Jo Ann Koontz, Jackie Durham (Koontz & Associates, PL) and Marina Parkin (Koontz & Parkin, CPAs) present updates on PPP and EIDL loans for borrowers. The timing of your forgiveness application will impact your taxes this year and next. Listen to these updates and regulation changes to boost your confidence and accuracy when filing for forgiveness and filing for your taxes.
1:27 - When should I apply for forgiveness?
6:52 - Should I ask for loan forgiveness for this year or next year? What are the pros and cons for my taxes?
10:03 - The deadline or expiration on grace period before you need to make payments on loan.
13:45 - Why aren't banks accepting forgiveness applications yet?
18:40 - Recap of ratio of payroll and non payroll expenses. Importance of maintaining documentation.
23:51 - EIDL updates and review. Restrictions difference between EIDL and PPP.
25:56 - Using the loan for "working capital" only.
27:42 - Payments to owner vs owner employer compensation.
31:00 - Differentiating between PPP and EIDL loans.
35:38 - Recent SBA Regulations for PPP
38:29 - Interplay between PPP borrows and tenants.
39:39 - Rent payment to affiliated parties.
43:40 - Nonpayroll expenses that can be claimed for deduction.
47:39 - Review of EIDL Loan Agreement. Updates on usage of funds.
SPEAKERS
Koontz & Associates, PL | Jo Ann Koontz & Jackie Durham
Koontz & Parkin, CPAs | Marina Parkin