COVID-19 Update: Beaird Harris has shifted a significant number of our team members to work remotely.
We continue to serve and care for our clients, just as we always have, and are available by phone, video or email.
Beaird Harris will be closed Wednesday, November 23rd (at noon) through Friday, November 25th in observance of the Thanksgiving holiday.
We’ll reopen on Monday, November 28th at 8:30am.
Beaird Harris will be closed Friday, December 2nd for our annual Christmas celebration. We will reopen on Monday, December 5th at 8:30am.
Beaird Harris will be closed Monday, January 2nd in observance of the New Year.
October 29, 2020
SBA New PPP Application
While Congress has made no moves toward PPP loan forgiveness simplification, the Small Business Administration (“SBA”) and the Department of the Treasury issued an Interim Final Rule (“IFR”) and a streamlined PPP forgiveness application for loans of $50,000 or less. The new application exempts qualified borrowers from the complex loan forgiveness restrictions caused by reductions in employee headcount and/or wages. This is welcomed relief for recipients of smaller loan amounts. They can receive full forgiveness despite workforce or wage reductions.
In addition to the application, lenders still require documentation of qualified expenses and borrowers must also attest/certify to the accuracy of the reported information and calculations on the simplified form.
With this new IFR, there are now three PPP loan forgiveness applications:
Other PPP Loan Considerations
At the risk of sounding like a broken record, there are still many details that are unresolved and need clarification. This leaves many businesses wondering what to do. Important considerations include:
What should I do?
We wish we had the ideal answer for you. Only you can make that decision and there is widespread debate in the CPA, legal and banking communities on what actions are best to take. The following actions might be considered:
We will continue to closely monitor the rulings about PPP loans and forgiveness and share that information with you as it becomes available. We are your advocates and are in your corner!
No Professional Advice, Client Relationship, or Reliance on Information
Please note that any information or content on our Website, or any forms or tools on our Website which allow you to submit information or make calculations, and your use thereof, are not intended to provide any kind of professional advice, consultation or service, including but not limited to, legal, accounting, tax, or business advice. Nor does any such information, content, forms, or tools, or your use thereof or reliance thereon, create or constitute an attorney/client, accountant/client, or consultant/client relationship. You should therefore not use our Website or reliance on any information, content, forms, or tools on our Website as a substitute for any kind of professional advice. Rather, you should consult with a licensed professional, including one employed by our Company, for any accounting or tax questions you may have. You agree that we will not be liable to you or to any third party to the extent you treat or consider any information, content, forms, or tools on our Website as constituting any kind of professional advice. The information and content, including but not limited to forms and tools, presented on or made available through our Website are made available solely for general information purposes. We, therefore, do not warrant the accuracy, completeness or usefulness of any such information, content, forms, or tools, and any reliance you place on the same is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to our Website, or by anyone who may be informed of any of its content.
Our Website provides illustrative lists of services that we provide. Nothing contained on our Website shall be construed as an offer or guarantee to provide any particular services to you, nor shall anything on our Website be construed as a direct solicitation for employment by any persons, companies, or organizations. Prior results we have obtained for others do not guarantee a similar outcome.
12221 Merit Drive, Suite 750
Dallas, TX 75251
Phone: (972) 503-1040
Fax: (972) 503-1120
You don't get just one advisor - you get our whole team!
Like social media? Receive and share insights in real time.