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HOW TO SPEND YOUR PPP FUNDS (UPDATED FOR 2021) Self-employed individuals can pay themselves with PPP funds, by claiming their owner compensation replacement. Their entire PPP loan is potentially forgivable. Finally, compensation in general is limited to an annualized rate of $100,000, or $46,154 for the 24-week period. If you’re using an 8-week covered period, the cap is $15,385. THE PPP FOR LLCS: HOW IT WORKS HOW TO PAY YOURSELF FROM AN LLC How to pay taxes on your owner’s draw. The IRS charges income tax, minus any deductions, on your company’s earnings for the year. Your income doesn’t get taxed a second time. If your business earned $20,000 last year, you’ll pay income tax on $20,000. If you take an owner’s draw of $10,000, you don’t need to pay income tax on that HOW TO CALCULATE A 25% REDUCTION IN REVENUE FOR PPP 2 This new, second PPP loan means new eligibility requirements. To apply, a business must have used up their first PPP loan, have no more than 300 employees, and show a 25% reduction in revenue from 2019 to 2020. For loan amounts under $150,000, the 25% reduction needs to be proven during the forgiveness process. HOW PPP LOAN FORGIVENESS WORKS FOR THE SELF-EMPLOYED How sole proprietor PPP loans are calculated. Previously, sole proprietors were able to apply for a PPP loan using their 2019 or 2020 net income as reported on a Schedule C.But changes were made on March 3, 2021 that affected the PPP loan calculation process. OWNER COMPENSATION REPLACEMENT AND FULL PPP FORGIVENESS Owner Compensation Replacement. In April 2020, the Treasury and the SBA introduced the concept of the Owner Compensation Replacement. Because self-employed individuals such as independent contractors and gig workers don’t pay themselves through payroll, this concept allowed them to simply claim a portion of their loan to make up for lost income due to COVID-19. DO I QUALIFY FOR THE PPP LOAN? Editor’s note: On Tuesday, May 4th the PPP ran out of general funds and the SBA stopped accepting new PPP loan applications. A reserve of funds is still available for community financial institutions that lend to businesses run by women, minorities, and underservedcommunities.
HOW TO DEDUCT MEALS AND ENTERTAINMENT IN 2021 2021 meals and entertainment deduction. As part of the Consolidated Appropriations Act signed into law on December 27, 2020, the deductibility of meals is changing. Food and beverages will be 100% deductible if purchased from a restaurant in 2021 and 2022. ONLINE BOOKKEEPING SERVICES FOR YOUR SMALL BUSINESS The Bench online accounting app gives you monthly financial statements and expense overviews to keep you in control of your money. At-a-glance visual reports help you see the big picture and give you actionable insights to help you grow your business. You’ll never be in the dark again. Learn More. PAYCHECK PROTECTION PROGRAM (PPP) LOANS Learn about the SBA's Paycheck Protection Program loan, loan forgiveness, qualifications, applications and more. Our PPP resourcehub is designed to
HOW TO SPEND YOUR PPP FUNDS (UPDATED FOR 2021) Self-employed individuals can pay themselves with PPP funds, by claiming their owner compensation replacement. Their entire PPP loan is potentially forgivable. Finally, compensation in general is limited to an annualized rate of $100,000, or $46,154 for the 24-week period. If you’re using an 8-week covered period, the cap is $15,385. THE PPP FOR LLCS: HOW IT WORKS HOW TO PAY YOURSELF FROM AN LLC How to pay taxes on your owner’s draw. The IRS charges income tax, minus any deductions, on your company’s earnings for the year. Your income doesn’t get taxed a second time. If your business earned $20,000 last year, you’ll pay income tax on $20,000. If you take an owner’s draw of $10,000, you don’t need to pay income tax on that HOW TO CALCULATE A 25% REDUCTION IN REVENUE FOR PPP 2 This new, second PPP loan means new eligibility requirements. To apply, a business must have used up their first PPP loan, have no more than 300 employees, and show a 25% reduction in revenue from 2019 to 2020. For loan amounts under $150,000, the 25% reduction needs to be proven during the forgiveness process. HOW PPP LOAN FORGIVENESS WORKS FOR THE SELF-EMPLOYED How sole proprietor PPP loans are calculated. Previously, sole proprietors were able to apply for a PPP loan using their 2019 or 2020 net income as reported on a Schedule C.But changes were made on March 3, 2021 that affected the PPP loan calculation process. OWNER COMPENSATION REPLACEMENT AND FULL PPP FORGIVENESS Owner Compensation Replacement. In April 2020, the Treasury and the SBA introduced the concept of the Owner Compensation Replacement. Because self-employed individuals such as independent contractors and gig workers don’t pay themselves through payroll, this concept allowed them to simply claim a portion of their loan to make up for lost income due to COVID-19. DO I QUALIFY FOR THE PPP LOAN? Editor’s note: On Tuesday, May 4th the PPP ran out of general funds and the SBA stopped accepting new PPP loan applications. A reserve of funds is still available for community financial institutions that lend to businesses run by women, minorities, and underservedcommunities.
HOW TO DEDUCT MEALS AND ENTERTAINMENT IN 2021 2021 meals and entertainment deduction. As part of the Consolidated Appropriations Act signed into law on December 27, 2020, the deductibility of meals is changing. Food and beverages will be 100% deductible if purchased from a restaurant in 2021 and 2022. ONLINE BOOKKEEPING SERVICES FOR YOUR SMALL BUSINESS The Bench online accounting app gives you monthly financial statements and expense overviews to keep you in control of your money. At-a-glance visual reports help you see the big picture and give you actionable insights to help you grow your business. You’ll never be in the dark again. Learn More. DEBITS AND CREDITS: A SIMPLE, VISUAL GUIDE An accountant would say we are “debiting” the cash bucket by $300, and would enter the following line into your accounting system: Account. Debit. Credit. Cash. $300. When money flows out of a bucket, we record that as a credit (sometimes accountants will abbreviate this to just “cr.”) For example, if you withdrew $600 in cash from your CHANGES TO PPP ELIGIBILITY AND CRIMINAL HISTORY Changes to PPP Eligibility and Criminal History. By Brendan Tuytel on February 28, 2021. Editor’s note: On February 22, President Biden announced changes to the Paycheck Protection Program which we cover in our short video below. YouTube. Bench Accounting. NATIONAL INDIGENOUS HISTORY MONTH Editor’s note: The image used above was created by Carrielynn Victor(Xemontalot).Carrielynn is an artist, based out of Cheam First Nation, in the Eastern Fraser Valley. She practices art and design that features the principles of Coast Salish style, in A GUIDE TO THE RESTAURANT REVITALIZATION FUND A Guide to the Restaurant Revitalization Fund. By Brendan Tuytel on April 28, 2021. The Restaurant Revitalization Fund is the latest relief funding available to select small businesses. With $28.6 billion to be distributed as grants, here’s what you need to know toget support.
DO I QUALIFY FOR THE PPP LOAN? Editor’s note: On Tuesday, May 4th the PPP ran out of general funds and the SBA stopped accepting new PPP loan applications. A reserve of funds is still available for community financial institutions that lend to businesses run by women, minorities, and underservedcommunities.
DOCUMENTS NEEDED FOR PPP LOAN FORGIVENESS The Paycheck Protection Program offered small businesses a rare opportunity: access to SBA-backed loans that can be fully forgiven—if you meet certain criteria. Now that lenders are opening up for forgiveness applications, it’s time to start collecting the documents you’ll need to WHEN CAN I SUBMIT MY PPP LOAN FORGIVENESS APPLICATION Can I apply for forgiveness now? Some lenders are accepting forgiveness applications right now. But others (like Chase and PNC) have put a pause on accepting forgiveness applications to make updates based on the new forgiveness application forms released on January 19, 2021.These are forms 3508, 3508EZ, and form 3508S.. Check in with your lender to see if they are currently accepting WHAT CAN I SPEND MY EIDL LOAN ON? What can I spend my EIDL advance on? The EIDL advance is a grant that you could apply for at the same time as the EIDL loan itself. The grant is based on $1,000 per employee up to a maximum of $10,000. As a grant, this can be used as working capital, essentially covering any day-to-day expenses your business needs. EIDL RECONSIDERATION: HOW TO GET A SECOND CHANCE A good reconsideration request will clearly summarize the SBA’s reason for rejection, explain your reasoning for the reevaluation, and provide supporting documents to strengthen your proposal. Be sure to include your EIDL loan application number, the date you applied, your business name, and your contact information. HOW TO SPEND YOUR PPP FUNDS (UPDATED FOR 2021) Self-employed individuals can pay themselves with PPP funds, by claiming their owner compensation replacement. Their entire PPP loan is potentially forgivable. Finally, compensation in general is limited to an annualized rate of $100,000, or $46,154 for the 24-week period. If you’re using an 8-week covered period, the cap is $15,385. THE PPP FOR LLCS: HOW IT WORKS PPP LOAN FORGIVENESS: THE COMPLETE GUIDE After receiving a Paycheck Protection Program (PPP) loan, it’s time to start thinking about how to use the loan to receive full PPP loan forgiveness.. Here’s our comprehensive guide to make sure you’re on track to receive full forgiveness every step of the way. Note: in order to get your loan forgiven, you’ll need to fill out a PPP loan forgiveness application form. OWNER COMPENSATION REPLACEMENT AND FULL PPP FORGIVENESS Owner Compensation Replacement. In April 2020, the Treasury and the SBA introduced the concept of the Owner Compensation Replacement. Because self-employed individuals such as independent contractors and gig workers don’t pay themselves through payroll, this concept allowed them to simply claim a portion of their loan to make up for lost income due to COVID-19. WHAT'S CONSIDERED "RENT" FOR THE PPP? We take a closer look at eligible rent expenses for the PPP. The CARES Act is the official piece of legislation that created the Paycheck Protection Program. The Act defines rent as “rent obligated under a leasing agreement in force before February 15, 2020”. The Treasury also notes that self-employed individuals claiming a rent expense DO I QUALIFY FOR THE PPP LOAN? Editor’s note: On Tuesday, May 4th the PPP ran out of general funds and the SBA stopped accepting new PPP loan applications. A reserve of funds is still available for community financial institutions that lend to businesses run by women, minorities, and underservedcommunities.
HOW TO CALCULATE A 25% REDUCTION IN REVENUE FOR PPP 2 This new, second PPP loan means new eligibility requirements. To apply, a business must have used up their first PPP loan, have no more than 300 employees, and show a 25% reduction in revenue from 2019 to 2020. For loan amounts under $150,000, the 25% reduction needs to be proven during the forgiveness process. HOW TO PAY YOURSELF FROM AN LLC How to pay taxes on your owner’s draw. The IRS charges income tax, minus any deductions, on your company’s earnings for the year. Your income doesn’t get taxed a second time. If your business earned $20,000 last year, you’ll pay income tax on $20,000. If you take an owner’s draw of $10,000, you don’t need to pay income tax on that WHAT CAN I SPEND MY EIDL LOAN ON? What can I spend my EIDL advance on? The EIDL advance is a grant that you could apply for at the same time as the EIDL loan itself. The grant is based on $1,000 per employee up to a maximum of $10,000. As a grant, this can be used as working capital, essentially covering any day-to-day expenses your business needs. EIDL RECONSIDERATION: HOW TO GET A SECOND CHANCE A good reconsideration request will clearly summarize the SBA’s reason for rejection, explain your reasoning for the reevaluation, and provide supporting documents to strengthen your proposal. Be sure to include your EIDL loan application number, the date you applied, your business name, and your contact information. HOW TO SPEND YOUR PPP FUNDS (UPDATED FOR 2021) Self-employed individuals can pay themselves with PPP funds, by claiming their owner compensation replacement. Their entire PPP loan is potentially forgivable. Finally, compensation in general is limited to an annualized rate of $100,000, or $46,154 for the 24-week period. If you’re using an 8-week covered period, the cap is $15,385. THE PPP FOR LLCS: HOW IT WORKS PPP LOAN FORGIVENESS: THE COMPLETE GUIDE After receiving a Paycheck Protection Program (PPP) loan, it’s time to start thinking about how to use the loan to receive full PPP loan forgiveness.. Here’s our comprehensive guide to make sure you’re on track to receive full forgiveness every step of the way. Note: in order to get your loan forgiven, you’ll need to fill out a PPP loan forgiveness application form. OWNER COMPENSATION REPLACEMENT AND FULL PPP FORGIVENESS Owner Compensation Replacement. In April 2020, the Treasury and the SBA introduced the concept of the Owner Compensation Replacement. Because self-employed individuals such as independent contractors and gig workers don’t pay themselves through payroll, this concept allowed them to simply claim a portion of their loan to make up for lost income due to COVID-19. WHAT'S CONSIDERED "RENT" FOR THE PPP? We take a closer look at eligible rent expenses for the PPP. The CARES Act is the official piece of legislation that created the Paycheck Protection Program. The Act defines rent as “rent obligated under a leasing agreement in force before February 15, 2020”. The Treasury also notes that self-employed individuals claiming a rent expense DO I QUALIFY FOR THE PPP LOAN? Editor’s note: On Tuesday, May 4th the PPP ran out of general funds and the SBA stopped accepting new PPP loan applications. A reserve of funds is still available for community financial institutions that lend to businesses run by women, minorities, and underservedcommunities.
HOW TO CALCULATE A 25% REDUCTION IN REVENUE FOR PPP 2 This new, second PPP loan means new eligibility requirements. To apply, a business must have used up their first PPP loan, have no more than 300 employees, and show a 25% reduction in revenue from 2019 to 2020. For loan amounts under $150,000, the 25% reduction needs to be proven during the forgiveness process. HOW TO PAY YOURSELF FROM AN LLC How to pay taxes on your owner’s draw. The IRS charges income tax, minus any deductions, on your company’s earnings for the year. Your income doesn’t get taxed a second time. If your business earned $20,000 last year, you’ll pay income tax on $20,000. If you take an owner’s draw of $10,000, you don’t need to pay income tax on that WHAT CAN I SPEND MY EIDL LOAN ON? What can I spend my EIDL advance on? The EIDL advance is a grant that you could apply for at the same time as the EIDL loan itself. The grant is based on $1,000 per employee up to a maximum of $10,000. As a grant, this can be used as working capital, essentially covering any day-to-day expenses your business needs. EIDL RECONSIDERATION: HOW TO GET A SECOND CHANCE A good reconsideration request will clearly summarize the SBA’s reason for rejection, explain your reasoning for the reevaluation, and provide supporting documents to strengthen your proposal. Be sure to include your EIDL loan application number, the date you applied, your business name, and your contact information. PAYCHECK PROTECTION PROGRAM (PPP) LOANS Learn about the SBA's Paycheck Protection Program loan, loan forgiveness, qualifications, applications and more. Our PPP resourcehub is designed to
CHANGES TO PPP ELIGIBILITY AND CRIMINAL HISTORY Changes to PPP Eligibility and Criminal History. By Brendan Tuytel on February 28, 2021. Editor’s note: On February 22, President Biden announced changes to the Paycheck Protection Program which we cover in our short video below. YouTube. Bench Accounting. HOW TO APPLY FOR YOUR FIRST PPP LOAN IN 2021 Start with your gross income from your 2019 or 2020 Schedule C. This amount is reported on line 7. Put this amount in box A. In box B, divide this value by 12. If the value is greater than $8,333.33, you must use $8,333.33. Multiply box B by 2.5 and use that value to HOW TO CALCULATE FTE FOR THE PPP Divide by 40 and round to the nearest tenth to get your FTE calculation. For example, if you have 3 employees who consistently worked 20 hours a week, altogether they would count as 1.5 FTE. Add your full-time FTE and your part-time FTE to get your total FTE figure. For simplicity, when completing the forgiveness application,the SBA has
OWNER COMPENSATION REPLACEMENT AND FULL PPP FORGIVENESS Owner Compensation Replacement. In April 2020, the Treasury and the SBA introduced the concept of the Owner Compensation Replacement. Because self-employed individuals such as independent contractors and gig workers don’t pay themselves through payroll, this concept allowed them to simply claim a portion of their loan to make up for lost income due to COVID-19. HOW TO CALCULATE A 25% REDUCTION IN REVENUE FOR PPP 2 This new, second PPP loan means new eligibility requirements. To apply, a business must have used up their first PPP loan, have no more than 300 employees, and show a 25% reduction in revenue from 2019 to 2020. For loan amounts under $150,000, the 25% reduction needs to be proven during the forgiveness process. PPP FORGIVENESS: 8 WEEKS VS. 24 WEEKS The Paycheck Protection Program Flexibility Act made some significant changes to PPP loans.. One of the biggest changes was to the eight-week forgiveness period. If you were assigned a PPP loan number on or before June 5, 2020, you now have the option of taking 24 weeks to spend the funds instead of eight weeks. A BIG LIST OF SMALL BUSINESS GRANTS FOR WOMEN (2021) The Boston Women’s Fund Grants. These grants support “start-up and on-going grassroots efforts led by womxn, girls or anyone who identifies as such, that address racial, social and economic injustice.”. The organization offers grants through differentpartners for
EIDL RECONSIDERATION: HOW TO GET A SECOND CHANCE A good reconsideration request will clearly summarize the SBA’s reason for rejection, explain your reasoning for the reevaluation, and provide supporting documents to strengthen your proposal. Be sure to include your EIDL loan application number, the date you applied, your business name, and your contact information. HOW TO DEDUCT MEALS AND ENTERTAINMENT IN 2021 2021 meals and entertainment deduction. As part of the Consolidated Appropriations Act signed into law on December 27, 2020, the deductibility of meals is changing. Food and beverages will be 100% deductible if purchased from a restaurant in 2021 and 2022. ONLINE BOOKKEEPING SERVICES FOR YOUR SMALL BUSINESS Data you can’t do without. The Bench online accounting app gives you monthly financial statements and expense overviews to keep you in control of your money. At-a-glance visual reports help you see the big picture and give you actionable insights to help you grow HOW TO SPEND YOUR PPP FUNDS (UPDATED FOR 2021) Self-employed individuals can pay themselves with PPP funds, by claiming their owner compensation replacement. Their entire PPP loan is potentially forgivable. Finally, compensation in general is limited to an annualized rate of $100,000, or $46,154 for the 24-week period. If you’re using an 8-week covered period, the cap is $15,385.CAREERS AT BENCH
To learn more about working at Bench, check out our careers blog. “I have the freedom and enablement to spot opportunities and take immediate action. At Bench, I learn something new every day, and am continually challenged to push myself to greater heights.”. —Ada, Senior Sales Manager. HOW PPP LOAN FORGIVENESS WORKS FOR THE SELF-EMPLOYED How sole proprietor PPP loans are calculated. Previously, sole proprietors were able to apply for a PPP loan using their 2019 or 2020 net income as reported on a Schedule C.But changes were made on March 3, 2021 that affected the PPP loan calculation process. SAFE HARBOR RULES FOR PPP LOAN FORGIVENESS There are two tests included in the PPP loan forgiveness application to determine whether you qualify for the salary/hourly wage reduction safe harbor. If the average annual wage or salary paid between February 15, 2020 and April 26, 2020 is equal to or more than their average annual wage or salary as of February 15, 2020, the safe harborapplies.
HOW TO PAY YOURSELF FROM AN LLC How to pay taxes on your owner’s draw. The IRS charges income tax, minus any deductions, on your company’s earnings for the year. Your income doesn’t get taxed a second time. If your business earned $20,000 last year, you’ll pay income tax on $20,000. If you take an owner’s draw of $10,000, you don’t need to pay income tax on that DO I QUALIFY FOR THE PPP LOAN? Editor’s note: On Tuesday, May 4th the PPP ran out of general funds and the SBA stopped accepting new PPP loan applications. A reserve of funds is still available for community financial institutions that lend to businesses run by women, minorities, and underservedcommunities.
OWNER COMPENSATION REPLACEMENT AND FULL PPP FORGIVENESS Owner Compensation Replacement. In April 2020, the Treasury and the SBA introduced the concept of the Owner Compensation Replacement. Because self-employed individuals such as independent contractors and gig workers don’t pay themselves through payroll, this concept allowed them to simply claim a portion of their loan to make up for lost income due to COVID-19. PPP FORGIVENESS: 8 WEEKS VS. 24 WEEKS The Paycheck Protection Program Flexibility Act made some significant changes to PPP loans.. One of the biggest changes was to the eight-week forgiveness period. If you were assigned a PPP loan number on or before June 5, 2020, you now have the option of taking 24 weeks to spend the funds instead of eight weeks. WHAT CAN I SPEND MY EIDL LOAN ON? What can I spend my EIDL advance on? The EIDL advance is a grant that you could apply for at the same time as the EIDL loan itself. The grant is based on $1,000 per employee up to a maximum of $10,000. As a grant, this can be used as working capital, essentially covering any day-to-day expenses your business needs. ONLINE BOOKKEEPING SERVICES FOR YOUR SMALL BUSINESS Data you can’t do without. The Bench online accounting app gives you monthly financial statements and expense overviews to keep you in control of your money. At-a-glance visual reports help you see the big picture and give you actionable insights to help you grow HOW TO SPEND YOUR PPP FUNDS (UPDATED FOR 2021) Self-employed individuals can pay themselves with PPP funds, by claiming their owner compensation replacement. Their entire PPP loan is potentially forgivable. Finally, compensation in general is limited to an annualized rate of $100,000, or $46,154 for the 24-week period. If you’re using an 8-week covered period, the cap is $15,385.CAREERS AT BENCH
To learn more about working at Bench, check out our careers blog. “I have the freedom and enablement to spot opportunities and take immediate action. At Bench, I learn something new every day, and am continually challenged to push myself to greater heights.”. —Ada, Senior Sales Manager. HOW PPP LOAN FORGIVENESS WORKS FOR THE SELF-EMPLOYED How sole proprietor PPP loans are calculated. Previously, sole proprietors were able to apply for a PPP loan using their 2019 or 2020 net income as reported on a Schedule C.But changes were made on March 3, 2021 that affected the PPP loan calculation process. SAFE HARBOR RULES FOR PPP LOAN FORGIVENESS There are two tests included in the PPP loan forgiveness application to determine whether you qualify for the salary/hourly wage reduction safe harbor. If the average annual wage or salary paid between February 15, 2020 and April 26, 2020 is equal to or more than their average annual wage or salary as of February 15, 2020, the safe harborapplies.
HOW TO PAY YOURSELF FROM AN LLC How to pay taxes on your owner’s draw. The IRS charges income tax, minus any deductions, on your company’s earnings for the year. Your income doesn’t get taxed a second time. If your business earned $20,000 last year, you’ll pay income tax on $20,000. If you take an owner’s draw of $10,000, you don’t need to pay income tax on that DO I QUALIFY FOR THE PPP LOAN? Editor’s note: On Tuesday, May 4th the PPP ran out of general funds and the SBA stopped accepting new PPP loan applications. A reserve of funds is still available for community financial institutions that lend to businesses run by women, minorities, and underservedcommunities.
OWNER COMPENSATION REPLACEMENT AND FULL PPP FORGIVENESS Owner Compensation Replacement. In April 2020, the Treasury and the SBA introduced the concept of the Owner Compensation Replacement. Because self-employed individuals such as independent contractors and gig workers don’t pay themselves through payroll, this concept allowed them to simply claim a portion of their loan to make up for lost income due to COVID-19. PPP FORGIVENESS: 8 WEEKS VS. 24 WEEKS The Paycheck Protection Program Flexibility Act made some significant changes to PPP loans.. One of the biggest changes was to the eight-week forgiveness period. If you were assigned a PPP loan number on or before June 5, 2020, you now have the option of taking 24 weeks to spend the funds instead of eight weeks. WHAT CAN I SPEND MY EIDL LOAN ON? What can I spend my EIDL advance on? The EIDL advance is a grant that you could apply for at the same time as the EIDL loan itself. The grant is based on $1,000 per employee up to a maximum of $10,000. As a grant, this can be used as working capital, essentially covering any day-to-day expenses your business needs. ONLINE BOOKKEEPING SERVICES FOR YOUR SMALL BUSINESS Data you can’t do without. The Bench online accounting app gives you monthly financial statements and expense overviews to keep you in control of your money. At-a-glance visual reports help you see the big picture and give you actionable insights to help you grow HOME OFFICE DEDUCTIONS AND THE PPP If I did not claim a home office expense in 2019, can I use the PPP for it? Yes, the SBA’s Interim Final Rule makes an exception for this. If you were eligible to claim a certain home office expense (but didn’t for whatever reason), you can still use the PPP funds to pay for it over your 24-week forgiveness period and qualify for forgiveness on that expense. THE PPP FOR LLCS: HOW IT WORKS A limited liability corporation—or LLC for short—is a hybrid entity that allows for you to file taxes as a corporation (paying corporate income taxes) or as a pass-through entity such as a sole proprietor or partnership. When applying for the PPP, you’ll need to indicate what your tax filing type is, since that will dictate howyour PPP
HOW TO CALCULATE FTE FOR THE PPP Divide by 40 and round to the nearest tenth to get your FTE calculation. For example, if you have 3 employees who consistently worked 20 hours a week, altogether they would count as 1.5 FTE. Add your full-time FTE and your part-time FTE to get your total FTE figure. For simplicity, when completing the forgiveness application,the SBA has
PPP LOAN FORGIVENESS: THE COMPLETE GUIDE After receiving a Paycheck Protection Program (PPP) loan, it’s time to start thinking about how to use the loan to receive full PPP loan forgiveness.. Here’s our comprehensive guide to make sure you’re on track to receive full forgiveness every step of the way. Note: in order to get your loan forgiven, you’ll need to fill out a PPP loan forgiveness application form. OWNER COMPENSATION REPLACEMENT AND FULL PPP FORGIVENESS Owner Compensation Replacement. In April 2020, the Treasury and the SBA introduced the concept of the Owner Compensation Replacement. Because self-employed individuals such as independent contractors and gig workers don’t pay themselves through payroll, this concept allowed them to simply claim a portion of their loan to make up for lost income due to COVID-19. HOW TO DEFER SOCIAL SECURITY TAX (COVID-19) Let’s say your net self-employment earnings for 2020 are $100,000. You can reasonably allocate $77,500 (77.5% x $100,000) to the deferral period (March 26, 2020 to December 31, 2020). As a self-employed individual, only 92.35% of your earnings are subject to social security tax. So, you would be taxed on $71,571.21 ($77,500 x 0.9235). A BIG LIST OF SMALL BUSINESS GRANTS FOR WOMEN (2021) The Boston Women’s Fund Grants. These grants support “start-up and on-going grassroots efforts led by womxn, girls or anyone who identifies as such, that address racial, social and economic injustice.”. The organization offers grants through differentpartners for
HOW TO DEDUCT MEALS AND ENTERTAINMENT IN 2021 2021 meals and entertainment deduction. As part of the Consolidated Appropriations Act signed into law on December 27, 2020, the deductibility of meals is changing. Food and beverages will be 100% deductible if purchased from a restaurant in 2021 and 2022. BENCH.COTRANSLATE THIS PAGEbench.co
ONLINE BOOKKEEPING SERVICES FOR YOUR SMALL BUSINESS Data you can’t do without. The Bench online accounting app gives you monthly financial statements and expense overviews to keep you in control of your money. At-a-glance visual reports help you see the big picture and give you actionable insights to help you grow HOW TO SPEND YOUR PPP FUNDS (UPDATED FOR 2021) Self-employed individuals can pay themselves with PPP funds, by claiming their owner compensation replacement. Their entire PPP loan is potentially forgivable. Finally, compensation in general is limited to an annualized rate of $100,000, or $46,154 for the 24-week period. If you’re using an 8-week covered period, the cap is $15,385.CAREERS AT BENCH
To learn more about working at Bench, check out our careers blog. “I have the freedom and enablement to spot opportunities and take immediate action. At Bench, I learn something new every day, and am continually challenged to push myself to greater heights.”. —Ada, Senior Sales Manager. HOW PPP LOAN FORGIVENESS WORKS FOR THE SELF-EMPLOYED How sole proprietor PPP loans are calculated. Previously, sole proprietors were able to apply for a PPP loan using their 2019 or 2020 net income as reported on a Schedule C.But changes were made on March 3, 2021 that affected the PPP loan calculation process. SAFE HARBOR RULES FOR PPP LOAN FORGIVENESS There are two tests included in the PPP loan forgiveness application to determine whether you qualify for the salary/hourly wage reduction safe harbor. If the average annual wage or salary paid between February 15, 2020 and April 26, 2020 is equal to or more than their average annual wage or salary as of February 15, 2020, the safe harborapplies.
HOW TO PAY YOURSELF FROM AN LLC How to pay taxes on your owner’s draw. The IRS charges income tax, minus any deductions, on your company’s earnings for the year. Your income doesn’t get taxed a second time. If your business earned $20,000 last year, you’ll pay income tax on $20,000. If you take an owner’s draw of $10,000, you don’t need to pay income tax on that DO I QUALIFY FOR THE PPP LOAN? Editor’s note: On Tuesday, May 4th the PPP ran out of general funds and the SBA stopped accepting new PPP loan applications. A reserve of funds is still available for community financial institutions that lend to businesses run by women, minorities, and underservedcommunities.
OWNER COMPENSATION REPLACEMENT AND FULL PPP FORGIVENESS Owner Compensation Replacement. In April 2020, the Treasury and the SBA introduced the concept of the Owner Compensation Replacement. Because self-employed individuals such as independent contractors and gig workers don’t pay themselves through payroll, this concept allowed them to simply claim a portion of their loan to make up for lost income due to COVID-19. PPP FORGIVENESS: 8 WEEKS VS. 24 WEEKS The Paycheck Protection Program Flexibility Act made some significant changes to PPP loans.. One of the biggest changes was to the eight-week forgiveness period. If you were assigned a PPP loan number on or before June 5, 2020, you now have the option of taking 24 weeks to spend the funds instead of eight weeks. WHAT CAN I SPEND MY EIDL LOAN ON? What can I spend my EIDL advance on? The EIDL advance is a grant that you could apply for at the same time as the EIDL loan itself. The grant is based on $1,000 per employee up to a maximum of $10,000. As a grant, this can be used as working capital, essentially covering any day-to-day expenses your business needs. ONLINE BOOKKEEPING SERVICES FOR YOUR SMALL BUSINESS Data you can’t do without. The Bench online accounting app gives you monthly financial statements and expense overviews to keep you in control of your money. At-a-glance visual reports help you see the big picture and give you actionable insights to help you grow HOW TO SPEND YOUR PPP FUNDS (UPDATED FOR 2021) Self-employed individuals can pay themselves with PPP funds, by claiming their owner compensation replacement. Their entire PPP loan is potentially forgivable. Finally, compensation in general is limited to an annualized rate of $100,000, or $46,154 for the 24-week period. If you’re using an 8-week covered period, the cap is $15,385.CAREERS AT BENCH
To learn more about working at Bench, check out our careers blog. “I have the freedom and enablement to spot opportunities and take immediate action. At Bench, I learn something new every day, and am continually challenged to push myself to greater heights.”. —Ada, Senior Sales Manager. HOW PPP LOAN FORGIVENESS WORKS FOR THE SELF-EMPLOYED How sole proprietor PPP loans are calculated. Previously, sole proprietors were able to apply for a PPP loan using their 2019 or 2020 net income as reported on a Schedule C.But changes were made on March 3, 2021 that affected the PPP loan calculation process. SAFE HARBOR RULES FOR PPP LOAN FORGIVENESS There are two tests included in the PPP loan forgiveness application to determine whether you qualify for the salary/hourly wage reduction safe harbor. If the average annual wage or salary paid between February 15, 2020 and April 26, 2020 is equal to or more than their average annual wage or salary as of February 15, 2020, the safe harborapplies.
HOW TO PAY YOURSELF FROM AN LLC How to pay taxes on your owner’s draw. The IRS charges income tax, minus any deductions, on your company’s earnings for the year. Your income doesn’t get taxed a second time. If your business earned $20,000 last year, you’ll pay income tax on $20,000. If you take an owner’s draw of $10,000, you don’t need to pay income tax on that DO I QUALIFY FOR THE PPP LOAN? Editor’s note: On Tuesday, May 4th the PPP ran out of general funds and the SBA stopped accepting new PPP loan applications. A reserve of funds is still available for community financial institutions that lend to businesses run by women, minorities, and underservedcommunities.
OWNER COMPENSATION REPLACEMENT AND FULL PPP FORGIVENESS Owner Compensation Replacement. In April 2020, the Treasury and the SBA introduced the concept of the Owner Compensation Replacement. Because self-employed individuals such as independent contractors and gig workers don’t pay themselves through payroll, this concept allowed them to simply claim a portion of their loan to make up for lost income due to COVID-19. PPP FORGIVENESS: 8 WEEKS VS. 24 WEEKS The Paycheck Protection Program Flexibility Act made some significant changes to PPP loans.. One of the biggest changes was to the eight-week forgiveness period. If you were assigned a PPP loan number on or before June 5, 2020, you now have the option of taking 24 weeks to spend the funds instead of eight weeks. WHAT CAN I SPEND MY EIDL LOAN ON? What can I spend my EIDL advance on? The EIDL advance is a grant that you could apply for at the same time as the EIDL loan itself. The grant is based on $1,000 per employee up to a maximum of $10,000. As a grant, this can be used as working capital, essentially covering any day-to-day expenses your business needs. ONLINE BOOKKEEPING SERVICES FOR YOUR SMALL BUSINESS Data you can’t do without. The Bench online accounting app gives you monthly financial statements and expense overviews to keep you in control of your money. At-a-glance visual reports help you see the big picture and give you actionable insights to help you grow HOME OFFICE DEDUCTIONS AND THE PPP If I did not claim a home office expense in 2019, can I use the PPP for it? Yes, the SBA’s Interim Final Rule makes an exception for this. If you were eligible to claim a certain home office expense (but didn’t for whatever reason), you can still use the PPP funds to pay for it over your 24-week forgiveness period and qualify for forgiveness on that expense. THE PPP FOR LLCS: HOW IT WORKS A limited liability corporation—or LLC for short—is a hybrid entity that allows for you to file taxes as a corporation (paying corporate income taxes) or as a pass-through entity such as a sole proprietor or partnership. When applying for the PPP, you’ll need to indicate what your tax filing type is, since that will dictate howyour PPP
HOW TO CALCULATE FTE FOR THE PPP Divide by 40 and round to the nearest tenth to get your FTE calculation. For example, if you have 3 employees who consistently worked 20 hours a week, altogether they would count as 1.5 FTE. Add your full-time FTE and your part-time FTE to get your total FTE figure. For simplicity, when completing the forgiveness application,the SBA has
PPP LOAN FORGIVENESS: THE COMPLETE GUIDE After receiving a Paycheck Protection Program (PPP) loan, it’s time to start thinking about how to use the loan to receive full PPP loan forgiveness.. Here’s our comprehensive guide to make sure you’re on track to receive full forgiveness every step of the way. Note: in order to get your loan forgiven, you’ll need to fill out a PPP loan forgiveness application form. OWNER COMPENSATION REPLACEMENT AND FULL PPP FORGIVENESS Owner Compensation Replacement. In April 2020, the Treasury and the SBA introduced the concept of the Owner Compensation Replacement. Because self-employed individuals such as independent contractors and gig workers don’t pay themselves through payroll, this concept allowed them to simply claim a portion of their loan to make up for lost income due to COVID-19. HOW TO DEFER SOCIAL SECURITY TAX (COVID-19) Let’s say your net self-employment earnings for 2020 are $100,000. You can reasonably allocate $77,500 (77.5% x $100,000) to the deferral period (March 26, 2020 to December 31, 2020). As a self-employed individual, only 92.35% of your earnings are subject to social security tax. So, you would be taxed on $71,571.21 ($77,500 x 0.9235). A BIG LIST OF SMALL BUSINESS GRANTS FOR WOMEN (2021) The Boston Women’s Fund Grants. These grants support “start-up and on-going grassroots efforts led by womxn, girls or anyone who identifies as such, that address racial, social and economic injustice.”. The organization offers grants through differentpartners for
HOW TO DEDUCT MEALS AND ENTERTAINMENT IN 2021 2021 meals and entertainment deduction. As part of the Consolidated Appropriations Act signed into law on December 27, 2020, the deductibility of meals is changing. Food and beverages will be 100% deductible if purchased from a restaurant in 2021 and 2022. BENCH.COTRANSLATE THIS PAGEbench.co
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