Randy C.
Did exactly what they said they would do. No complaints. Definitely recommend
The Paycheck Protection Program (PPP) is a loan plan from the CARES (Coronavirus Aid, Relief, and Economic Security Act). It is an approximately $350 billion initiative aimed to offer eight weeks of cash-flow aid to American small businesses via 100 percent loans backed by the federal government. The Small Business Administration (SBA) funds the loans. You can read the bill more here.
The Paycheck Protection Program (PPP) is a loan plan from the CARES (Coronavirus Aid, Relief, and Economic Security Act). It is an approximately $350 billion initiative aimed to offer eight weeks of cash-flow aid to American small businesses via 100 percent loans backed by the federal government. The Small Business Administration (SBA) funds the loans. You can read the bill more here.
The Payment Protection Program applies to all small businesses. This includes:
The only condition is that your business has been in operation as of February 15, 2020. Your business is not eligible for the program if the business began after that date.
The salary of self-employed people who have no employees report income by Schedule C is calculated by net profit. Find the amount on either the 2019 tax report on line 31 of Schedule C or on the Net Profit line on the most recent income statement. To calculate the total monthly payroll costs, divide this annual net income statistic by 12. Note: When the taxable net profit reaches $100,000, divide $100,000 by 12. To calculate the size of your PPP loan, multiply the resulting number by 2.5. (Please check with your PPP Bank Partner/SBA Guidelines to confirm exact amount).
The Small Business Administration stated that the cost of an individual contractor is not part of the contracting company’s payroll costs.
Independent contractors must submit a separate application. Following the steps above, take the income recorded in Schedule C and 1099-MISC and calculate the salary and loan amount. Include the net salary (income after expenses).
S-Corporation owners who earn a fair wage from payroll must assess the loan amount at 2.5 times their regular monthly W-2 income. Here are two important points to keep in mind:
You may apply with an SBA-backed lender for the Paycheck Protection Program
Here is the PPP Application Form from the U.S. Treasury with the information needed to submit for your bank. We advise you to submit early before June 30 because this initiative has a funding limit.
To show your payroll expenses, you must provide your salary/bookkeeping information. These include:
You can also offer bank statements should you have an inability to view certain kinds of information.
Did exactly what they said they would do. No complaints. Definitely recommend
I had previously used a tax service for my issues with the IRS and came away with a positive experience, but I did want a second opinion. Heartland explained to me thoroughly about their process and I moved forward with them. There was a chance they could better my situation, but when their review was completed, they said my other service did well by me. While I have no evidence to back it up, I feel other agencies may not have been as honest and would have taken me for a bit of a financial ride. Heartland did not. They
Heartland has been great to deal with. I feel confident that my tax situation is being handled professionally and in a timely manner. I have dealt with Michelle and Charmagne they are both excellent at what they do.
Words cannot begin to describe how great Heartland Tax Solutions was for me. Having just come off a bad experience with another group, these folks came to my rescue. The professionalism, communication, and dedication to resolving my case with the IRS exceeded even the most extreme expectations anyone could consider. George and Katherine were phenomenal start to finish, and my resolution was better than I could have ever imagined. I highly recommend Heartland over and above the rest because I have experienced others with very poor service. I plan to continue to work with Heartland, and I would strongly recommend
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