Paycheck Protection Program (PPP) Loan Forgiveness Information

Note: The links below were compiled on 12/25/20. Since its creation in early 2020, the Treasury Department, and the IRS have issued a continual stream of changes to the PPP.

• PPP loan forgiveness application deadline is 10 months after the end of your covered period – see question #4 of this SBA document.
• PPP Loan Forgiveness General Instructions
• As explained by the U.S. Small Business Administration (12/28/20), thanks to the Consolidated Appropriations Act of 2021 (HR133), if a business receives PPP Loan Forgiveness, the expenses paid with those funds are deductible on tax returns. The Act reversed previous PPP rules which deemed such expenses non-deductible.
• Note that the links below may change, as the Consoliated Appropriations Act of 2021 also established a new, short-form forgiveness application for PPP Loans of $150,000 or less.
• PPP Loan Forgiveness Application Form 3508EZ (For borrowers who didn’t reduce employee levels, wages, or hours.) 3508EZ Instructions
• PPP Loan Forgiveness Application Form 3508S (For borrowers who took out loans of $50,000 or less.) 3508S Instructions
• PPP Loan Forgiveness Application Form 3508 (For all other borrowers.) 3508 Instructions
• Additional U.S. Treasury Information on the Paycheck Protection Program and Loan Forgiveness

COVID-19 Precautions in Our Office

Most people who catch Coronavirus (COVID-19) recover completely, but too many are dying or suffering permanent health issues. In addition, we have family members who are in high-risk groups. Therefore, we are following the recommendations of the Centers for Disease Control (CDC). We greatly appreciate your cooperation and understanding.

• As of July 16, 2020, the State of Alabama requires masks in public areas.
• For your convenience, we have both face masks and hand sanitizer available when you enter our office.
• We have plexiglass sneeze guards on our desks for everyone’s protection.
• If you know you’ve been exposed to COVID-19 within the last 21 days, we ask that you not visit our office until another 21 days have passed.
• If you are sick with COVID-19, please stay home.

Even if you are sick with or have been exposed to COVID-19, we can still help with your accounting or tax needs. We can communicate with you by phone, Zoom (audio/video/screen sharing), email, and text. Please contact us to discuss your accounting and/or tax needs.