The Thomas Howell Ferguson Blog

Words Count

Subscribe to our newsletter


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Paycheck Protection Program (PPP) – Payroll Costs Q&A

Additional answers have been posted by the SBA pertaining to the Payroll Protection Program (PPP) payroll costs.  Here is a sample of questions and answers that have been posted. Do PPP loans cover paid sick leave under payroll costs? What period of time should borrowers use to determine their number of employees and payroll costs […]

Read More…

Payroll Protection Program (PPP) – Deductible Expenses – Loan Forgiveness

Business owners are wondering if their Paycheck Protection Program (PPP) loan will affect their deductions when they file their tax returns and what portions of the loan will be deductible.  Here is an update from our COVID-19 team leaders on this issue. Late yesterday evening, the IRS released guidance regarding the deductibility of certain expenses businesses […]

Read More…

Will my business be audited if I take the Paycheck Protection Program (PPP) loan?

Will there be an audit of my business if I take the Paycheck Protection Program (PPP) loan? Business owners are wondering if their companies will be audited if they take the Paycheck Protection Program (PPP) loan. The Treasury Secretary, Steven Mnuchin, said that the government will perform a full audit on any company taking out […]

Read More…

Paycheck Protection Program (PPP) – Payroll Costs

While there is a lot of speculation surrounding payroll costs as they pertain to the Paycheck Protection Program (PPP), below are answers to questions that we have at this time.  The most important thing to remember if you apply for this program is to document, document, document. What qualifies as “payroll costs” under the Payment […]

Read More…

Senator Rick Scott Meets with CPAs to Focus on PPP Loans

United States Senator Rick Scott (R-FL) participated in a virtual town hall with the Florida Institute of Certified Public Accountants’ (FICPA) leadership and board members, including THF Shareholder and current FICPA Board member, Julian Dozier, on April 21, 2020. Also participating in the call was THF Director, Steve Stevens, former President of the FICPA’s Board. Topics included: […]

Read More…

Paycheck Protection Program (PPP) Lender Allowed to Apply for a PPP Loan?

Unlike other SBA loan programs, the financial terms for Paycheck Protection Program (PPP) loans are uniform for all borrowers.  The standard underwriting process does not apply because no creditworthiness assessment is required for PPP loans. Consequently, there is no meaningful risk of underwriting bias or below-market rates and terms.  It has also been recognized that […]

Read More…

Paycheck Protection Program (PPP) – How do I calculate the maximum amount I can borrow?

Paycheck Protection Program (PPP) – How do I calculate the maximum amount I can borrow? How you calculate your maximum loan amount depends upon whether or not you employ other individuals.  If you have no employees, the following methodology should be used to calculate your maximum loan amount: Step 1: Find your 2019 IRS Form […]

Read More…

Am I Eligible for the PPP If I Have Income From Self-Employment and File a Form 1040, Schedule C?

Am I eligible for the Paycheck Protection Program (PPP) loan if I have income from self-employment and file a Form 1040, Schedule C? You are eligible for the Paycheck Protection Program (PPP) loan if: You were in operation on February 15, 2020; You are an individual with self-employment income (such as an independent contractor or […]

Read More…

Recommendations for Paycheck Protection Program (PPP) Application Documents

AICPA Recommendations for Paycheck Protection Program (PPP) Application Documents The American Institute of Certified Public Accountants (AICPA) is the world’s largest member association representing the accounting profession.  As members, we closely follow their guidance. The AICPA-led Coalition, and other key stakeholders – collectively representing 44K CPA firms, 2.5M small businesses and 30M employees – have […]

Read More…