{"id":297,"date":"2021-01-04T18:54:27","date_gmt":"2021-01-04T18:54:27","guid":{"rendered":"http:\/\/www.weissthompson.com\/blog\/?p=297"},"modified":"2021-01-04T18:54:27","modified_gmt":"2021-01-04T18:54:27","slug":"ppp-alert-january-2021","status":"publish","type":"post","link":"https:\/\/www.weissthompson.com\/blog\/index.php\/2021\/01\/04\/ppp-alert-january-2021\/","title":{"rendered":"PPP Alert January 2021"},"content":{"rendered":"

Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash?<\/p>\n

 <\/p>\n

Many did miss out. Why?<\/p>\n

One reason: the word \u201cloan.\u201d<\/p>\n

Who wants a loan? No one. Well, almost no one<\/p>\n

But who wants a cash gift, tax-free?<\/p>\n

 <\/p>\n

If you do, read on for the details. But first, you should know that the big picture works like this:<\/p>\n

 <\/p>\n

    \n
  1. You obtain your PPP tax-free monies from a lender (it\u2019s called a \u201cloan,\u201d but watch that word disappear as you read this letter).<\/li>\n
  2. You spend all the PPP money on yourself if you are self-employed or operate as a partnership; on payroll (including pay to you, if that applies); and on other covered expenses such as rent, interest, utilities, operations, property damage, suppliers, and worker protection.<\/li>\n
  3. You apply for loan forgiveness and achieve 100 percent loan forgiveness, which is easy-peasy when you spend 60 percent or more of the money on payroll (and yourself if you are self-employed or a partner in a partnership).<\/li>\n
  4. You deduct the expenses that you paid with the PPP loan monies that were forgiven.<\/li>\n<\/ol>\n

     <\/p>\n

    New Money on the Table<\/strong><\/p>\n

    The new COVID-19 stimulus act sets aside $35 billion for first-time PPP applicants, with $15 billion of that made in loans for first-time applicants with 10 employees or fewer or made in amounts less than $250,000 to businesses in low-income areas.<\/p>\n

     <\/p>\n

    New Deadline<\/strong><\/p>\n

    The new deadline of March 31, 2021, replaces the expired deadline of August 8, 2020.<\/p>\n

     <\/p>\n

    The monies available in this new round of PPP funding are on a first-come, first-served basis. Don\u2019t procrastinate. Get your application for your first-time PPP monies in place now.<\/p>\n

     <\/p>\n

    If you would like to discuss the PPP, please call our office at 847-593-7558.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash?   Many did miss out. Why? One reason: the word \u201cloan.\u201d Who wants a loan? No one. Well, almost no one But who wants a cash gift, tax-free?   If you do, read on for the details. … <\/p>\n

    Continue reading “PPP Alert January 2021”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-297","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.weissthompson.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.weissthompson.com\/blog\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.weissthompson.com\/blog\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.weissthompson.com\/blog\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.weissthompson.com\/blog\/index.php\/wp-json\/wp\/v2\/comments?post=297"}],"version-history":[{"count":1,"href":"https:\/\/www.weissthompson.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/297\/revisions"}],"predecessor-version":[{"id":298,"href":"https:\/\/www.weissthompson.com\/blog\/index.php\/wp-json\/wp\/v2\/posts\/297\/revisions\/298"}],"wp:attachment":[{"href":"https:\/\/www.weissthompson.com\/blog\/index.php\/wp-json\/wp\/v2\/media?parent=297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.weissthompson.com\/blog\/index.php\/wp-json\/wp\/v2\/categories?post=297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.weissthompson.com\/blog\/index.php\/wp-json\/wp\/v2\/tags?post=297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}