Number Crunchers, LLC
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Since 2008, I’ve been dedicated to cleaning up books and establishing accounting best practices for companies across the state.
This is what we are hearing:
Important points from the article based on the new bill.
1. Bill requires SBA to issue regulations within 10 days of the passage of the bill.
2. One PPP loan at a time. It appears that you need to pay off your first PPP loan (or have it forgiven) in order to be eligible for the second round.
3. Expenses paid with forgiven PPP funds are now completely tax deductible.
4. Legislative intent was for full forgiveness of PPP loan not partial ....Your final forgiveness amount will no longer be reduced by your EIDL grant balance.....application will be retroactive ......
Just hearing news that with the new stimulus bill, the EIDL "grant" (advance of $1000/employee) will NOT be deducted from the forgiveness amount.
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