Many small business owners have not applied for the PPP cash infusion because there’s a four-letter word associated with it. That four-letter word has caused many business owners to say I don’t want to play the PPP game. If you have not yet applied for your PPP cash infusion, you likely need to get your completed application to an approved SBA lender on or before August 6, 2020. Why? Because the SBA needs to approve your loan on or before August 8, 2020.
Due to COVID-19, the IRS postponed almost all tax payments until July 15th. Now—it’s time to pay. If you have the cash, you may be wondering what’s the best way to make your payments. If you don’t have the cash, you may not know what to do. We’re here to help!
If you’re self employed (independent contractors and sole proprietorships) with no employees can also apply for this (potentially) fully forgivable loan. You must spend the money within 8 weeks of receiving it and document your expenses. In this guide we will focus on how to successfully apply for and receive a fully forgivable PPP loan. This guide is broken down into three steps: application and receipt of funds, documentation and use of funds and requesting loan forgiveness (Yes, you have to request. It’s not automatic).
For the one-person operation that generates only a modest amount of annual income, the SIMPLE IRA is often the best tax-favored retirement plan choice. Self-employed individuals can set up SIMPLE IRAs. So can one-employee corporations and other employers with up to 100 workers. You must have your SIMPLE IRA set up by October 1, 2020, to permit a deductible contribution for your 2020 tax year.
