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SEARCHWhile the PPP loans helped many owners through an unimaginable crisis, there still is a lot of confusion and frustration around the loans. Kopsa Otte's April McDaniel shares those frustrations and provides the latest document to address some of the concerns.
"We are in this together!" This has been a common theme during this Covid 19 pandemic, for sure.
As an accountant who typically spends my time helping salon owners understand their financials and save money on taxes, I’d never have guessed how I’d spend the Spring of 2020. I’m sure I share this feeling with all my friends in the beauty industry and those in the professional accounting/tax world.
Times are not normal. Our lives are not about tax savings and financial statements right now. It’s about surviving this crisis. It’s about pivoting and providing what our clients need us to do RIGHT NOW.
Right now, that’s dissecting and communicating the vague and late-coming guidance surrounding the Paycheck Protection Program – the dreaded PPP loans. I say dreaded because it’s SO complicated.
It was sold by many to be free money as long as you spend 75 percent on payroll. Well, we all know there are always rules that go along with any government program.
I have to give props to our fearless leaders in Washington D.C. for getting this program out so quickly. The challenge has been that guidance on these programs has followed too late.
My conversations with owners vary from ending in tears because there is no opening date to celebrating grand re-openings. My days are filled with walking through a forgiveness calculator with clients that changes weekly, sometimes daily.
For some, the risk of paying payroll without the rules is too much. To complicate things further, they can’t match what their team is getting on unemployment. Another big flaw.
Our role has been to provide guidance to our clients on what we do know and expose the risk associated with what we don’t know. And, I have to say I’m tired of saying “I don’t know!”
I’m hopeful that the 8-week period will be extended and that we get more clarification on the rules, but unfortunately for those who got their money early in the first round, the answers may come too late.
We will keep doing our best to help given the guidance and lack of guidance that we have. I’m proud to be part of the Kopsa Otte team & be surrounded by this wonderful industry.
Here are some links to some new, and not so new information, surrounding this topic:
Journal of Accountancy Article on the new Interim Final Rules, issued May 22.
The most up-to-date FAQ for the PPP Program
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