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Sandusky, Ohio Office
422 West Market Street
Sandusky, OH 44870
419-625-4942
866-293-2727
FAX: 419-625-7120
MAP

 

Norwalk, Ohio Office
257 Benedict Avenue, Building D
Norwalk, OH 44857
419-668-2552
800-860-0152
FAX: 419-663-3637
MAP

 

 

Monday–Friday: 8 am – 5 pm
   
Fridays from May 1 through
Labor Day we close at noon.

Fridays from September 11 through October 31 we close at 3 pm

 

 

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CPAs Net

Tax House, Senate approve 5-week PPP extension 

  
July 02, 2020
Payne, Nickles & Company

 

The U.S. Senate and House of Representatives have both unanimously agreed to extend the Paycheck Protection Program (PPP) by five weeks in an effort to continue providing relief for small businesses hit hard by the pandemic. Applications officially closed for the program on June 30 when the Senate voted for a last-minute extension. President Trump is expected to sign the bill. 

 

This extension would give small businesses until Aug. 8 to apply for a share of the approximately $129 billion in remaining PPP funding through the Small Business Administration (SBA). Thanks to the PPP Flexibility Act passed on June 5, recipients have 24 weeks to use loan funds for payroll and other essential expenses like rent/mortgage and utilities. The Flexibility Act also lowered the threshold for payroll expenses to 60% to achieve full forgiveness with a few safe harbor considerations. Over 4.9 million loans have been approved by the SBA so far, worth more than $520 billion. 

  

Contact us for assistance in compiling information for your PPP forgiveness application to present to your lender.
 

 

 
419-625-4942             419-668-2552
Sandusky                             Norwalk

 

 

 

 

Treasury Circular 230 Disclosure

Unless expressly stated otherwise, any federal tax advice contained in this communication is not intended or written to be used, and cannot be used or relied upon, for the purpose of avoiding penalties under the Internal Revenue Code, or for promoting, marketing, or recommending any transaction or matter addressed herein.