May 2020

Update on How to Have Your Paycheck Protection Program Loan Forgiven

By Laura Stees, CPA|2020-05-29T11:22:27-07:00May 28, 2020|Categories: COVID-19|Tags: CARES Act, Paycheck Protection Program|0 Comments

If you read our April 29 post, “How to Determine Loan Forgiveness Under the Paycheck Protection Program,” or if you’re an owner or manager of one of the nearly 4 million U.S. businesses that received a loan under the Paycheck Protection Program (PPP) — you’re probably starting to wonder how to go about having that loan converted to a grant and forgiven.

For the uninitiated, the PPP is a $659-billion economic relief program established as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help small businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses remain solvent and continue paying their workers during the COVID-19 shutdown. Under the PPP, a qualifying small business (generally with fewer than 500 employees) could obtain a loan of up to $10 million at a very low interest rate (1%) and have the loan forgiven after proving that the money was used for qualified payroll and other expenses.

Earlier this month, the Small Business Administration (SBA)released its PPP Loan Forgiveness Application along with detailed instructions for completing and submitting the application.

The form’s instructions help you understand how to apply for forgiveness of your PPP loan, consistent with the CARES Act. and to simplify the process, the instructions and form include several measures to reduce compliance burdens, including: Continue reading… Continue reading… Continue reading…

It’s Time to Schedule Your Free Annual Financial Tune-Up

By Office Staff|2020-05-18T09:25:45-07:00May 18, 2020|Categories: News From Our Office|Tags: Mid-Year Meeting|0 Comments

Tax and financial planning professionals typically have two busy seasons — the February-April crunch, as clients push to file their taxes by mid-April, and August-October for extensions (mostly corporate filers). This raises the question of where professional like us go and what we do in the summer.

Here at Stees, Walker & Company, LLP, we stay put and continue to work hard for our clients. As your tax and financial planning firm, we take advantage of this lull in the rush to conduct complementary mid-year planning meetings with clients in a more relaxed atmosphere.

Summer is the perfect time for us to discuss a financial tune up, and this year it is especially important since we are all facing unusual financial situations. The next three months give us the best opportunity to listen to your concerns, hear about any opportunities you’re interested in pursuing, and help you prepare approaches to take you from potential crises to recovery and beyond.

As a part of your tax and financial planning team, we listen for what matters to you and what you want your financial future to look like. Once we understand where you’re at financially, and where you want to be in the future, we work closely with you to reduce your tax bill and ultimately increase your net worth.

This year’s complementary mid-year meeting gives us an opportunity to re-evaluate your financial profile and enhance your financial journey by covering a range of topics — all of which are important pieces in your financial profile. During this one-hour meeting, we focus on the following three outcomes: Continue reading… Continue reading… Continue reading…