Goodrich, Thomas, Cannon & Reeds, LLP

The IRS doubled down on the deductibility of expenses paid with PPP money that was forgiven. If you had, or expect to have your PPP loan forgiven, the expenses you paid with those funds are not deductible. Give us a call to talk it out and come up with a plan. https://www.irs.gov/pub/irs-drop/rr-20-27.pdf

Here are some FAQs (and answers) regarding PPP Loan Forgiveness. https://www.sba.gov//PPP%20Loan%20Forgiveness%20FAQs%208-4

The SBA has released its PPP Loan Forgiveness Application. Details are available here: https://www.sba.gov//sba-and-treasury-release-paycheck-pro The link to the application is near the bottom of the page. Please feel free to contact us with any questions about the loan forgiveness process.

If your business got a PPP loan, and if you laid off employees who refuse to come back to work, you may not be penalized.

For those of you with California sales tax obligations, there is some relief. https://www.cdtfa.ca.gov/news/20-06.htm

90-day grace period for mortgage payments No negative credit impacts resulting from relief 60-day moratorium on new foreclosure sales or evictions +... more For more information on CA's Major Relief Package: covid19.ca.gov