Here's what small business owners, many cash-strapped, want from the next GOP coronavirus bill

  • 📰 CNBC
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 72%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Entrepreneurs who are cash strapped and took an initial Paycheck Protection Program loan may have another opportunity to borrow. Meanwhile, accountants say it will take more than just additional PPP proceeds to keep firms afloat.

Tax professionals say that while a second bite of the PPP apple would be greatly appreciated, small businesses will need more than that to stay afloat."Essentially without deductibility, the business owner's taxable income will be higher this year, and it will create a larger tax liability at a time when every dollar counts," said Jeffrey Levine, CPA and director of advanced planning at Buckingham Wealth Partners in Long Island, N.Y.

A key feature of PPP loans is that borrowers may be eligible for forgiveness, provided they spend at least 60% of their proceeds on payroll costs. They may be eligible for partial forgiveness if they fall short of that threshold.However, the IRS has blocked borrowers' ability to write off salary costs and other expenses covered by PPP funds. This is to prevent them from taking a so-called "Lawmakers on both sides of the aisle disagree with this. Sens.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Small business needs Not a.

Wonder how many of the adversely affected businesses and individuals had voted for GOP and Trump.

Customers?

Any Business owner who pays less than 15 an hour to their lowest paid employee deserves to fail, and fail miserably.

More free money duh

Democrats support this but want small businesses and schools closed 🥴

Red index monday

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines