The Coronavirus Paycheck Protection Program (PPP) is opening to sole proprietors and 1099 folks tomorrow, April 10th. Get the COVID-19 Economic Relief Tutorial (CERT) course we have prepared. I am Lee Phillips, United States Supreme Court Counselor, and I have teamed up with Ben Rucker, former IRS special agent/special auditor, to give you a step-by-step system to getting in on the government money. We are continually updating it. The SBA just put out new rules on Monday. There is a new development every day. In a way it is kind of fun, if you are a lawyer or CPA that doesn’t really have any other life.
If your bank says they have reached their maximum PPP loan amount, we have a group that will take you, even if you are not “banking” with them. That’s part of the CERT ongoing updates. Banks are starting to require different things from different people. They want driver’s licenses, operating agreements, bylaws, and other things to support your application. This is only the bank trying to cover their liabilities or stall so they can have more time fondling your money.
JL Reyes Accounting & Tax Service, LLC recommends many strategies from Lee Phillips, JD. If you are interested, please contact us for further guidance and consultations. Below is more information for your reference.
The Paycheck Protection Program (PPP) gold rush is winding down now. Some are winners - they got the money! Others are losers - their bank failed them, or they just got passed over and they didn't get the money.
Don't fret! The losers may be the big winners. Another program in the Coronavirus Aid, Relief, and Economic Security Act (CARES) doesn't have the flash and glitz of the PPP, but it is a "Steady Eddie" and will produce nearly as much or even more money to help a small business.
The Employee Retention Credits in the CARES Act allows an employer to get up to 50% of the wages paid to employees in credits that will be used to offset employment taxes. This program will continue through the end of the year, and the employer can claim credits up to $5,000 per employee.For example, if an employer has a half time employee making $10/hour, the employee retention credits will yield $1,000 more for the employer than the PPP would have done. It's something the public and press aren't talking about, because the PPP has taken all of the air out of the room, but employee retention credits are powerful. Check out my video that explains it in more detail.
Lee Phillips, JD
US Supreme Court Counselor