Newsletter from
Steve Richardson & Company
Certified Public Accountants
July 23, 2020
PPP Loan Forgiveness: Part 5
Contact Your US Senator
Dear Clients and Friends:
Jane and I take our children and grandchildren (all sixteen of us) each summer to enjoy a week in the mountains of Highlands, North Carolina. This trip is one of the annual highlights for our family.
We started our annual family trek to Highlands 44 years ago when we were a newlywed couple, in our twenties. Now, our sixteen-member family starts planning next-year’s trip in October. The logistics of transportation, housing, and feeding a family of sixteen is daunting but fun. The planning itself can be ‘entertaining’ with give and take; stubbornness will occasionally bubble up (the children inherited a stubborn streak from their mother). A suitable summer ‘cabin’ must be secured by no later than November.
The Highlands trip, including the planning, in our family, is a year-round event. Ryder, my 7-year-old grandson, has now become an active agent in planning the Highlands trip. Ryder issued a Highlands video on YouTube to make his planning points known to the family; check it out:
Our trip to the mountains by Ryder Richardson
I’m off work for a week. Wow, do things change in a week!!
The PPP Loans, if under $150,000, may become grants! There is a bipartisan bill (S.4117 – Paycheck Protection Small Business Forgiveness Act) making its way through the Senate.
The highlights:
- Specifically, the bill provides for forgiveness of a Paycheck Protection Program loan that is not more than $150,000 if the borrower submits a one-page form to the lender. This would relieve many small business owners of the current, complex PPP loan forgiveness process, allowing them to keep their focus on their businesses.
- Further, it prohibits any enforcement or other action against a lender relating to loan origination, forgiveness, or guarantee based on the lender’s reliance on certifications or documentation submitted by a loan applicant or recipient.
Here’s how you can help! Whether or not you are a business owner, it is important that you let your senators know that this bill is important to you and small businesses in your community and throughout the country. Follow this link to contact your United States senators.
My scholarly interpretation of this important legal development is, “I need to leave town more often!”
Thanks to all of you! I have fun writing these little missives. I hope you enjoy them.
Sincerely,
Steve Richardson, CPA