Emergency Funding Video Q&A Updates
Earlier this week we hosted a series of live video sessions covering two Federal Government programs designed to help cover payroll, rent, mortgage interest and utilities for small business.
We dove into the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) and how you can use each to your practice or program. There were some great questions asked. As we get answers we are going to move them directly to this thread.
We cover the frequently asked questions in the original guide and post which you can find here: https://www.therapyscoutteam.com/post/emergency-funding-guide
This for questions asked in the most recent video session. If you would like to video training you can see that here:
Q&A Updates: Answers to questions asked in this session.
Question: What if I have not filed my 2018 taxes? Will that impact my filing for the PPP Program?
Answer: After speaking directly with the SBA, income taxes are not used, rather the loan is given based on payroll. The EIDL is a different animal of course and from what we see on the application, the SBA isn’t specifically requesting 2019 taxes.
I’m sure they know that many businesses file extensions and wouldn’t have those taxes finished until Fall. Below is a link to the application walk through training that the SBA has given some of its affiliates. As you will see, they request a 4506 that gives the IRS permission to transmit your prior 3 years of tax returns to them. You are also asked to upload your “most recent” tax return. If that is 2018, then that’s the one you would upload.
This is a how to step by step guide on filling your EIDL.
If you have questions please feel free to post them here and we will do our best to answer them.
Kolby & Team