We Have an Appropriations Extension for the PPP Loan Program
John C. Saunders, CPA P.C. • April 23, 2020
Greetings all; we have an appropriations extension for the PPP Loan Program.
Below my text are links and excerpts of the Senate bill. I expect it to be signed by President Trump this week.
Banks are accepting new applications now; an indication they are sure to get new funding.
Remember; the original CARES act law decreed a presumed damage due to the COVID-19 pandemic and lock-downs. Apply for these loans. Only PPP Loans have the Discharge Feature. You must apply through your bank.
Below is a link where each type of Emergency SBA loan or (Grant) is discussed.
- The PPP Loan Program ---Bank administered---
- The EIDL loan and advance. SBA Administered. Link to apply. No bank.
- The Express Bridge Loan. Link to Apply. SBA Administered. No Bank.
- Existing Debt Relief. SBA will automatically pay principle and interest for six months. For pre-existing SBA debt. Contact the bank that holds the loan.
- ----All these programs can be accessed by the link below----
https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
Agricultural Businesses are now Eligible. for EIDL !
SEC. 101. AMENDMENTS TO THE PAYCHECK PROTECTION PROGRAM, ECONOMIC INJURY DISASTER LOANS, AND EMERGENCY GRANTS.
(a) Increased Authority For Commitments And Appropriations For Paycheck Protection Program.—Title I of division A of the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136) is amended—
(1) in section 1102(b)(1), by striking “$349,000,000,000” and inserting “$659,000,000,000”; and
(2) in section 1107(a)(1), by striking “$349,000,000,000” and inserting “$670,335,000,000”.
(b) Increased Authorization For Emergency EIDL Grants.—Section 1110(e)(7) of division A of the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136) is amended by striking “$10,000,000,000” and inserting “$20,000,000,000”.
c) Eligibility Of Agricultural Enterprises For Economic Injury Disaster Loans And Emergency Grants.—Section 1110(a)(2) of division A of the Coronavirus Aid, Relief, and Economic Security Act (Public Law 116–136) is amended—
(1) in subparagraph (D), by striking “or” at the end;
(2) in subparagraph (E), by striking the period at the end and inserting “; or”; and
(3) by adding at the end the following:
“(F) an agricultural enterprise (as defined in section 18(b) of the Small Business Act (15 U.S.C. 647(b)) with not more than 500 employees.”.
For an additional amount for “Disaster Loans Program Account” for the cost of direct loans authorized by section 7(b) of the Small Business Act, $50,000,000,000, to remain available until expended, to prevent, prepare for, and respond to coronavirus, domestically or internationally: Provided, That such amount is designated by the Congress as being for an emergency requirement pursuant to section 251(b)(2)(A)(i) of the Balanced Budget and Emergency Deficit Control Act of 1985
Link to the Senate bill as of 4-21-2020:
On April 21, 2020, the U.S. Senate passed the Paycheck Protection Program and Health Care Enhancement Act. This bill is expected to pass in the House of Representatives and be signed into law by the president soon. Paycheck Protection Program Increases funding for the Paycheck Protection Program by $310 billion $30 billion is set aside for CDFIs, minority deposit institutions, small business investment corporations and intermediaries, and small community banks and credit unions (those with less than $10 billion in assets) $30 billion is set aside for medium community banks and credit unions (those with assets between $10 billion and $50 billion) Note: of the seven Hawaii’s banks that provide PPP loans, five have less than $10 billion in assets, and the other two have less than $50 billion in assets Small Business Administration: Economic Injury Disaster Loans and Grants Provides an additional $50 billion for the SBA’s economic injury disaster loan program, and $10 billion for EIDL emergency grants Makes agriculture businesses with less than 500 employees eligible to apply for SBA economic injury disaster loans and emergency grants According to press statements by Leader Schumer and Speaker Pelosi, the $50 billion for EIDL loans will be leveraged to provide more than $350 billion in loans Health Care Providers The bill includes $75 billion for health care providers for health care related expenses or lost revenues that are attributable to the coronavirus. Eligible health care providers are public entities, Medicare or Medicaid enrolled suppliers and providers, and other for-profit entities and not-for-profit entities that the Department of Health and Human Services (HHS) specifies that provide diagnoses, testing, or care for individuals with possible or actual cases of COVID-19. HHS will make payments on a rolling basis. Testing The bill includes $25 billion to research, develop, validate, manufacture, purchase, administer, and expand capacity for COVID–19 tests. The funds may be used for molecular, antigen, and serological tests, the manufacturing, procurement and distribution of tests, testing equipment and testing supplies, including personal protective equipment needed for administering tests, the development and validation of rapid, molecular point-ofcare tests, and other tests, support for workforce, epidemiology, to scale up academic, commercial, public health, and hospital laboratories, to conduct surveillance and contact tracing, support development of COVID–19 testing plans, and other related activities related to COVID–19 testing. At least $11 billion will go to states, localities, territories, tribes, tribal organizations, urban Indian health organizations, or health service providers to tribes. Not later than 30 days after the date of enactment, the governor of each state, locality, territory, tribe, or tribal organization receiving funds must submit a plan for COVID–19 testing, including goals for the remainder of calendar year 2020, to include: (1) the number of tests needed, month-by-month, to include diagnostic, serological, and other tests, as appropriate; (2) month-by-month estimates of laboratory and testing capacity, including related to workforce, equipment and supplies, and available tests; and (3) a description of how the state, locality, territory, tribe, or tribal organization will use its resources for testing, including as it relates to easing any COVID–19 community mitigation policies. $600 million is provided for community health centers and $225 million for rural health clinics. Funding related to testing will also be provided to the CDC, NIH, FDA, and BARDA. Up to $1 billion is available for testing for uninsured individuals. HHS must develop a COVID–19 strategic testing plan, which will: Assist states, localities, territories, tribes, tribal organizations, and urban Indian health organizations, in understanding COVID-19 testing for both active infection and prior exposure, including hospital-based testing, high-complexity laboratory testing, point-of-care testing, mobile-testing units, testing for employers and other settings, and other tests as necessary; Include estimates of testing production that account for new and emerging technologies, as well as guidelines for testing; Address how the secretary will increase domestic testing capacity, including testing supplies; and address disparities in all communities; and Outline federal resources that are available to support the testing plans of each state, locality, territory, tribe, tribal organization, and urban Indian health organization. HHS must also provide reports on regular intervals on demographic characteristics, including race, ethnicity, age, sex, geographic region and other relevant factors of individuals tested for or diagnosed with COVID–19 and information on the number and rates of cases, hospitalizations, and deaths as a result of COVID–19 General Provisions The funding amounts are in addition to amounts previously appropriated this year. The money is only available for this fiscal year, unless specifically designated otherwise. The funding is only to be used to prevent, prepare for, or respond to coronavirus. Money in the bill designated as an emergency requirement is only available if president designates the amounts as such and notifies Congress of the action. Unless specified in the text, all funds appropriated in this bill shall be made available according to the rules and authorities that apply to those accounts in the fiscal year 2020 appropriations bill. Funds appropriated in this bill are emergency appropriations and not be included in the PAYGO scorecard.
IRS has been directed to delay Income tax filings to July 15, 2020. Below is a link to an IRS question and answer web page for the delay in filing and payment of income taxes normally due in April: https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers#collapseCollapsible1585070689109 How do I cancel or change the date a payment comes out on a return I already e-filed? If you scheduled a payment through IRS Direct Pay, you can use your confirmation number from the payment to access the Look Up a Payment feature. You can modify or cancel a scheduled payment until two business days before the payment date. The email notification you received when you scheduled the payment will contain the confirmation number. If you scheduled a payment through Electronic Federal Tax Payment System (EFTPS), click on Payments from the EFTPS home page, login, then click Cancel a Tax Payment from the left menu and follow the instructions. You must do so at least two business days before the scheduled payment date. If you scheduled a payment as part of filing your tax return (authorizing an electronic funds withdrawal), you may revoke (cancel) your payment by contacting the U.S. Treasury Financial Agent at (888) 353-4537 . You must call to make a payment cancellation request no later than 11:59 p.m. ET two business days prior to the scheduled payment date If you scheduled a payment by credit card or debit card, contact the card processor to cancel the card payment The formal authority comes from IRS Notice 2020-18: https://www.irs.gov/pub/irs-drop/n-20-18.pdf
I am John C. Saunders, the principle owner of John C. Saunders, CPA P.C . I look forward to sharing my story, and I hope that you will enjoy getting to know me better. I have always felt that accounting reports were the center of business language. Therefore, it became a language I wanted to learn because I always liked being independent and knew that a business of my own was my core desire. After graduation, passing the CPA exam, and working for seven years in this field, I recognized the impact of tax accounting but also became weary of old firm politics and the lack of care for their young talent. Even so, I found being around business owners and their key people was interesting, exciting, and addictive. So, I left my employer, with a very small following of interested clients. I was young, so I intended to try public accounting on my own terms or leave it for something else. Decades later, I am still doing CPA work and know I am well suited for it. I have been so engaged in it, I simply lost track of time. My first job out of University was with a CPA firm in 1980. I started my own firm in 1987. I have never been out of work or wavered from public accounting through the present day. As all start-ups, the operation today is better than it was in the beginning. Likewise, public accounting has been affected adversely by over-regulation and the over-reliance on computer technologies. The most important, core principles and lessons of accounting hold true though time. My practice has some amazing technologies today; however, my career spans the days of paper and pen to the current cloud-based philosophy. Tax calculations and filing demands have grown in tandem with computing power. So, if I were to describe a calculation, it would be more complex as the years have passed. Computers have enabled tax and financial authorities to demand sharper, more pervasive calculations. Accounting is better today, but there will always be the need to understand what the accounting is telling you. The most enjoyable part of CPA work is creating good outcomes for clients who appreciate it. Accounting is both a process and a language. So we enjoy coaching the process in others and interpreting the written results after the process is finished. I believe that the business tells it’s owner what to do. Most of my clients are business owners. Very often, they agree with this statement. Learn to listen carefully to what the business is telling you to do. I also believe that a good product or service should create more possibilities and positive outcomes than it consumes. One of the primary factors behind my success is the fact that I care about what I do for others. People matter. Relationships matter. There is no substitute for tenacity. Always remain considerate, and remember it is necessary to go through the daily grind. In doing so, good outcomes usually follow. For me, my satisfaction stems from a series of satisfying moments taken together. There are two aspects in these moments: That my firm can continue its clinical excellence and, in doing so, help create victories in our clients’ lives. When I am not putting my clients’ books in order, I maintain a peaceful home life, and my hobbies include boat restoration and immersing myself in music performance and appreciation. I am also a firm believer in the liberty to do what is good and the promotion of edifying and morally sound liberty. I have enjoyed sharing my story about the things which matter to me and how they influence the way I do business. If you or someone you know could benefit from my expertise as an accounting firm in Rochester, New York, I invite you to get in touch. Please visit my website at www.johncsaunderscpa.com . Sincerely, John