Blog

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 Kenneth Hrica, CPA 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 i...

Is There Really Such a Thing as Free Money?

by Kenneth Hrica, CPA 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 Kenneth Hrica, CPA 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...

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