tracey Hrica, EA Jun 04, 2020

Well, it’s as good as official, the Senate approved the House bill that will dramatically modify key forgiveness terms for the Payroll Protection Program(PPP).  The bill, H.R. 7010 passed the House last week, and now all that’s needed is the President’s signature. I wanted to be so happy about this!  I really did, and I am, to an extent.  When talking about the PPP, it seems that for every one piece of good news, there are at l...

Tax Preparation Checklist

by Tracey Hrica, EA Jun 02, 2020

We all know that tax day has been pushed to July 15th due to the coronavirus pandemic.  What many of us are forgetting, is July 15th is right around the corner.  If you haven't filed your 2019 taxes yet, take a minute to bookmark this page.  I’m going to give you a list of everything you need to gather to be ready to file your return.  Not every category will apply to you, so just pick those that do, and make sure you have that in...

Spread the Word to Protect Your Loved Ones from COVID-19 Related Scams

by Tracey Hrica, EA Jun 01, 2020

Scammers are taking advantage of the uncertainty, fear, and anxiety that the coronavirus pandemic has caused. Here are three ways they are currently targeting people, especially senior citizens. Phone or in person offers to sign up for a COVID-19 vaccine An IRS agent calling to confirm a stimulus payment Someone at the door offering to swab your nose to see if you have the coronavirus More than 3,600 complaints of COVID-19 scams h...

PPP Forgiveness Application and Related Concerns

by Tracey Hrica, EA May 29, 2020

Hello everyone!  We took a little break from writing blogs last week. Things continue to change so quickly that at times it almost feels like we are doing you a disservice by telling you one thing and then following it up a few days later with contrary information.  However, with the SBA releasing the Paycheck Protection Program Loan Forgiveness Application last Friday, we know many of you are itching for an update, however incomplete...

Is There Really Such a Thing as Free Money?

by Tracey Hrica, EA May 04, 2020

Will the PPP Loan be the “Free Money” Everyone Thought it Was? Small businesses who received a Payroll Protection Program (PPP) loans, may lose out on tax deductions. On April 30th, the IRS published a notice which ruled out deductions for wages, rent, and utilities paid with forgivable PPP loans. “This treatment prevents a double tax benefit,” the agency said in the notice. “This conclusion is consistent with prior guidance o...

The Payroll Protection Program – By the Numbers and More

by Tracey Hrica, EA Apr 23, 2020

With the next round of the PPP imminent, lets review the Payroll Protection Program with 10 statistics. $349 billion in relief were approved for the first round of the Payroll Protection Program. The application process was opened April 3rd and funds were exhausted by April 16th. The SBA approved 14 years’ worth of loans in 14 days. 6 million companies received loans – only 5% of the 30.2 million small businesses in the US. The ave...

The U.S Chamber of Commerce’s launches the “Save Small Business Fund”

by Tracey Hrica, EA Apr 20, 2020

Good morning! I just came across this information this morning. I wanted to share it right away, as it goes live today, April 20th,  at 3:00 PM ET. The U.S. Chamber of Commerce launches a nationwide “Save Small Business Initiative” today.  The program has been created to address small businesses' immediate needs and includes supplemental financial assistance in the form of a $5000 grant from the Save Small Business Fund. To qualif...

Show Me the Money

by Tracey Hrica, EA Apr 08, 2020

Most of our small business clients have put in the time and effort, as well as stress, and have submitted applications for the SBA Disaster Loan (EIDL), and most recently the Payroll Protection Program loan (PPP).  Now the question is – Where’s the money? Let’s start with the Small Business Association (SBA). The SBA’s “E-Tram” system, which banks must use to authorize loans, has had nothing but technical problems since Fri...

To Congress, From The Trenches

by Tracey Hrica, EA Apr 03, 2020

We received the following in a newsletter from TaxSpeaker this morning.  We asked them for permission to share this with you as it really sums up the current situation our clients are finding themselves in.  Bob Jennings has been educating tax professionals who service small businesses for over 40 years, and we go to him for most of our continuing education, including live seminars and webinars. We would love to hear your feedback. He...

The CARES Act: Comparing SBA Loan Programs – EIDL and PPP

by Tracey Hrica, EA Mar 30, 2020

By now, any business in Maryland, who is in need of funds to get through the COVID-19 crisis, should have already applied for the $10,000 Maryland Small Business COVID-19 Emergency Relief Grant Fund. In an update to their FAQ’s, the grant program states that the business or nonprofit seeking grant funds must also seek longer term funding through its bank, SBA, or other source.  To expedite the application process, we suggest you an...

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Latest Articles

To the Relief of Small Business Owners, Congress Approves PPP Loan Changes

Well, it’s as good as official, the Senate appro...


Tax Preparation Checklist

We all know that tax day has been pushed to July 1...


Spread the Word to Protect Your Loved Ones from COVID-19 Related Scams

Scammers are taking advantage of the uncertainty, ...


PPP Forgiveness Application and Related Concerns

Hello everyone!  We took a little break from writ...


Is There Really Such a Thing as Free Money?

Will the PPP Loan be the “Free Money” Everyone...