ppp loan forgiveness

FOX GUEST SAYS TRUMP MAY HAVE TAKEN NUCLEAR RETALIATION PLANS

A BLOCK: (1:50) We know Trump took nuclear weapons documents, information "among the most sensitive secrets we hold," documents marked "Special Access Programs" (2:19) What if it's even worse? What if it's worse than the worst we could imagine? (3:37) What if every crazy rumor about nuclear codes and invoking of The Rosenbergs is not only apt, but an understatement? (4:23) Biography of former Washington Post and Wall Street Journal investigative reporter Ronald Kessler (5:12) Kessler, a past Trump apologist, appears on Fox News Channel Thursday night (6:30) Kessler says what Trump took "could very well include the plans for counterstriking against Russia in the event of a nuclear attack" (8:50) Or, "penetrations by the CIA of foreign embassies, of foreign leaders like Putin, as well as recruitments of spies overseas." And that the Russians would've been trying to get a spy into Mar-a-Lago, and may have succeeded (11:00) Reinhart poised to release search warrant affidavit with all redactions the government requested (12:08) CNN reports Trump has been getting legal advice from non-lawyer Tom Fitton (12:56) Fox Business reports his web host may sue Trump for non-payment for Truth Social (13:40) We should assume that what's in Trump's Pandora's Box could be worse than we can possibly imagine.

B BLOCK: (17:30) Every Dog Has Its Day: Duo-Duo has been saved! And I'm plugging the Schwarzman Animal Center's "AMC To The Rescue" fund to treat shelter and pound pets who need medical help (18:59) Postscripts To The News: White House burns Republicans complaining about Student Loan Forgiveness program who themselves got PPP Loan Forgiveness - like Marjorie Trailer Park Greene (21:27) Who says she was swatted - again (22:01) Bill Barr turns on Trump (22:48) Couple confesses to stealing President's daughter's diary for Project Veritas (23:14) Tim Scott thinks "fruitful" and "fruit-filled" are the same word (25:04) Sports: Bryce Harper returns to the Phillies and that might be BAD news (25:40) Bengals-Rams scrimmage fight recalls Cletus The Slack-Jawed Yokel from The Simpsons (26:19) Anniversary of the ESPN2 show - and song, and the back story of how we launched it to mess with Fox (32:00) Jared Kushner, Doug Mastriano, and Ron DeSantis compete for Worst Persons dishonors.

C BLOCK: (37:13) Time for James Thurber and a short story that invokes Red Barber and Vin Scully (37:50) And might've become a film directed by Burt Lancaster (38:00) Regardless, it's one of his best: The Catbird Seat.

See omnystudio.com/listener for privacy information.

Business owners who took a forgivable loan this year can’t wait to have the balance wiped out, but are hitting a wall when it comes to forgiveness. Rumors of simplified forms. 

Confusion over tax implications. Unresponsive lenders. New stimulus. Overwhelming documentation. Fuzzy deadlines… The list goes on. 

PPP expert and Upside Financial Senior Advisor Hannah Smolinski joined /Founders Focus to explain how business owners can get out of the frustrating PPP forgiveness holding pattern and move forward with their businesses.

💰 Want help applying for PPP loan forgiveness? Check out Upside Financial.

🎬 Watch the full session: https://bit.ly/3vT7XLB

Have feedback? Connect with Scott Case on LinkedIn

Visit foundersfocus.com to join the live video sessions, watch past sessions, and see what topics are up next.

In this bonus /Founders Focus episode, PPP expert Hannah Smolinski explains how minority business owners can apply and maximize PPP funds by the March 31, 2021 deadline.

According to The New York Times, only 12% of Black and Latinx business owners got the PPP assistance they asked for. With the new $284 billion round of PPP funding, we want to offer clarity around the PPP process so there are less barriers to receiving a loan.

Hannah Smolinski breaks down:

1. How to apply for PPP and maximize funds
2. Documentation, eligibility, bank relationships, and more
3. When to think about forgiveness and how to avoid gotchas

Additional Resources:

• Watch the video recording: https://bit.ly/3uqN9KF
• Apply for a PPP loan with Upside Financial’s lending partner: http://bit.ly/3bp6Qdd​
• Use Hannah's Upside Financial referral code to save money on your PPP forgiveness application: http://bit.ly/3pNHsTp
• Subscribe to Hannah’s PPP YouTube Channel: http://bit.ly/3dsAYXH​

This episode was recorded on Thursday, February 18, 2021.

Have feedback? Connect with Scott Case on LinkedIn

Visit foundersfocus.com to join the live video sessions, watch past sessions, and see what topics are up next.

I write weekly about issues concerning small businesses for several publications. The next topic I will be writing about is small business closures. When you hear about retailers, restaurants, fitness centers, and the travel industry there is no doubt they are hurting in 2020. But this is also a big country with 30 million small businesses spread across many verticals. This means there are still a lot of small businesses out there that haven’t been impacted as greatly by the COVID-19 pandemic. 

A key reminder though when you’re looking at numbers is how do they compare to other related measures. The three biggest government agencies that report statistics on small businesses the Chamber of Commerce, the U.S. Census Bureau, and the Small Business Administration (SBA) all report 7 to 9 percent of U.S. small businesses close each year. There are about 30 million small businesses in the U.S. and around 6 million of those businesses have employees outside of the owners. If you take a 7 to 9 percent closure rate of those 6 million employer businesses that would be about five hundred thousand business closures each year. 

The silver lining is when there are economic downturns it also creates opportunities for some businesses to grow or new businesses to start. Businesses have had to learn to adapt to working virtually and leverage technology to run their business. Online sales have increased 28% year over year in 2020, which means businesses have had to pivot from selling products only in-store to selling online as well. 

A lot of people that received PPP loans in the Spring are starting to work out how to get them forgiven because those loans are starting to come due. You need to go back to your lender or bank and fill out the forgiveness application. If your loan is forgiving be mindful of the tax implication, whatever expenses you covered using the PPP funds will not be deductible on your taxes. This means your taxable income this year will be greater than you might normally expect to pay. Make sure to talk to your accountant early so they can help you prepare and know what to expect on your taxes. 

Some of the technology categories that have become mainstream today are virtual meeting platforms, customer relationship management (CRM) applications, cloud-based accounting systems, and office systems in general like project management or HR applications. One of the biggest problems facing businesses though is security so you need to partner with an IT firm to ensure the systems and tools you are using are updated and secure. 

Resources Shared: 

• Loan Forgiveness
• Thryv

Hi Welcome to ValuationPodcast.com - A podcast and video series about all things related to business and valuation.  My name is Melissa Gragg, a company valuation expert in St. Louis Missouri.  

During this episode we will discuss PPP loan forgiveness rules or spending rules and the PPP Loan forgiveness application process with Mark Nicholas, a forensic accounting expert and CPA in St. Louis as well as Bloomington and Decatur, Illinois. Welcome Mark!!   

Once again, the PPP loan program has undergone changes that will affect how full forgiveness is achieved. This time there is some good news!  On June 5th, the Paycheck Protection Program Flexibility Act was signed into law that added some additional key provisions to help business owners meet the forgiveness requirements more easily.   

1. I understand the time period for spending the PPP loan funds has been extended.  How long is it and what does that mean for business owners?   
2. The old rules for spending the PPP loan funds was 75% on payroll costs and 25% on certain other items.  What changed?  
3. Are the loan terms of 2 years and 1% interest still in place? 
4. Is it too late to still apply for a PPP loan?   
5. What do we need to know about the PPP Loan Forgiveness Application and should the business owner wait to fill out the application? 
6. What do we know about Prioritized Paycheck Protection Program Act? 
7. Eligible businesses must have exhausted their initial PPP loan, or be on pace to spend the aid in order to qualify for another loan. The bill would also extend the loan application deadline for businesses from June 30 to Dec. 30 or later. A companion bill has been introduced in the House. 
8. Covered Period – The covered period for eligible expenses has increased from 8 to 24 weeks!This means that you have an extended period of time to accumulate payroll and other eligible expenses to meet the forgiveness requirements.  This means that those potential bonuses and payroll adjustments at the end of your original 8-week period may not be necessary at this time. 
   1. If your PPP loan was made prior to June 5th, you may elect to still use the prior 8-week period to determine loan forgiveness. 
9. Payroll Costs – The payroll expense requirements for use of PPP funds has decreased to 60% of your loan, where it was 75% previously.  This allows for more of the funds to be used on the other qualifying expenses like rent, utilities, and mortgage interest. 
   1. Using less than 60% of your funds on payroll costs will decrease the amount of other eligible expenses, which will decrease the total amount of forgiveness allowed. 
10. Application Deadline – If you have not yet applied for a PPP loan, the deadline is June 30th. If you’re considering applying, don’t wait until that date as your banker needs to submit the request to the SBA by June 30th.

Melissa Gragg, CVA, MAFF, CDFA
Expert testimony for financial and valuation issues
http://www.BridgeValuation.com
melissa@bridgevaluation.com 
Cell: (314) 541-8163
Bridge Valuation Partners, LLC

Mark A Nicholas, CPA, CFE, CVA, CFF, MAFF 
Managing Member 
Financial Litigation Consultants, LLC 
2712 McGraw Drive Bloomington, IL | 309-663-1353 
3130 Sutton Blvd Maplewood, MO  | 314-279-9223 
3040 N University Ave, Decatur, IL | 217-877-6766 
Email:  mark.nicholas@flc-llc.com 
Website: http://www.flc-llc.com 

During this episode we speak with Mark Nicholas, a CPA and forensic accountant with a 28 person accounting firm in St. Louis as well as Bloomington and Decatur, Illinois. Melissa Gragg, business valuation expert and host of ValuationPodcast.com, discusses the Paycheck Protection Program or PPP Loans and the Economic Injury Disaster Loan Program or EIDL and the forgiveness process of these loans. PPP Loan Forgiveness Process (CPA St. Louis)

1. Businesses are starting to get their EIDL loans. What are some of the major issues surrounding these loans? 
2. There seems to be a lot of talk about spending requirements with the PPP loan. What are the key factors? 
3. Is it about time when many businesses will start applying for forgiveness of their PPP loans. How do they go about this process? 
4. Full-time equivalents are a somewhat hidden aspect of the PPP loan forgiveness program. How important are FTE’s to forgiveness? 
5. What’s next for business? 

PPP Loan Forgiveness Process - http://valuationpodcast.com (314) 541-8163 A podcast and video series pertaining to all things business and valuation.  

Melissa Gragg, CVA, MAFF, CDFA
Expert testimony for financial and valuation issues
http://www.BridgeValuation.com
melissa@bridgevaluation.com 
Cell: (314) 541-8163
Bridge Valuation Partners, LLC
301 Sovereign Court, Suite 208
St. Louis, MO 63011

Mark A Nicholas, CPA, CFE, CVA, CFF, MAFF 
Managing Member 
Financial Litigation Consultants, LLC 
2712 McGraw Drive Bloomington, IL | 309-663-1353 
3130 Sutton Blvd Maplewood, MO  | 314-279-9223 
3040 N University Ave, Decatur, IL | 217-877-6766 
Email:  mark.nicholas@flc-llc.com 
Website: http://www.flc-llc.com 

Para una cantidad considerable de personas, los ingresos que están recibiendo hoy por seguro de desempleo son mayores a los de sus empleos regulares. Por esta razón, los empleadores que ya pudieran estar abriendo sus negocios después de los cierres causados por la pandemia están teniendo problemas logrando que sus empleados regresen a sus puestos de trabajo. Matemáticamente esto puede hacer sentido en el momento, pero hay otros factores que debemos tener en mente antes de tomar esta decisión.

Así que acompaña a Manuel y Suhailly a discutir este tema mientras disfrutamos de un buen café boricua.

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