This email is mostly about PPP and EIDL/EEIG
The U.S. Treasury has issued the Paycheck Protection Program Loan Forgiveness Application and a copy can be found on our website at thetaxauthority.com/covid-19-updates
Sue is managing the PPP for the office and will be calling each client that received funds from the program this week. If you do not hear from her please call the office to confirm we know you applied and were granted funds. As of today we have 37 clients that have received PPP money.
At this time, we are wanting to make sure you understand the proper way to spend the money so it may be forgiven and what it means if some of the money is not forgiven. The 8 weeks begins on the day of funding so be sure to let us know the exact date of your deposit. If some of the funds are not forgiven, the amount not forgiven becomes a loan for 2 years at an interest rate of 1%.
As with the loan process, we expect every lender to have their own way to submit supporting documentation for the forgiveness calculation so be watching your email for instructions from the lending institution you applied thru.
The SBA is starting to reach out to those clients that applied for the Economic Injury Disaster Loan (EIDL) and requested the Emergency Economic Injury Grant (EEIG) of up to $10,000 (which we learned meant $1,000 per employee on 1/31/20). They are sending an email that has 3 very simple steps 1) confirm your identity by answering some questions, 2) confirm bank info and 3) electronically sign. These loans are for 30 years at an interest rate of 3.75%.
I have just learned the EEIG is not part of the EIDL so therefore it is free. Neither of these programs have any requirements on how or when to spend them.
If you are having any issues with UIA or PUA, be sure to call the office and ask for Teri or Jennifer as they are co-managing these areas and can offer assistance if needed.
If you have any questions on your Stimulus payment, the entire office is able to answer questions on this area just give us a call.
That will do it for today so until the next update, stay safe