Ducas, Full Service CPA Firm

Here's to a new year! We wish your family a safe and healthy New Year, and thank you for your support.

New loan amounts are determined by a formula that involves payroll costs multiplied by a factor of 2.5 (again, capped at $2 million). Restaurants and other hospitality businesses may multiply those costs by 3.5, making them eligible for slightly more funding. Contact Michael J Ducas, CPA at 570-955-7701 for your PPP needs.

If you already received a PPP loan, you can still receive a second. These are called second draw loans, and as long as you meet the qualifications, you can apply. The deadline for all new loans is March 31. Contact Michael J Ducas, CPA at 570-955-7701 for help getting a PPP loan.

Some aspects are broadly the same. Applicants have between eight and 24 weeks to use the funds, with at least 60 percent going toward payroll and the rest toward eligible expenses like rent and utilities. New loans are capped at $2 million, compared to $10 million before. Applicants must have no more than 300 employees, instead of up to 500, and must demonstrate at least a 25 percent drop in revenues from the fourth quarter of 2019 to the same period this year. One notable as...pect of the new bill that’s not directly tied to new loans is an expansion of the employee retention tax credit, a facet of the Coronavirus Aid, Recovery and Economic Stimulus (CARES) Act that encouraged employers not to shed jobs. Originally, businesses that got Paycheck Protection Program loans were not eligible to claim that credit. Now they are. Let us answer any of your PPP questions! Contact Michael J Ducas, CPA at 570-955-7701 today!

Did you know that the Coronavirus Aid, Relief and Economic Security (CARES) Act includes the special $300 charitable deduction designed especially for people who do not claim itemized deductions? Donations must be made by December 31, 2020. If you need help or advice, contact Michael J Ducas, CPA at [email protected] or 570-955-7701.

If you need help or advice pertaining to PPP and loan forgiveness, contact Michael J Ducas, CPA at 570-955-7701. Let us be your PPP experts.