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Here is How to Get Your Loan Forgiven

4/22/2020

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Good News.  The Paycheck Protection Program is a Grant converting Loan for those who qualify.


Here's how your loan will turn into a grant: 
  • Your company's expenses for the eight-week period after the origination date your loan will be analyzed.
  • Every dollar your company spent on payroll, utilities, rent, or interest on mortgage debt will be added together. That amount will be forgiven, up to the total amount your company borrowed through the program.

Caveat.  The amount that is forgiven will be reduced for businesses that lay off employees during the first eight weeks following the loan. Companies that reduce wages of employees who make less than $100,000 per year by 25 percent or more will also have the forgivable amount reduced by the amount of the pay cut.
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Loophole. Businesses that have already let employees go before accepting the loan and are trying to rehire them will not be subject to such penalties, however. And if those businesses rehire employees after accepting the loan, they'll receive additional credit to cover their wages.

You will need to keep accurate records, as we are not sure how they will analyze your documents or if they will be subject to random audits at a later date.

Contact us if you need help keeping proper records. 
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    Important Disclosures


    Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.

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    To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
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    These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable — we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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    Author

    Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion.  Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.

    Keana founded this website and decided and created this blog page to offer a space for those seeking knowledge to understand, however not to be confused with advice or planning strategies.

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