Hey all,
As you probably already know, our office has been working on finalizing a system within our office to ensure we help our clients achieve maximum PPP forgiveness with the least amount of time and energy on their part.
We’ve decided to approach this BY BANK.
We are working with a handful of the community banks first and then working our way into the larger banks next.
We’ve been interviewing and testing various systems and have decided that this is the most efficient way to move forward.
We are currently working with Farmers National Bank and will be moving on to Cortland Bank and Premier Bank in the first part of January followed by Huntington, Chase, PNC and various other institutions along the way.
Along those lines we are paying VERY close attention to pending legislation regarding the PPP.
There has been mention in Congress
of items impacting the PPP such as:
1. Round two for specifically impacted business-specific industries and those who can prove revenue losses over a certain percentage.
2. The tax effect of PPP -There are MANY lobbying groups have been pushing for many months to reverse the IRS decision on the non-deductibility of PPP expenses, therefore making loan proceeds effectively taxable.
3. A streamlined application process for “small loans”-loans under $150,000.
With all of this being said, we’ve had to tighten up some of our processes surrounding this program.
As a result of guidance from the AICPA and Ohio Society of CPAs, we are required to have engagement letters signed for all PPP forgiveness consulting services.
If you have not yet received a call to confirm that we will be working on your PPP forgiveness application, please call the office at your earliest convenience and they will make sure that you are on the list and you are sent an engagement letter as soon as possible.
Stay tuned for more updates as we watch Congress closely in the coming days.
Maybe, just maybe, there will be a Christmas miracle in Washington DC.
Happy Holidays,
Tim
