As reflected in a recent AIPCA article, the only certainty in the six months since the Paycheck Protection Program (PPP) was created is uncertainty.  There continue to be gray areas with the forgiveness application, such as:

• Deductibility of expenses
• Blanket forgiveness for loans of $150,000 or less
• Using the 8-week vs. 24-week covered period for loans obtained before June 5, 2020, which impacts the amount of salary and wages eligible for forgiveness.

Our firm is offering a service to assist with the calculation of the PPP Loan application forgiveness.  If you are interested in our firm’s assistance in the forgiveness process, please reach out to your tax professional.

To those clients who have already engaged our firm for this service, we encourage you to schedule a conference call with Rachel Cooper to discuss your current PPP loan situation.  We want to get started on the calculations using the optimal application of the rules (as they stand now) and determine the best time for you to apply for forgiveness.

Click here to read the AICPA article in it’s entirety and don’t hesitate to contact your tax professional with any questions you may have.