Monthly summary of the tax, financial, and business news that may impact your business.

The Small Business Administration (SBA) has officially released a copy of the Loan Forgiveness Application for recipients of loans from the Paycheck Protection Program (PPP). We recently provided an overview of the PPP loan program, which forgives all or a portion of this loan depending on how the funds are spent. In part two of this series, we will cover the process of applying for forgiveness.

In this first installment of a two-part series, we will address what you can do during your eight-week period to maximize loan forgiveness. The application, along with updated rule clarifications, are providing business owners with a clearer understanding of how to spend PPP loans, and potential financial and legal pitfalls.

A licensed Certified Public Accountant (CPA) can project your future tax liabilities, update you on changes in the tax code, and protect you from making costly errors in strategic decision making. However, there are a spectrum of tax preparation solutions to choose from and not all CPAs are well-matched to work with a small, growing business.