Upcoming tax season and the latest PPP activity means there's a lot of important updates. Please read through this newsletter, it may answer a lot of your questions. If you need assistance, please set up an appointment with Kelly or Dara directly.
This newsletter will cover:
First Round of PPP and New Round of PPP Updates & Information
2020 Tax Returns and Tax Season Updates
W2 and 1099 Distribution
Cheektowaga Grant Money Available
First Round of PPP and New Round of PPP Updates & Information
With information changing rapidly, it is important to stay up to date on PPP applications, eligibility, and forgiveness.
The second round portal opened on 1.11.2021 and is currently open for those who did not receive any first round PPP. The portal opens for everyone on 1.13.2021.
Please note that forgiveness for the first PPP is being put on hold because the banks want to concentrate on new rounds of applications.
Organizations that have already received PPP during the first round and want to apply for the second round are advised to go through the SAME financial institution as they will already have your information.
The folks at M&T bank have done a great job at simplifying this information. You can see their PPP comparison here.
If you haven’t provided your 2020 information, it is imperative to get this information to us as quickly as possible, in order to be able to determine the 25% loss.
First Round PPP Loan
Eligibility:
In operation on February 15, 2020
Has not previously received a PPP Loan from any financial institution; and
Has no more than 500 employees
Second Round PPP Loan
Eligibility:
An applicant is generally eligible for a Second PPP Loan if the borrower:
In operation on February 15, 2020
Previously received a PPP Loan from a financial institution and will or has used the full amount only for authorized uses by the date of disbursement of the Second PPP Loan;
Has no more than 300 employees combined with affiliates (unless NACIS 72, 511110 or 5151 then 300 per location); and
Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020; or if in operations for all of 2019, you may use annual gross receipts
2020 Tax Returns and Tax Season
Tax season hours are starting at Beyond Accounting on February 1st, 2021.
M-F 9-4, W 9-7
Sat by Appointment Only
W2s and 1099s need to be out by the end of the month. We would appreciate if you could get us your information as soon as possible so we can distribute these. Thank you for your cooperation!
Cheektowaga Grant Money Available | Application Information
TOWN OF CHEEKTOWAGA MICROENTERPRISE/SMALL BUSINESS GRANT ASSISTANCE PROGRAM The Town of Cheektowaga is offering a MICROENTERPRISE/SMALL BUSINESS GRANT. For additional information and applying please visit: https://tocny.org/departments/community-development/ Select Micro Enterprise / Small Business Grant Assistance Program