Banyan Financial & Notary Services

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🔮 Bookkeeping Wizard
🌈 LGBTQ+ Business Owner
💻 QuickBooks ProAdvisor

27/09/2023

Afraid there are cobwebs clogging up your accounting software? We're here to help clear everything up.

02/06/2023

Don't let accounts payable management become a headache. Visit our blog now to unlock the secrets of effective accounts payable management for your small business.

13/12/2021

There are 18 days left of 2021 and 125 days until tax day. Here is one step you can take today, to make tax season just a little easier.

26/06/2020

The best practice for documentation is to have an efficient bookkeeping system and to document as soon as the funds are used. Obtaining the proper documentation from other entities is also key. Working with a payroll company? They can provide the proper payroll reports and verify employee count for the covered period. For mortgage payments, ask the lender for the mortgage amortization schedule to verify mortgage interest. For rent payments, provide a copy of the current lease.

Some other documents needed may include: State income/payroll/unemployment insurance filings, verification of retirement or health insurance contributions, and receipts for utility payments.

Overall, having an efficient bookkeeping system, regular communication with the lender, and a strong working relationship with a bookkeeper, can help ease the stress of obtaining the proper documentation for PPP loan forgiveness.

24/06/2020

Honestly, there’s a lot to unpack with this question, from the requirements of the loan to the documentation needed to confirm compliance of the requirements. The information can be overwhelming and confusing.

To see if a business qualifies for forgiveness, an application has to be submitted to the lender that is servicing the loan. The application is five pages (reduced from 11 pages!) and helps calculate the amount eligible for forgiveness. For example, one of the requirements for forgiveness is that the business cannot decrease any employees’ wages more than 25%. If a business decided to decrease the wages above 25%, that difference in wages is then added up over the 8-week period or 24-week period and will be scheduled to be paid back.

Some of the biggest take-a-ways here are communication with the lender & bookkeeper and meticulous documentation. Document when the loan was received, how the funds are dispersed, the full-time employee count, and whether any employee wages were reduced by more than 25%.

23/06/2020

The SBA has a payback option with a low-interest rate of 1% over a two-year repayment period for loans made before June 5th or a five-year repayment period for loans made after June 5, 2020. However, they also offer partial or full forgiveness options. With the forgiveness options, there are requirements to be met in order to be eligible for forgiveness.

If you have received the PPP funds but are concerned about meeting the requirements of forgiveness, you do have the option of returning the funds to your lender.

Weight out the options available to see which one fits your business needs most accurately.

18/06/2020

The SBA has created criteria on how the funds through PPP can be used. If the requirements are not met, the funds will have to be repaid.

SBA states "The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll)."

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+17086287001

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https://banyanfinancialnotaryservices.wordpress.com/

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