Congress Liberalizes PPP Loan Forgiveness

Congress Liberalizes PPP Loan Forgiveness

If you are the owner of a small business that was able to obtain a Paycheck Projection Program (PPP) Loan, you have probably already started worrying about how you are supposed to spend the loan proceeds to maximize loan forgiveness.

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Does Your Business Qualify for the Research Tax Credit?

Does Your Business Qualify for the Research Tax Credit?

For businesses, the tax code provides a tax credit of up to 20% of qualified expenditures to encourage businesses to develop, design or improve products, processes, techniques, formulas or software and similar activities. In the past, this credit—called the Credit for Increasing Research Activities—had to be reauthorized by Congress yearly, but as part of the 2015 PATH Act, this credit was made permanent.

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Announcement from Isler NW

Important information for any business who has received a PPP loan – this will be of interest to you.

To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). Borrowers may also complete this application electronically through their Lender.

This application has the following components: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP Schedule A Worksheet; and (4) the (optional) PPP Borrower Demographic Information Form. All Borrowers must submit (1) and (2) to their Lender.

Click the link below to fill or print the application.

Download Form Here

Not All PPP “Forgivable” Loans Will be Forgiving

Not All PPP “Forgivable” Loans Will be Forgiving

In the face of the global pandemic and the subsequent economic crisis it has spurred, the federal government has taken several steps to protect small business owners. One of the most notable of these steps is the offering of Paycheck Protection Program (PPP) loans, which are being trumpeted as forgivable loans. Though the loans are indeed forgivable, the requirements for forgiveness are not as broad as many borrowers originally thought.

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