Many Arizona businesses received SBA Paycheck Protection Program (PPP) loans. Our SBA Paycheck Protection Program (PPP) task force helps businesses and nonprofits navigate the forgiveness process. They are familiar with the PPP Loan Forgiveness Application, which is complex and complicated, and can answer your questions.
As more banks start accepting forgiveness applications, PPP borrowers need to know what to do to obtain maximum forgiveness, including required documentation for forgiveness application forms.
President Trump signed the Paycheck Protection Program Flexibility Act of 2020 modifying certain provisions related to PPP loan forgiveness. One important modification allows recipients of loan forgiveness to defer payroll taxes.
The IRS and SBA issued guidance clarifying certain rules about PPP. Whether you have a loan already or preparing to apply, you should be aware of tax responsibilities and disbursement rules.
Business owners should consider the Paycheck Protection Program (PPP) to assist them through this critical time. We highly recommend they contact their lending institution to start the lending process and begin gathering information that may be required for their application.