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PPP Loan Forgiveness and Taxation Issues

This is when you use the phrase "Magic 8-ball says 'Answer Hazy; Ask Again later'!"
- October 25, 2020
1 point
PPP Loan Forgiveness and Taxation Issues

Since the expenses paid by the forgiven PPP Loan are 2020 expenses, what I am trying avoid is having to go back and amend 2020 by extending and delaying the filing of 2020 tax returns.
- October 25, 2020
1 point
Cash basis but not $$ to cover payroll

There are two solutions. Get a short term loan from the bank, or better yet, factor the receivable. Factoring companies work faster (24 hours) than banks and charge lower interest. They will give an advance on the payment of up to 90%.
- October 25, 2020
1 point