Account your PPP Loan.
Bedinghaus & Company | Florida CPAs
‣ Layout your 8 week plan.
‣ Understand SBA guidelines.
‣ Meet forgiveness criteria.
Frequently Asked Questions
Payment Protection Plan Loans
The Small Business Administration (SBA), in consultation with the Department of the Treasury, has answered lenders and borrowers questions regarding the Paycheck Protection Program (PPP).
On April 24, the government authorized an additional $310 billion of coronavirus relief funding for the Paycheck Protection Program. The SBA resumed accepting PPP applications on April 27, 2020. For more information see here. SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) at this time.
You’ll apply through an SBA-approved financial institution in your local area. If you have a CPA, we recommend working with them when you apply.
This new loan program leverages SBA’s existing 7(a) loan program. SBA authorizes $349 billion in lending from February 15, 2020 through June 30, 2020, and will make forgivable loans of up to $10 million available to qualifying businesses.
For the Paycheck Protection Program (PPP), some of your loan amount may be eligible for forgiveness.
No, amounts forgiven under a PPP loan will be excluded from income for tax purposes. However, the expenses paid for with these forgiven loan proceeds are not currently tax deductible.
If you use your PPP loan on payroll costs and certain rent, utility, and mortgage interest debt during the first 8 weeks after loan origination, you’re eligible for forgiveness on that amount.
How Bedinghaus & Co Can Help You.
The SBA's Paycheck Protection Plan
Bedinghaus & Company's team of Certified Public Accountants serves as advisor to our customers seeking PPP Loans. We guide our customers through the SBA Application process and provide necessary documents to secure approval.
Free No Obligation Meeting
727-461-1133
Bedinghaus & Co Can Help You.
The SBA's Paycheck Protection Plan
Bedinghaus & Company's team of Certified Public Accountants serves as advisor to our customers seeking PPP Loans. We guide our customers through the SBA Application process and provide necessary documents to secure approval.
On April 24, the government authorized an additional $310 billion of coronavirus relief funding for the Paycheck Protection Program. The SBA resumed accepting PPP applications on April 27, 2020. For more information see here. SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) at this time.
You’ll apply through an SBA-approved financial institution in your local area. If you have a CPA, we recommend working with them when you apply.
This new loan program leverages SBA’s existing 7(a) loan program. SBA authorizes $349 billion in lending from February 15, 2020 through June 30, 2020, and will make forgivable loans of up to $10 million available to qualifying businesses.
For the Paycheck Protection Program (PPP), some of your loan amount may be eligible for forgiveness.
No, amounts forgiven under a PPP loan will be excluded from income for tax purposes. However, the expenses paid for with these forgiven loan proceeds are not currently tax deductible.
If you use your PPP loan on payroll costs and certain rent, utility, and mortgage interest debt during the first 8 weeks after loan origination, you’re eligible for forgiveness on that amount.
Frequently Asked Questions
Payment Protection Plan Loans
The Small Business Administration (SBA), in consultation with the Department of the Treasury, has answered lenders and borrowers questions regarding the Paycheck Protection Program (PPP).
Click the button below to review their periodically updated FAQs.
Get back to business.
Bedinghaus & Company | Florida CPAs
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