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Susan M Martin, CPA, PC is a full-service accounting firm serving clients throughout the area, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs.
On this website, you will find information about Susan M Martin, CPA, PC, including our list of services. We have also provided you with online resources to assist in the tax process and financial decision-making. These tools include financial calculators, news and links to other useful sites. Whether you are an individual or business in or around Bethpage, Susan M Martin, CPA, PC has years of valuable experience assisting professionals with their accounting needs.
"Inspirational Thought of the Month"
Success is liking yourself, liking what you do, and liking how you do it." - Maya Angelou
While we all wait for guidance from the SBA concerning the forgiveness of PPP loans, borrowers need to consider taking steps now to help them document their request for forgiveness. For the best chance at the maximum amount of loan forgiveness, you should:
- Create a separate bank account to deposit and disburse the PPP loan proceeds. Your lender may even be able to open a new account for you with them just for the PPP loan, allowing for easier tracking. Make sure that you move funds out of this account directly to your payment account, and in the exact amounts to be paid.
- Consider a separate code for costs incurred during the forgiveness period, and monitor spending throughout the period to ensure that at least 75% of the PPP loan proceeds are spent on payroll costs.
- Maintain records for all potentially forgivable payments, including all federal and state taxes paid with payroll, mortgage interest, rent, and utilities.
- Keep good records of employees offered to be re-hired, as well as those actually hired back, along with their position and pay rate.
- Understand that you may need to run an off-cycle payroll on the last business day of the eight-week period to capture all eligible payroll expenditures.
Begin to speak with your lender about the forgiveness process and inquire as to when they expect to have their process and documentation requirements available.
- Courtesy Kuttin Wealth Management