On June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act. Here are the key provisions: 1) The Act expands the forgiveness period from roughly eight-weeks to the earlier of twenty-four weeks from the origination date of the loan and December 31, 2020. 2) The Act requires only 60% of forgivable expenses be used towards payroll costs, as opposed to 75%. 3) The Act extends the period in which borrowers must restore FTEs or certain salaries (or wages) from June 30, 2020, to December 31, 2020. 4) The maturity date for any loan amounts after the forgiveness period is now a minimum of five years instead of two and the deferment period is extended from six months to the date the borrower’s loan forgiveness amount is determined. The 1% interest rate and all other terms of the promissory notes will remain in place.
If you are expecting an economic impact payment by mail, your payment may be coming in the form of a debit card. Be sure to look through your mail carefully before throwing anything away. The card will arrive in a plain envelope from “Money Network Cardholder Services.”
FORBES.COM
5 Things To Know About Stimulus Debit Cards
The Treasury Secretary announced on March 20, 2020 that the tax filing deadline for businesses and individuals has been extended from April 15 to July 15, 2020. If you are expecting a refund, the Internal Revenue Service is encouraging taxpayers to file soon. The coronavirus will not delay refunds.
The Internal Revenue Service also announced that payments for 2019 income tax and payments for the 2020 first quarter estimated tax, normally due on April 15, 2020, can now be paid by July 15, 2020 without additional interest or penalties.
We moved our office. Our new address is 1321-B West Fletcher Ave. Tampa, Florida 33612.
At the northeast corner of Fletcher and Rome, we are in the Georgetown Office Park behind the Radiant Food Mart and Gas Station.
We are very excited about the new .cpa domain that was rolled out by the AICPA and CPA.com earlier this month. You can now contact our office at info@crane.cpa or through our recently launched website crane.cpa
We look forward to hearing from you and serving you in the New Year!
Happy Thanksgiving to you and your families.
CRANE.CPA
Thomas M. Crane, P.A. – Certified Public Accountant
