Thinking About Starting Your PPP Loan Forgiveness Application? Check Out These Top Tips First.
The Paycheck Protection Program (PPP) continues to change form on what seems like a daily basis. The landscape has changed greatly since The CARES Act was initially passed and the covered period has now been extended which enables borrowers more time to use their PPP funds; but the million-dollar question remains: What does PPP Forgiveness look like right now and how do I ensure my loan is forgiven?
RSI Director of Compliance, Brian Smith, and RSI Director of Client Advisory Services, Sydney Lynn, sit down to share their tips on what they’ve seen come through the IRS Notices and the US Treasury Guidance so you can feel prepared as you’re getting ready to start the forgiveness application process. Tune in and listen to the full Audio Version HERE on our Podcast, The Tip Share, or check out the vlog below to learn about the following:
- What does the current PPP forgiveness landscape look like?
- What are some of the items that may come up in future legislation?
- Why should borrowers wait to file for forgiveness?
- How can I achieve 100% forgiveness?
- Are expenses paid with forgiven PPP funds deductible to the business for year-end taxes?
- What if I file my tax return before I apply for forgiveness?