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WISE Business Advisors, LLLP has been keeping up with PPP loan program forgiveness rules. It was announced that new “simplified” rules have been put in place for PPP loans less than $50,000. The SBA says that it ramping up for the expected deluge of PPP loan forgiveness applications. https://www.sba.gov/sites/default/files/2020-08/PPP%20Loan%20Forgiveness%20FAQs%208-4-20-508.pdf

While some banks are still not accepting applications and many borrowers still have at least one more week for their 24 week Alternative Payroll Covered Period to end, we suggest getting together as much information as you can to be ready for the forgiveness application. Examples include payroll tax forms for the covered period or alternative covered period, interest on mortgages, rent and utilities. At least 60% of the funds are required to be used for these purposes. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-5

If you need assistance with your PPP loan forgiveness or obtaining financing for you business give our senior business advisor, Fred Fial a call at (602) 524-2196.

WISE Business Advisors, LLLP are concerned for your health and welfare as well as our team members, and our community.

We are keeping current on all of the tax and financial implications of the current emergency!

We will be able to assist with Small Business Administration and other available financing for businesses.

We are working on easy ways to assist you in work from home remote computing.

We are making every attempt to complete tax returns as soon as possible to determine if you have refunds or owe money.

We are working with our clients to determine alternative income sources such as retirement funds, loans and family members’ assistance.