{"id":78645,"date":"2020-09-22t01:00:24","date_gmt":"2020-09-22t05:00:24","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=78645"},"modified":"2024-06-19t10:05:59","modified_gmt":"2024-06-19t14:05:59","slug":"stephen-nelson-three-hidden-surprises-in-ppp-loan-forgiveness","status":"publish","type":"post","link":"\/\/www.g005e.com\/2020\/09\/22\/stephen-nelson-three-hidden-surprises-in-ppp-loan-forgiveness\/","title":{"rendered":"don&#8217;t get burned by these ppp pitfalls"},"content":{"rendered":"<p><strong>three ways to get it wrong and only have one chance to get it right.<\/strong><\/p>\n<h6><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/lujxxtputcm\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><br \/>\n<span style=\"color: #0056a6;\">^ click for video<\/span><\/h6>\n<p><em>by stephen nelson<\/em><\/p>\n<p>over the last few months, i&#8217;ve answered hundreds of questions about ppp loans. and i\u2019ve written a short e-book, \u201c<a href=\"\/\/www.g005e.com\/2020\/08\/10\/new-e-book-maximizing-ppp-loan-forgiveness\/\">maximizing ppp loan forgiveness<\/a>\u201d for the accountants who will help small businesses with their forgiveness applications.<\/p>\n<blockquote><p>stephen nelson&#8217;s new e-book <a class=\"external\" href=\"https:\/\/www.e-junkie.com\/ecom\/gb.php?ii=1671049&amp;cl=23704&amp;c=cart&amp;ejc=2&amp;aff=296720\" target=\"_blank\" rel=\"noopener noreferrer\"><em>maximizing pp loan forgiveness<\/em><\/a>\u00a0is available through 卡塔尔世界杯常规比赛时间 <a class=\"external\" href=\"https:\/\/www.e-junkie.com\/ecom\/gb.php?ii=1671049&amp;cl=23704&amp;c=cart&amp;ejc=2&amp;aff=296720\" target=\"_blank\" rel=\"noopener noreferrer\">directly from his website<\/a> for instant download. |\u00a0 <a href=\"\/\/www.g005e.com\/author\/nelson\/\">more from stephen l. nelson<\/a><\/p>\n<p>learn more here: <a href=\"\/\/www.g005e.com\/2020\/08\/10\/new-e-book-maximizing-ppp-loan-forgiveness\/\"><span style=\"text-decoration: underline;\">new e-book: \u2018<em>maximizing ppp loan forgiveness<\/em><\/span>\u2019<\/a><\/p>\n<p><strong><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-49700\" src=\"https:\/\/4f2bur4nuye2cgakm2rm61qk-wpengine.netdna-ssl.com\/wp-content\/uploads\/2016\/08\/yellow_key_clip_art-e1375897299811-36p-hi-1-e1470686574894.jpg\" alt=\"goprocpa.com\" width=\"39\" height=\"16\" \/>exclusively for pro members.\u00a0<\/strong><a href=\"\/\/www.g005e.com\/wp-login.php?redirect_to=\/\/www.g005e.com\/2020\/08\/02\/political-correctness-or-just-common-courtesy\/\">log in here<\/a>\u00a0or\u00a0<a class=\"external\" href=\"http:\/\/goprocpa.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">2022世界杯足球排名 today<\/a>.<\/p><\/blockquote>\n<h6><iframe style=\"width: 100%; height: 97px;\" src=\"https:\/\/www.podomatic.com\/embed\/html5\/episode\/9817150?style=small&amp;autoplay=false\" allowfullscreen=\"allowfullscreen\"><\/iframe><span style=\"color: #0056a6;\">^ click for podcast<\/span><\/h6>\n<p>and, here&#8217;s an insight from all this frenzied ppp activity: big surprises await many borrowers.<\/p>\n<p><!--more--><\/p>\n<h3><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-78648\" src=\"\/\/www.g005e.com\/wp-content\/uploads\/2020\/08\/sba-form-3508-with-stamp-v4.png\" alt=\"\" width=\"650\" height=\"540\" \/><\/h3>\n<h3>ppp surprise #1: ppp loan accounting requires more precision<\/h3>\n<p>a first surprise? lots of small businesses will find they need to show more precision than usual in their accounting. but let me explain.<\/p>\n<p>for business income tax returns, you can sometimes be imprecise. you don\u2019t always need to worry about small amounts\u2013like capturing every last dollar of tax deduction.<\/p>\n<p>if you report some deduction on the wrong line? it usually doesn\u2019t matter.<\/p>\n<p>further, if you plop some deduction into the wrong accounting period (this year instead of next year) or you do make an error? regularly, not a giant problem. often you can fix the error, if you discover it, with an amended return. and sometimes you can fix a small error by just recording a correction in the current year.<\/p>\n<p>ppp loan accounting, in comparison, requires way more precision.<\/p>\n<p>you need to handle individual transactions correctly to get the right forgiveness amount. like s corporation shareholder-employee insurance. like partner self-employment earnings.<\/p>\n<p>you need to do the independent-contractor-vs.-employee classification right.<\/p>\n<p>you need to get transactions into the right accounting period \u2014 because you don\u2019t get another chance next year when you file next year\u2019s tax return.<\/p>\n<p>finally? say you do make a $100 ppp accounting error. that $100 error means you either cheat yourself or cheat the government $100 of forgiveness. the \u201cmarginal rate\u201d equals 100%.<\/p>\n<p>and what if the error is $1,000 or $10,000?<\/p>\n<p>the unforgiving nature of ppp accounting? the extra precision required? that\u2019s going to surprise folks.<\/p>\n<h3>ppp surprise #2: substantially more documentation than we\u2019re used to<\/h3>\n<p>another surprise? how good a borrower\u2019s documentation needs to be in order to substantiate the spending that leads to forgiveness.<\/p>\n<p>income tax returns work on an honor system in most cases. in nearly all cases, in fact.<\/p>\n<p>you put down a number for some deduction. the irs and state revenue agency almost always accept your amount. and that\u2019s that.<\/p>\n<p>in comparison, for ppp loan forgiveness, borrowers need to substantiate amounts with things like cancelled checks and substantiate timing using bank statements.<\/p>\n<p>further, for potentially forgivable costs like self-employed \u201cowner compensation replacement,\u201d mortgage interest, rent, and utilities, a borrower needs to prove the cost has been paid consistently or historically.<\/p>\n<p>the ppp loan forgiveness a self-employed person receives for owner compensation, for example? that doesn\u2019t just depend on the borrower\u2019s spending during the covered period. it depends on the previous year\u2019s tax returns.<\/p>\n<p>the ppp loan forgiveness a borrower receives for mortgage interest, rent, and utilities spending? to get forgiveness, a borrower needed contracts in place before february 15, 2020.<\/p>\n<p>most borrowers won\u2019t be accustomed to supplying this level of documentation \u2014 stacks, and stacks of paperwork. and some borrowers, frankly, lack the paperwork organization systems to do so.<\/p>\n<p>tax accountants often say stuff like, \u201ctaxpayers lose on irs audits when they can\u2019t substantiate deductions.\u201d<\/p>\n<p>this ppp loan forgiveness process, in my opinion, will lead to similarly unhappy outcomes for similar reasons for many borrowers.<\/p>\n<h3>ppp surprise #3: some borrowers should stop worrying about forgiveness<\/h3>\n<p>a final surprise to mention.<\/p>\n<p>as you probably know, a borrower loses forgiveness if it spends too little on payroll costs, reduces headcounts, or makes excessive salary or hourly wage cuts.<\/p>\n<p>a company, for example, that cuts its workforce by a half might lose half its forgiveness.<\/p>\n<p>this risk leads some borrowers to assume one should spend as much as possible on payroll\u2026 and then to avoid reductions in headcounts and pay rates.<\/p>\n<p>but some borrowers need to stop worrying about forgiveness and instead focus on getting through the storm.<\/p>\n<p>the paycheck protection program flexibility act, signed into law in early june, lets a borrower consider the option of going into hibernation mode for 24 weeks. and that option may mean not only that a borrower survives the pandemic but that the loss of ppp loan forgiveness doesn\u2019t matter anywhere near as much as one might guess.<\/p>\n<p>say, for example, that a borrower with $40,000 a month in average payroll costs receives a $100,000 loan. further, say that the borrower sees two options.<\/p>\n<p><strong>option #1 uses the 8-week covered period spending window<\/strong><\/p>\n<p style=\"padding-left: 40px;\">the borrower can spend $40,000 a month on payroll and $10,000 a month on mortgage interest, rent and utilities.<\/p>\n<p style=\"padding-left: 40px;\">let\u2019s assume for simplicity that four weeks equals a month.<\/p>\n<p style=\"padding-left: 40px;\">in this case, that spending results in full forgiveness in a couple of months. and that\u2019s great. but what if the economy hasn\u2019t yet reopened?<\/p>\n<p><strong>option #2 uses the 24-week covered period spending window<\/strong><\/p>\n<p style=\"padding-left: 40px;\">as an alternative, the borrower might halve its workforce, and so spend only $20,000 a month on payroll, but that same $10,000-a-month on mortgage interest, rent, and utilities.<\/p>\n<p style=\"padding-left: 40px;\">over six months, the borrower spends, therefore, $120,000 on payroll costs and $60,000 on mortgage interest, rent, and utilities. so, a total of $180,000.<\/p>\n<p style=\"padding-left: 40px;\">note: again, i\u2019m assuming four-week months to keep the math simple.<\/p>\n<p style=\"padding-left: 40px;\">that total of $180,000 of eligible-for-forgiveness spending gets reduced by 50 percent because of the 50 percent reduction in the employee headcount. and that means the borrower only receives $90,000 of forgiveness on the $100,000 ppp loan.<\/p>\n<p style=\"padding-left: 40px;\">but in this case, maybe the borrower successfully uses the ppp loan funds to get through most of the really rough patch.<\/p>\n<p style=\"padding-left: 40px;\">i\u2019m thinking here about places like a restaurant or gym or preschool where public health directives have shuttered the doors. or drastically curtailed operations.<\/p>\n<p>the surprise here? or maybe \u201csurprises,\u201d plural? not only should some borrowers reduce headcounts and pay rates, if that\u2019s what it takes to survive, but these employers may not lose much forgiveness by taking this route.<\/p>\n<h3>three quick comments to close<\/h3>\n<p><strong>first, i hope you\u2019re not offended<\/strong> to read here that i think your small business clients surviving matters most. but we (your neighbors, customers, suppliers, and so on) need you to get through this storm and then as soon as possible rehire folks and start supplying the products and services we all depend on.<\/p>\n<p><strong>second, if you want to know exactly<\/strong> what documentation you need to substantiate your forgivable spending, grab a copy of the 3508ez ppp loan forgiveness application form and instructions. they explain what documents a borrower needs to collect, supply, and save.<\/p>\n<p><strong>and, third, reducing headcounts or pay rates?<\/strong> to figure out how these actions impact your ultimate loan forgiveness, grab a copy of the 3508 ppp loan forgiveness application and instructions and use the ppp schedule a form and worksheet to work through the two scenarios: the scenario where you don\u2019t reduce headcounts or pay rates\u2026 and the scenario where you do.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><strong>three ways to get it wrong and only have one chance to get it right.<\/strong><br \/>\n<a href=\"\/\/www.g005e.com\/2020\/08\/15\/stephen-nelson-three-hidden-surprises-in-ppp-loan-forgiveness\/\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-78647\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2020\/08\/screen-shot-2020-08-15-at-9.39.45-pm-424x212.png\" alt=\"\/\/www.g005e.com\/2020\/08\/15\/stephen-nelson-three-hidden-surprises-in-ppp-loan-forgiveness\/\" width=\"250\" height=\"125\" srcset=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2020\/08\/screen-shot-2020-08-15-at-9.39.45-pm-424x212.png 424w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2020\/08\/screen-shot-2020-08-15-at-9.39.45-pm-300x150.png 300w, https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2020\/08\/screen-shot-2020-08-15-at-9.39.45-pm.png 450w\" sizes=\"auto, (max-width: 250px) 100vw, 250px\" \/><\/a><\/p>\n<h6><span style=\"color: #0056a6;\">^ <span style=\"text-decoration: underline;\"><a style=\"color: #0056a6; text-decoration: underline;\" href=\"\/\/www.g005e.com\/2020\/08\/15\/stephen-nelson-three-hidden-surprises-in-ppp-loan-forgiveness\/\">click for video<\/a> | <span style=\"color: #0056a6;\">&gt; <a style=\"color: #0056a6;\" href=\"\/\/www.g005e.com\/2020\/08\/15\/stephen-nelson-three-hidden-surprises-in-ppp-loan-forgiveness\/\"><span style=\"text-decoration: underline;\">click for podcast<\/span><\/a><\/span><\/h6>\n<p><em>by stephen nelson<\/em><br \/>\nlots of small businesses will find they need to show more precision than usual in their accounting. but let me explain.<\/p>\n<h5 style=\"text-align: center;\"><b>new e-book \u2013 buy direct from author: <\/b><a href=\"\/\/www.g005e.com\/2020\/08\/10\/new-e-book-maximizing-ppp-loan-forgiveness\/\"><span style=\"text-decoration: underline;\">maximizing ppp loan forgiveness<\/span><\/a><\/h5>\n<p>.<\/p>\n","protected":false},"author":1349,"featured_media":78671,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[5,2734,3120,3002,1906,2246,2764],"tags":[3084,3085],"class_list":["post-78645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-outlook","category-podcast","category-pro-member-exclusive","category-special","category-tax-practice","category-busy-season","category-video","tag-coronavirus","tag-covid-19"],"acf":[],"yoast_head":"<!-- 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