Changes to the Paycheck Protection Program Forgiveness are Coming!

If you haven't heard about the changes coming to the Paycheck Protection Program Forgiveness, this is the blog for you. Our CPAs in Mid-MO are here to explain some of the main points concerning the changes that will be put into place after the Paycheck Protection Flexibility Act goes into effect, in this week's blog. If you have any questions about any of this, please do not hesitate to give us a call at our CPA firm in Mid-MO. We have four locations throughout Central Missouri and all phone numbers can be found on our website at www.WTCPA.com.

Changes to the Paycheck Protection Program Forgiveness are Coming

The Paycheck Protection Flexibility Act will go to the President, who is expected to sign, after the Senate approved the House bill.

Below is a summary of the main points:
  • The eight week covered period can be extended to 24 weeks, or December 31
  • The requirement for forgiveness that 75% of the funds be spent on payroll now changes to 60%.  But there is a catch.  If 60% of the proceeds are not spent on payroll, none of the loan is forgiven.
  • You now have until December 31, or 24 weeks, to restore your workforce and wages to the level experienced prior to the pandemic.  This deadline was previously June 30.
  • The bill adds an adjustment if you’re not able to restore your workforce if you could not find qualified employees or were not able to restore operations to February 15, 2020 levels due to operating restrictions of COVID-19 .
  • The loan term is extended from two years to five years and remains at 1% interest.
  • You may now delay payment of payroll taxes which was not allowed under the prior legislation.


Have Trouble Understanding Any Of This?

Wilson Toellner CPA is here for you! Please give us a call at one of the numbers listed below.  Please reach out to us with any questions you have and to discuss your specific situation. The entire Wilson Toellner team is committed to serving our clients. At Wilson Toellner CPA, our mission is to deliver results and create experiences that enhance the well-being of our clients, our team, and our communities. To do this effectively, we strive to maintain an understanding of what truly matters to those we serve. Then, upon the foundation of deep, communication-driven relationships, we provide tools, expertise, and strategies that save time, remove stress, and help our clients enjoy their lives and businesses more than ever. Be sure to stay up to date on our latest announcements by following us on our social media channels listed below.


Our Success Stems From Your Success
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall --  (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739

Check out our website: www.WTCPA.com

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Location: VLG OF 4 SSNS, MO 65049, USA

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