Skip to content
  • XERO Sign In
  • Client Sign In
    • Suralink Client Portal
    • eMoney Login
    • Black Diamond Login
  • Facebook
  • LinkedIn
  • Youtube
  • About
    • History
    • Our Team
  • Services
    • New Doctors
    • Financial Planning
    • Practice Transitions
    • Wealth Management
    • Accounting Services
    • Tax Services
    • New Clients
    • Book a CWA Speaker
  • Resources
    • Resources
    • Podcast
    • Annual Meeting
    • Events
    • 3to1 Foundation
  • Blog
  • Contact
  • XERO Sign In
  • Client Sign In
    • Suralink Client Portal
    • eMoney Login
    • Black Diamond Login
  • Facebook
  • LinkedIn
  • Youtube
  • Careers
  • References
  • Privacy
  • Disclosures
  • Terms of Use
  • Events
  • About
    • History
    • Our Team
  • Services
    • New Doctors
    • Financial Planning
    • Practice Transitions
    • Wealth Management
    • Accounting Services
    • Tax Services
    • New Clients
    • Book a CWA Speaker
  • Resources
    • Resources
    • Podcast
    • Annual Meeting
    • Events
    • 3to1 Foundation
  • Blog
  • Contact

PPP Forgiveness Application Information Business Owners Need to Know Now

  • by CWA
  • •    August 28, 2020
SHARE

Developing legislation may impact your forgiveness process

By now, many of you reading this post will have fully exhausted your Paycheck Protection Program (PPP) funds and may have received an email from your bank indicating their “portal” is open and ready for your PPP forgiveness application.

A common question we’ve received in the last week is “should I apply for forgiveness right now?”

There are multiple factors that could affect the way you could apply for forgiveness, many of which are currently up in the air.  Both the House and the Senate have agreed, in principle, that PPP loans under $150,000 would be automatically forgiven if the borrower would sign a one-page attestation agreement stating that the PPP proceeds were used for the forgivable expenses outlined in the CARES Act.

It is also rumored that loans between $150,000 to $2,000,000 may be automatically forgiven if the borrower signs a two-page attestation agreement.  We don’t know whether this will get signed into law or not as Congress is “on break” right now and won’t return until September.

There is also talk that there may be another stimulus bill that gets passed and it is likely this forgiveness will be included in this, however, it’s not guaranteed they will agree on any new relief legislation.

Since there is a possibility that Congress may not agree on the automatic forgiveness, we have been working on our own PPP forgiveness portal.  We haven’t opened this to clients yet as we are awaiting on deciding action from Congress on any new legislation that would affect the forgiveness process.

If Congress does not pass new legislation, then it is highly likely you will be able to apply for forgiveness by submitting:

  • Your payroll for the covered period
  • Supporting documentation for rent, pension funding, utilities or mortgage interest

Due to the information we have today, we are advising clients to hold off on applying.  Now that the extended covered period is 24 weeks, most do not expire until mid-October.  We feel we will have more information before that time.

If you would like to be prepared once your PPP money is fully exhausted, we suggest working with your payroll company to run the reports that you will need for your covered period.

Additional CARES Act Update: The deadline to apply for Health & Human Services (HHS) stimulus funds has been extended to September 13, 2020. For details and how to qualify, please revisit our blog post on the topic. For additional questions or concerns, contact your planning team.

We will keep you updated with any new legislation or stimulus developments. Visit our COVID-19 Resources Page for additional updates and resources.

Cain Watters is a Registered Investment Advisor.  Cain Watters only conducts business in states where it is properly registered or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.  Request Form ADV Part 2A for a complete description of Cain Watters investment advisory services. Diversification does not ensure a profit and may not protect against loss in declining markets.  Past performance is not an indicator of future results. 

LIKE THIS ARTICLE? HERE ARE OTHERS YOU MIGHT LIKE.

Meals & Entertainment Deductions for 2021 & 2022

March 16, 2023

How the Secure Act 2.0 May Affect Your Retirement

February 10, 2023

Ensure Your End-Of-Year Charitable Giving is Tax Deductible

November 25, 2022

Claim Inflation Reduction Act Credits on Your Tax Return

November 18, 2022
GET THE LATEST NEWS AND INFORMATION IMPACTING YOUR PRACTICE.
Email will be used in accordance with our Privacy Policy

CATEGORIES

All
Categories
  • Accounting (7)
  • Accumulating Wealth Podcast (78)
  • Annual Meeting (14)
  • Digital News Feature (107)
  • Financial Planning (121)
  • Inside CWA (27)
  • Investing (57)
  • Knowledge & Know-How (75)
  • News (80)
  • PR/Marketing/Social Media (5)
  • Practice Management (82)
  • Practice Transition (1)
  • Seminars & Events (12)
  • Tax News (83)
  • Technology (5)
  • The 3to1 Foundation (12)
  • The Advisors' Shelf (11)
  • Videos (31)

TOP POSTS

Employee Retention Tax Credit Retroactive Credits for Dental Practices

September 16, 2022

Roth or Pre-Tax? Select the Best Savings Strategy for You

April 18, 2022

IRS Funding Limits for 2022

January 14, 2022

Regaining Control of Dental Practice Salaries

July 9, 2021

Employee Retention Tax Credit Retroactive Credits for Dental Practices

September 16, 2022

Roth or Pre-Tax? Select the Best Savings Strategy for You

April 18, 2022

IRS Funding Limits for 2022

January 14, 2022

Regaining Control of Dental Practice Salaries

July 9, 2021
CONNECT WITH US
  • About
    • History
    • Our Team
  • Services
    • New Doctors
    • Financial Planning
    • Practice Transitions
    • Wealth Management
    • Accounting Services
    • Tax Services
    • New Clients
    • Book a CWA Speaker
  • Resources
    • Resources
    • Podcast
    • Annual Meeting
    • Events
    • 3to1 Foundation
  • Blog
  • Contact
  • Careers
  • References
  • Privacy
  • Disclosures
  • Terms of Use
  • Events
Cain Watters & Associates 17 Cowboys Way, Suite 300 Frisco