Professional Accounting Blog

    Accounting For Your Prosperity

    What You Need to Consider as You Seek Loan Forgiveness – Q&A Highlights

    Posted by Carlin Culbertson on May 20, 2020 10:09:45 PM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19, Featured

    On May 13th, Meaden & Moore held a webinar titled “What You Need to Consider as You Seek Loan Forgiveness” to provide information concerning the Paycheck Protection Program through that date with a focus on loan forgiveness items.  Since this is a topic that is on everyone’s mind, there were a significant number of attendees and in turn a lot of questions.  We answered as many as we could during the webinar, and answered the rest via a follow up email to the participants with the questions we didn’t get to during the webinar.

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    PPP Loan Forgiveness - Updated Guidance for Rehires

    Posted by Carlin Culbertson on May 4, 2020 4:24:06 PM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19, Featured

    Treasury and the SBA updated their FAQ on May 3, 2020 with Q&A item 40.  This indicates that if you make an attempt to rehire an employee and they refuse to come back to work, you will not be penalized in your forgiveness calculation for them.  You do need to follow certain documentation guidelines as described below.  This thankfully offers some clarity on this situation as it has been a common occurrence with some employees for a variety of reason. 

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