JOINT READINESS SUMMIT: This Friday, February 4 from 9:00AM to 4:00PM
Join the City of Chicago, Cook County, and State of Illinois leaders as well as other experts to learn about what it takes to be “ready” to apply for grants and contracts funded by American Rescue Plan Act (ARPA) and other economic recovery funding streams.
This event will take place via Zoom and will be simultaneously streamed on YouTube. Meeting information will be sent via email prior to the event. ASL interpretation and closed captioning will be provided.
Learn about the Chicago Recovery Plan — the City’s plan to amplify once-in-a-generation federal funding to create an equity-based investment strategy to catalyze a sustainable economic recovery from the COVID-19 pandemic. The funding under the Chicago Recovery Plan, which includes funding from the American Rescue Plan Act and over $600 million in local bond funds, is allocated alongside all other available resources in the City budget to maximize this opportunity over the next 3-5 year funding period. The initiatives and strategic priorities that make up the Chicago Recovery Plan were a result of several stages of community engagement and input during the 2022 budget development process. The list of current funding opportunities can be found here: Funding Opportunities (chicago.gov)
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
In an already unprecedented year, the IRS is taking an unprecedented approach toward managing taxpayer expectations, and with good reason: with tax season officially beginning this coming January 24th, the IRS is dealing with a severe lack of staffing — facing workforce headcounts at 1970s levels — and a backlog of tax returns from the past two years. They say to expect frustration this tax season.
The IRS has been dealing with budget shortages for many years now, and Covid forced their mailrooms to close down for months at a time, creating a massive backlog from which they have not yet recovered. Add to that the unbelievable number of new demands placed upon the agency: three rounds of stimulus payments, Employee Retention Credits for both 2020 and 2021, and demands for guidance in an unbelievable number of groundbreaking areas of code… it is certainly understandable that they would not be able to meet taxpayer needs.
So what can taxpayers do to avoid additional problems? Filing electronically with direct deposit, and avoiding a paper tax return — at almost any cost — is more important than ever this year. Additionally, those who received an Economic Impact Payment or an advance Child Tax Credit last year should be especially careful to order an IRS transcript ahead-of-time to confirm these amounts before filing a return. (We are requiring all clients to submit both federal and state transcripts this year, in their own interest.)
Also, keep in mind that by law, the IRS cannot issue a refund involving the Earned Income Tax Credit or Additional Child Tax Credit before mid-February, though eligible people may file their returns beginning on January 24. The law provides this additional time to help the IRS stop fraudulent refunds from being issued.
Due to the Emancipation Day holiday falling on Friday, April 15th, the filing deadline to submit 2021 tax returns or an extension to file is Monday, April 18, 2022. Taxpayers requesting an extension will have until Monday, Oct. 17, 2022, to file (but not an extension to pay; make sure to pay an estimate of tax with your extension).
The American Institute of CPA’s VP of Tax, Ed Karl, has repeatedly shared in AICPA Town Halls and articles that the IRS Commissioner himself testified that during busy season the IRS gets 1500 calls per second — this translates into their only being able to answer 2% of calls. “No, that is not a typo.” The AICPA strongly supports penalty relief measures that are fair, reasonable and practical, and would mitigate the negative effect of the coronavirus on taxpayers and require less contact with the IRS. Such an approach would alleviate the daily struggles that taxpayers, their advisers and the IRS face. Specifically, the AICPA urges Treasury and the IRS to:
Stop compliance actions until the IRS is prepared to devote the necessary resources for a proper and timely resolution of erroneous notices, missing refunds and other matters. At a minimum, stop automatic collections at least for 90 days after the filing deadline.
Align requests for account holds with the time it takes the IRS to process any penalty abatement requests.
Provide taxpayers with targeted relief from underpayment of estimated tax penalty and the late payment penalty.
Offer a COVID-19 reasonable cause relief, similar to the procedures of first-time abatement and generally facilitate the easier adoption of reasonable cause relief.
In the meantime, here are several important dates from Tax Practice Advisor that taxpayers should keep in mind for this year’s filing season:
January 14: IRS Free File opens. Taxpayers can begin filing returns through IRS Free File partners; tax returns will be transmitted to the IRS starting January 24. Many tax software companies also are accepting tax filings in advance.
January 18: Due date for tax year 2021 fourth-quarter estimated tax payments.
January 24: IRS begins 2022 tax season. Individual 2021 tax returns begin being accepted and processing begins.
January 28: Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people – including the option to use prior-year income to qualify.
April 18: Due date to file 2021 tax return or request extension and pay tax owed.
April 19: Due date to file 2021 tax return or request extension and pay tax owed for those who live in MA or ME due to Patriots’ Day holiday.
October 17: Due date to file for those requesting an extension on their 2021 tax returns.
Best of luck — and please remember to be kind and patient with your tax preparer and agency representatives. We’re all human beings struggling with an imperfect system during a difficult time.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
The step-by-step instructions I painstakingly wrote up earlier this year for making business replacement income tax estimated and extension payments are now out-of-date, because IDOR revamped their MyTaxIllinois website in September (grrrrr). So here are the basic instructions (screenshots are coming soon, but this will have to do for now):
— Log into the business’s My Tax IL account — On the ‘Summary’ tab, look for the ‘Business Income Tax’ section — Click on the link for ‘View more account options’
There are two ways to do it from here; the first is: — In the ‘Account Options’ section, click the link for ‘Make An Estimated Payment’ — Select the period you want to pay (which is 12/31/2021 for tax year 2021 — choose a later period if paying estimated taxes for 2022) — Click the first ‘Add Payment’ hyperlink in the Payment Schedule table for each payment you would like to schedule. — If your payment information is saved in MyTax Illinois, then in the ‘Choose’ tab you can select the dropdown under ‘Payment Channel’ — Otherwise, select ‘New’ and enter your company bank info. — In either case, on the right where it says ‘Payment’, you can change the payment’s debit date and enter the amount. — Click Submit, and re-enter your password for security purposes
Alternatively: — In the ‘Periods and Submissions’ section, click the link for ‘View Account Periods’ — Click the 12/31/2021 link so that your payment is applied to tax year 2021 (or a later period if paying 2022 estimated quarterly taxes) — In the upper right corner of this page, click the ‘Make A Payment’ link — Select the ‘Bank Account Debit’ link — Click the IL-1120-ST Payment link (ST denotes a “Small Business” payment) — Enter the amount you want to pay in the Amount and Confirm Amount fields — Click Submit, and re-enter your password for security purposes
Congrats, you did it!
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With one week left before year-end, it’s possible that you are among the folks who received an email (below) back in October but hasn’t yet reported to the SBA on the eligible expenses incurred so far. This blog post (with a 20-min video walking you through the whole process) is our suggestion of how to translate the info you already have in QuickBooks into a format that will easily conform to the Restaurant Revitalization Award Portal requirements.
Sample email from SBA regarding RRF year-end reporting.
Spoiler alert: the process takes more than 5 minutes. It can easily take an hour or more. The actual entering of data into the SBA RRF portal is the part that only takes 5 or so minutes.
Our recommendation is to download the free Restaurant Revitalization Fund Tracker from the American Institute of CPAs (AICPA) website (like their PPP Forgiveness Calculator, you do have to register for an account, but there’s no charge). However, instead of entering each individual transaction on the form (as it’s designed for you to do), our suggested shortcut is to take the information you already have in your QuickBooks file and enter each category as one line — then subtract all the non-RRF grants and assistance received, so that you’re not double-dipping.
The RRF period runs from February 15, 2020 — the very beginning of the pandemic — to March 11, 2023. The year-end reporting is just a progress report of what you’ve spent so far that is eligible for RRF program fund allocation. So we suggest you run a Profit & Loss for your company for the period of February 15, 2020 all the way through November 30, 2021 (or whatever your most recently reconciled month-end is), and use those numbers to report what has been spent so far. Then enter the non-RRF grant funds as negative numbers on the same Expense Tracker tab, so that they net against each other. The result will be the data you submit to the SBA at restaurants.sba.gov once you log in to your portal.
Step 1 – download the AICPA RRF Tracking Tool Step 2 – enter the name of your company in the Summary tab, cell A9 Step 3 – enter the RRF amount in the Expense Tracker tab, cell C6 Step 4 – run your Profit & Loss from 2/15/2020-11/20/2021 Step 5 – export to Excel and save to your RRF file folder Step 6 – on the Expense Tracker tab, enter summary amounts from the Profit & Loss for Payroll, Rent, Utilities, Food & Beverage, Maintenance, Supplies, Covered Supplier Costs, and Business Operations Expenses
Tip: for now, skip Mortgage Payments, Debt Service, Outdoor Seating Construction, and Depreciation, or ask your accountant for help with these, as they are usually on the Balance Sheet or in the Non-Operating Expense section of the Profit & Loss, and are therefore harder to DIY.
Tip: Business Operations Expenses are all operating expenses that are not already accounted for in one of the other categories.
Step 7 – IMPORTANT: enter all the non-RRF grants and financial assistance as negative amounts on the Expense Tracker tab — this is to prevent any double-dipping Step 8 – go to restaurants.sba.gov and log in Step 9 – enter your name, address, EIN, phone, and email (if this information is not already there) Step 10 – enter the amounts from the Summary tab — Note: you cannot enter more than the total RRF grant, so you may need to reduce one or more of the categories so that you don’t exceed the total. Step 11 – if you have allocated all the RRF funds, certify as such — you will not be required to repeat this progress report next year; if you have not allocated all the RRF funds, you will be able to “Save” but not “Submit”.
If you have not allocated all the funds yet, then follow this same process next year by December 31, 2022 — you can run the Profit & Loss from 12/1/2021-11/30/2022 at that point and follow the same approach. Most folks will have sufficient eligible expenses from 2/15/2020-11/30/2021 to “use up” the whole RRF grant, but after subtracting other grant income from expenses, may find that they still have a balance left over that they can allocate costs to when reporting at the end of 2022.
You have until March 11, 2023 to allocate all the funds (aka spend them on operating expenses, and until April 30, 2023 for final reporting. If it turns out you didn’t have enough eligible expenses from 2/15/20-11/30/21 using Profit & Loss Operating Expenses, then take some time to work with your accountant to determine if you have debt service, mortgage payments, capital expenses for outdoor seating, or depreciation that counts. You can report these in next year’s RRF Program Post-Award Report, along with next year’s Profit & Loss Operating Expenses. In all cases: make sure to subtract all other grant income from expenses so you are not double-dipping!
23-minute video walking you through the whole process — Merry Christmas!
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
Most states, including Illinois, send out a letter at the end of each year to employers, informing them of their new “Contribution Rate Determination”. As I’m receiving lots of questions about them this year, I figured I’d take a moment to explain what these are and how to update your Gusto payroll account with this info.
This year, IDES is distributing the letter electronically for all who have opted in, with an email stating:
You have received new electronic correspondence from the Illinois Department of Employment Security (IDES). Please log into MyTax Illinois to view your correspondence as some may require a timely response. Below is a list of the new correspondence you have received.
If the notice you received has appeals rights, you must file your appeal according to the instructions stated on the notice. If you have questions, please call the IDES Employer Services Hotline: 800-247-4984.
For those who haven’t received a letter in the mail, you’ll want to log into MyTax Illinois to get your letter (or if you did get your letter in the mail, but want to download a pdf of it for your files).
Once you log into your company’s MyTax Illinois account (the same place you log into to make sales tax and corporate estimated tax payments), you’ll see a number next to the “Action Center”. Click on that and then click on the “View Letters” link.
Then click on the “View Letters” link.
And then click on the “Contribution Rate Determination” link to get your letter.
The letter will say “Rate Determination” at the top-left.
The new rate is listed at the end of the first row on the page, under where it says “Contribution Rate (New)”.
This rate is also known as your “experience rating” because it’s in part based on how many of your employees claimed unemployment over the past two years, compared with the total payroll for that same time period. (For 2020 and most of 2021 they paused this type of increase, because everyone was claiming unemployment due to the pandemic.) For 2021, the percentage will be between 0.200% and 7.625%.
If for some reason the wages, unemployment benefit claims, and rate don’t seem right, the next page in the letter allows you to contest it by sharing how your company records are different. The following page in the letter explains how the formula works, in case you’re not sure whether or not it deserves contesting.
Contesting a rate is rarely needed for small business owners, because we all have the option to contest individual claims when they happen. If a staff member quits/resigns, or if they are fired for dangerous behavior, then they don’t qualify to claim unemployment benefits — a notice for each claim is sent to the business owner and they have a short period in which they can dispute the claim. It’s important to do this to keep the IDES contribution rate down. Keep in mind that just this past year, they have stopped mailing claim letters, and business owners should check their MyTax Illinois account each month for these notices — see my blog post here for more: Illinois – No More Snail Mail for Unemployment Claim Notifications | The Dancing Accountant
In November, IDES sent out another round of reminders about this:
And on the final page they included an option to request a snail-mailed paper notification of claims:
So you’ve got your new rate — what does it mean and what should you do with it?
The rate will be multiplied against the first $12,960 of each employee’s wages (this increases slightly each year) and the resulting total will be paid as unemployment tax by the employer. That’s why you want as low a rate as possible. But if you don’t have a lot of employees, then even a high rate does not end up being a lot of money. Pretty amazing deal for how much our society depends on the unemployment safety net.
Click the Taxes & compliance section and select Tax setup.
Click Manage Taxes under the applicable State Tax section.
Scroll to “State Tax Settings” and click edit next to SUI Rate.
The effective date for the new rate is the upcoming January 1st.
If you don’t update your payroll records asap, then you could end up paying in unemployment at a higher or lower rate than required. If it’s too low, you may end up owing penalties, and if it’s too high, then you have to file for a refund, which a lot of folks forget to do, leaving their money on the table in perpetuity.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
Just wanted to share an upcoming webinar I’ll be attending — it’s free to NSAC members and $56 for non-members.
With the pandemic challenging traditional business processes and procedures, companies and their management are having to adapt to more electronic processes and different forms of communication. Fraudsters are mirroring these adaptations with ways of getting business information and how they execute their fraud schemes. We’ll discuss the most relevant fraud schemes affecting small businesses in this new business environment.
Presenter and Moderator Bios
Jessica Yohe, CPA, CFE, Bauknight Pietras & Stormer Jessica is an audit supervisor at Bauknight Pietras and Stormer, P.A. (“BPS”) where she provides leadership to the teams she works with and maintains strong client communications. Jessica serves clients across multiple industries including telecommunications, manufacturing, distribution, property and casualty insurance, and fraud/forensic engagements. During her time at BPS, Jessica has taught continuing education seminars on topics such as Fraud Considerations for Auditors, Audit Considerations for Investments, and Audit Considerations in the Wake of COVID19.
Bill Erlenbush, CPA, NSAC Director of Education Bill Erlenbush spent his entire career working in cooperative accounting at GROWMARK. His work experience includes all aspects of order control and billing, accounts receivable/payable, financial accounting, and tax. As compliance officer, he had responsibility for the administration of the compliance and ethics program at GROWMARK and its subsidiaries and retail divisions. In addition, he was been involved in negotiating major acquisitions for GROWMARK. His educational background includes a Bachelor of Science degree in Accountancy from the University of Illinois and an MBA from Illinois State University. He is a Certified Public Accountant. Bill is an active member in many industry, professional, and community organizations. He is past president of the Mclean County United Way Board of Directors as well as the past president of the Heartland Community College Foundation Board of Directors.
Cost Free for NSAC Members / $56.00 for Non-Members
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
Very excited to see a long-time treasured client get some enthusiastic press from WGN Chicago. And remember — I’m not just their CPA… I’m a co-op member and lender!
Logan Square co-op brings together thousands, creates vibrant food community | WGN-TV (wgntv.com)
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My excellent colleagues over at Wegner CPAs are providing yet another free webinar on the remaining Covid-19 relief programs for small business owners.
Do you still have questions about the COVID relief programs? Join us for an overview of what’s available and learn about any updates to the:
Kate Serpe, CPA, Senior Manager, joined Wegner CPAs as an intern in 2010 and was hired full-time as part of the Accounting Solutions Group in 2011. Kate has experience providing controllership and CFO services to cooperatives and not for profit organizations and specializes in board presentations and assisting clients with strategic planning.
Dan Bergs, CPA, Senior Manager, joined Wegner CPAs as an intern in 2008 and started full-time after graduation in 2010. He specializes in working individual and business clients providing them with a variety of tax and accounting services.
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
The City of Chicago just opened two new grant programs: Chi Biz Strong and Outdoor Dining. These programs are extremely straightforward, easy to understand and apply for, and are funded with over $20M. To streamline the process for applicants, the Chi Biz Strong Grants and Outdoor Dining Grant Program will be available through a single application.
Applications are available now and will be open until Friday, November 12, 2021 at 11:59 pm. Grants will be disbursed via a lottery and based on eligibility and prioritization criteria. To apply and learn more, please visit Chicago.gov/ChiBizStrongGrant.
Chi Biz Strong Grant Program: $5,000 or $10,000 grants (based on 2020 revenue reported on tax return) to small businesses and nonprofit organizations that have experienced lost revenue or increased costs due to COVID-19 to support business/nonprofit expenses
Outdoor Dining Grant Program: $5,000 grants for small restaurants and bars to support the purchase (or reimbursement) of outdoor furniture, pandemic-related signage, and personal protective equipment
Eligible organizations must have under $3M in revenue, and organizations that have not received prior government pandemic relief will be prioritized
Applicants will be selected by criteria and lottery; how soon you submit your application will have no impact on your likelihood to receive an award, as long as it is submitted prior to the deadline
Applications are open through Friday, November 12, 2021, at 11:59 PM.
Here are the details for for-profit companies (the rules for non-profits are different, so I encourage you to watch the webinar specifically for NFPs if this applies to you):
For-profit business criteria:
Small businesses (under $3M in revenue)
If you have over $60k of 2020 revenue reported on your tax return, Chi Biz will be a $10k flat grant — versus under $60k in revenue, it will be a $5k flat grant; unlike prior programs, it is not an amount based on a decline in revenue
Outdoor Dining is a $5k flat grant — you can apply for both Chi Biz and Outdoor Dining on the same application
Businesses who started in 2020 may be eligible, presuming they meet the qualifications otherwise
Excludes certain business types, such as junk yards and pawn shops
Businesses that have not received prior State, Federal or local government aid or financial relief will be prioritized
Small chains and franchises are eligible below a certain size; see FAQ for details
Required Documents (For-Profit Businesses)
Business Owner Valid ID (driver’s license, State ID, Passport, Consular Registration Card)
City/State business license with Chicago business address OR other proof of Chicago address (e.g. business bank statement or tax statement with business name and Chicago address). For Outdoor Dining Grant Program, City business license is required.
2020 Federal Business Tax Return all pages (Form 1120, 1065, 990 OR Form 1040 w/ Schedule C)
Most recent business bank statement
W9 Form
Timeline
10/22: Grant application is available
11/12: Grant application closes at 12:59 p.m. CDT
By third week of December: Grant recipients are chosen via lottery and notified of their acceptance
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
Note: this is an update to an existing blog post — the instructions below are specific to the Biz2Credit PPP lending platform. If you received your loan through another platform, please see my original post.
For over a year we waited for legislation from Congress as well as guidance from both the SBA and IRS as to the interplay between the Employee Retention Credit (ERC) and the Paycheck Protection Program (PPP). It appears the last of that guidance was issued on August 10, 2021 — so, at this point, as long as you have worked out the interplay between PPP and the Employee Retention Credit (ERC), then you should go ahead and apply. Which means that if you are a sole proprietor and have no employees, you are ready to apply — since ERC is only an issue if you have W-2 employees or are a W-2 employee of your own company.
For PPP draws in 2021, our firm participated in a joint program by AICPA and Biz2Credit called the “CPA Loan Portal”. We’ve prepared the following step-by-step instructions for clients of ours who were funded through this system — however, I believe the instructions are the same for small business owners who applied directly with Biz2Credit. (Let us know in the comments if this is the case or if you had to tweak the approach at all.)
First, a couple general comments for borrowers of $150k or less who are self-employed with no employees:
For self-employed with no employees, it’s an “owner compensation replacement” approach, which means you will have 2.5 months’ worth of your prior-year net profit (or gross profit, for those who applied for PPP funding under the last-minute changes to the rules) automatically forgiven. Your forgiveness amount should exactly equal your loan amount, presuming the original loan was calculated properly.
According to Biz2Credit on their July 1 webinar (from their PPP Forgiveness Required Documents Customer Guidebook), no documentation is required for sole proprietors with loans of $150k or less:
How-To Instructions for PPP Forgiveness – AICPA Biz2Credit Application – Self-Employed with No Employees
First things first, decide whether you’d like to fill out the forgiveness application yourself or whether you’d like your CPA firm to do it for you for a small fee. Once you’ve informed them that you’d like to DIY, they will need to “assign” the forgiveness application to you, which will trigger an email that looks something like this:
Once you log in to your account using the credentials you created when you signed the PPP draw application just before getting funded, you’ll be walked through a series of screens.
Click the “Apply for Loan Forgiveness” button.
Most of the information will be automatically filled in based on the initial loan application information. There is no need to enter information in any of the fields marked “(Optional)”. Click the “Confirm” button.
A pop-up should suggest you use the 3508-S application, the simplest one – click the Continue button to go to the Basic PPP Loan Information screen.
Covered Period Start Date should default to the disbursement date as the start date. The duration of the covered period can be anywhere from 8-to-24 weeks; if the applicant is self-employed with no employees, we suggest a 10-week period. The end-date will auto-fill.
Most of the information will fill in automatically, but you will have to note the number of employees at the time of the forgiveness application – for self-employed with no employees, the answer is 1.
For a self-employed person with no employees, the Amount of Loan Spent on Payroll Costs should be the full amount of the PPP loan.
Click the green “Next” button on the lower-right corner to continue.
A pop-up will come up – read and click “Accept & Continue” if you agree.
You should get a screen confirming the form was completed and letting you know they have sent an email with a link to Docusign the application. Do not click the “Continue” button until you sign the application. Open your email program in a separate tab to find the email from Biz2Credit Contract Support via Docusign, with the subject, “Biz2Credit : PPP Loan Forgiveness Application Form 3508S”. Keep in mind that it may be in the “Promotions” or “Updates” tab, or in Spam.
Click the orange “Review Document” button in the email.
The Docusign document should open in a separate tab – you may need to allow it to access your location.
Checkmark the agreement and click “Continue”.
Click the “Start” button and follow the guidelines to initial twice and then sign the form. Click the “Finish” button when you are done. Save a copy for your own records.
Go back to the Biz2Credit tab and click “Continue” (if you accidentally closed the tab, please go to the Biz2Credit site and log in again). It is essential that you click the “Continue” button to submit the application.
Click “Ok” on the pop-up. This will take you back to the dashboard – at the bottom, instead of the “Apply for Loan Forgiveness” button, you should see two links: View Submission and View Documents. There is no need to click on these at this point, but seeing them is reassurance that your application has in fact been submitted.
(If you did not download the form after Docusigning, then you can do it at this point, by clicking “View Documents”. It will then take you to a screen with a long list of possible documents – the top link (“E-signed 3508”) allows you to download a pdf of the e-signed document for your records.)
You will receive two more emails from Biz2Credit: 1) an email via Docusign allowing you to view or download the completed document (which at this point you’ve already done); and, 2) a confirmation that your loan forgiveness application is being sent to the SBA.
Now sit tight and await a confirmation email from Biz2Credit once the SBA has forgiven the loan – please make sure to forward this to your CPA firm… and congratulations!
Note: Even though no documentation for loans under $150k is required, occasionally there will be a follow-up email from Biz2Credit requesting certain items. Please forward to your CPA firm if this occurs and they will advise (and they’ll inform your Biz2Credit lending rep that this step should not be required).
For self-employed folks with no employees, the PPP Forgiveness process is very straightforward. Please let us know in the comments if you come across challenges, so others can learn from your experiences — especially for those who applied directly with Biz2Credit instead of through your CPA. Best of luck to you all!
If this or any other posts on the website were useful to you, and your financial situation permits it, please consider contributing to my tip jar. Ths allows me to continue to provide free accounting resources to small businesses who do not have the funds available to hire a CPA.
