The SBA released the application to have your PPP loan forgiven. Here's a breakdown of the long and complicated requirements. (by jules0117insc)
"We had a tremendous amount of interest in the PPP loans, companies that were downloading the reports, that were applying for the PPP loans on Rippling," Conrad told Business Insider. "They were told there was a way to get this loan forgiven, and we'll get you some guidance later. And then the guidance comes out and says that in order to get the loan forgiven, you have to have already spent it, and I think a lot of people are saying that it's just not fair.
"The application is like a tax return. It's very long and complicated — it's not like the 1040EZ, it's like the 1040 long and hard," Conrad said. "For us, we're doing a lot of this for our clients, so it's a business opportunity for us, but at one point this was presented as a very simple loan application, and now it's become very complicated."
"For most businesses, their 941 forms aren't available until after the end of the quarter, so the government is encouraging them to submit draft 941s," Conrad said. "But for any business that is doing this through a payroll company, there's no such thing as a draft 941 — the payroll company submits it electronically to the government after the end of the quarter and provides them an as-filed copy.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside California's beautifully bizarre Winchester Mystery House - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Self-employed workers face an uphill battle on PPP loan forgivenessAccountants continue to be puzzled when it comes to forgiving loans from the Paycheck Protection Program. Even more uncertainty lies ahead for independent contractors and the self-employed.
Read more »
Small businesses can use PPP loans for masks and reopening expenses like sneeze guards in proposed billThe proposed bill gives small business owners more flexibility in how they use the loans, addressing several persistent complaints about the $660 billion effort.
Read more »
Why This PPP Loan Data Might Actually Be Good News For Small BusinessThe Paycheck Protection Program or PPP is finally getting loans to the small businesses and self-employed individuals who need it the most. However, it is fintech firms who are now leading the charge in helping small business during the Covid-19 crisis.
Read more »
Bipartisan group of senators pushes to give small businesses more time to spend PPP fundsA bipartisan group of senators has introduced a measure that would double the number of weeks small business owners have to spend their federally backed loans from the Paycheck Protection Program.
Read more »
Senators strike deal on small business loan overhaulA bipartisan group of senators on Thursday reached agreement on a bill that would ease restrictions on emergency small business loans that are designed to curb massive layoffs during the Covid-19 pandemic
Read more »