COVID-19 UPDATE #5

PPP FORGIVENESS

As loan funds are nearing completion for businesses, we know you have a lot of concerns about how to proceed with getting the loan forgiven. Here is what we currently know:

The time period to complete the forgiveness application is 10 months from the completion of the covered loan period so there is no concern for missing the forgiveness deadline.
As of right now, we are not applying for any forgiveness as the guidelines for forgiveness are actively changing and changes in those requirements may determine how much can be forgiven as well as the application process.

As we continue to receive new information, we will be in contact to give guidance and recommendations, as well as assistance in applying for the forgiveness.

We understand this is a confusing time and information is constantly being released. Please rest assured that we are here for you and your best interests and we will continue to support and assist you to our best ability.

PAYROLL TAX DEFERRAL

On August 8th, President Trump signed an executive order deferring the employee portion of social security. This executive order in effect gives employers the ability to not withhold the 6.2% social security tax from employees paychecks starting September 1st, 2020.

The key word in this executive order is "defer". As of right now, there is no clear guidelines on when these taxes would need to be paid back by employees, or IF they would need to pay it back. Due to these unclear guidelines, we are not currently providing any recommendation following this order until further information is clarified.

Once again, as we continue to receive information and follow changes being made, we will continue to provide information via newsletters to address possible impacts and how to move forward. For now, please know that we are following all changes very closely and will continue to send updates on any large changes.

EIDL LOAN PAYMENT

The attached link provides guidance on how to view your loan balance as well as how to make a payment via a step by step walk through :

https://thefinancebuff.com/pay-off-sba-eidl-loan-early.html

If you have any problems or need further assistance, please feel free to contact us.

MESSAGE FROM RUTH AND GRACE

During this time, it may feel like we are all playing the waiting game, and that can create some anxiety as we are all anticipating more guidance on how to move forward. Please know that we are keeping up with all the guidance and will provide the most accurate, timely information we have.

Please feel free to reach out to us for any questions or concerns that may have not been addressed in this email.

Stay Safe!

Be Safe Be Diligent Be Prepared

Abacus Accounting, LLC

2941 West State Road 434 Suite 400

Longwood, FL 32779

Phone: (321) 972-5010

Text: (321) 586-1744

info@abacusatp.com

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