I called our accountant on Thursday for an update and literally the IRS issued guidance this week clarifying the timing issue:
The upshot of this guidance is that the PPP loan/grant will apparently have to be recognized in 2020.
Starting this thread to restart the conversation on PPP Loan Forgiveness thanks PMI Community.
Too much confusion remains…Made an appointment with Accountant! Will keep posted for free.
My bank wanting proof that we had power before the loan and during the time PPPmoney was used. As well, they want proof of water usage pre and post loan.
Can’t find the rental agreement originally signed in 1990! Employee’s salaries request I can understand but the nitpicky-ness of the other requested things makes me ask why did we bother to begin with! Perhaps this is a peculiarity with my bank (TRUIST)?
We just had to provide invoices from our electric bills to prove that we had services. Not sure if your bank will accept that.
Cathy
Yes, that’s what they’re looking for, and other receipts as well…
Glad I’m not the only one !
Originally going to use the 8 week PPP Loan forgiveness route but received recommendations to use the 24 week instead as our payroll alone for this period was more than the loan amount. So no need to business expenses to add. I did put these aside, just in case the bank wants this information uploaded later on in the application process.
Hi everybody! First wanted to thank everybody in the community for all your help during these difficult times. The forum and the webinars really have been a life saver for my practice! I am planning to apply for PPP forgiveness for my pediatric office soon as I have chosen the 8 week period due to the headcount during this period being higher compare to the 24th week. My question is I heard the IRS issued a new guidance regards to eligible cost for the PPP loan which includes “Expenditures to suppliers that are essential at the time of purchase to the recipient’s current operations”. I was wondering if this would include vaccine purchases for my office as it is essential for my operations. The language seems a little vague so just wanted clarification. Though I do meet the 60% payroll expense, even with utilities, rent and other eligible expenses, I am having a hard time using up all the funds. Thank you for your guidance.
Below is a link to the website regards to the eligible expense changes