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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. Lacerte | ProConnect | ProSeries
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- PPP FORGIVENESS
PPP FORGIVENESS
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B1G R3D ON3
Level 1
04-09-2020
12:59 PM
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WHAT HAPPENS IF CLIENTS LAY OFF EMPLOYEES AFTER THE 8 WEEKS AND THE MONEY IS ALL USED UP AND THERE IS NO MORE WORK.
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1 Comment 1
IntuitJim
Employee
04-09-2020
03:34 PM
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The Paycheck Protection Program (PPP) is a loan that the lender makes to the employer. The loan has a maturity of 2 years @1% interest. If the employer does not qualify for forgiveness, then they must repay the lender. SBA says the employer must maintain the same payroll level in 2020 as 2019, 75% of the PPP proceeds must be used for payroll expenses, and likely, there will be other guidance coming. If your client doesn't believe they can sustain the payroll levels, it may not make sense to take a PPP. Recommend you consider attending Coronavirus webinar tomorrow to see other options (like Employer Retention Credit). You can register here: https://proconnect.intuit.com/training/lacerte/
