We wanted to take a moment to share some important new developments for your business. Please take some time to review the information below as it may have a significant impact on your business.
New PPP2 Legislation
Congress passed the second round COVID-19 relief on December 21, 2020. This legislation, referred to as PPP2, provides more than $300 billion in additional aid for small businesses. My Staff Your Staff is monitoring the developments closely, and we will be offering PPP2 Planning, Tracking & Strategy Consultation to assist our clients with this next round of relief funds.
New EIDL Grant & PPP Expense Updates
As part of the PPP2 legislation, rules were revised so that the EIDL advance will NOT be deducted from PPP1 forgiveness. In addition, the restrictions that made PPP1 funds ineligible for tax-deductible expenses were removed. This is great news for all small business owners!!
PPP Warning
You may have seen the recent news stories about the Freedom of Information Act that resulted in PPP loan details becoming public records. Every company that received a loan and the loan amounts are now part of the public domain. Along with this information, there has been an increase in cybercrimes committed by scammers offering to help people with their PPP forgiveness application. They may offer to complete these applications for the business (for an unnecessary fee) or try to obtain confidential business information that they can then exploit in other ways. Please do not fall for this scam! My Staff Your Staff is here to help you with all of your PPP forgiveness needs. Please contact us immediately if you have any questions on your PPP loan or your forgiveness application.
More news to come!
We hope that this holiday season brings you time to rest and spend time with family. However, we urge you to check your email often as we will be sending additional updates that require timely action. All the best!
-Your MSYS Team