PPP Loan Forgiveness
Jorns & Associates is the market leader when it comes to PPP loan forgiveness. Few, if any, firms have the depth and breadth of our experience. Not even the big CPA firms.
If you were one of the millions of businesses approved for SBA Paycheck Protection Program (PPP) loans, your next step is applying for loan forgiveness. We’ve compiled the information available based on the latest guidelines from the SBA and the U.S. Department of the Treasury. Check back here often for updates, as the guidance is subject to change regularly. If borrowers do not apply for the forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred and borrowers will begin making loan payments to their PPP lender.
Small businesses have engaged with Jorns & Associates directly for assistance with PPP loan forgiveness
Hire a professional and take the stress out of PPP loan forgiveness
Our platform technology calculates forgiveness directly from your payroll reports.
Our done-for-you model means we submit the application with you to the bank.
Restaurant Revitalization Fund
The Restaurant Revitalization Fund (RRF) is a $28.6B SBA grant program established through the American Rescue Plan Act. The grant is calculated by taking your 2019 gross receipts and backing out your 2020 gross receipts and PPP loan funds.
Many businesses in the food and beverage industry have been struggling through the pandemic and Jorns & Associates is prepared to help guide you through the complex grant process. This time sensitive program will allow you to quickly infuse funds into your business. Let Jorns & Associates assess the opportunity, maximize benefits, and manage the grant process from application to approval. As always, Jorns & Associates will keep your business in compliance and provide audit support. About RRF: $10,000,000 Maximum per grant. $5,000,000 Maximum per location. Restaurants with 20 or fewer locations are eligible for this program. Grants can cover eligible expenses incurred between February 15, 2020 to December 31, 2021. Unused grant funds must be returned. Initial period that prioritizes businesses owned by women, veterans, and economically disadvantaged. Not subject to federal income tax
Phase 3 General Distribution Allocation
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Determine and document your claims for the HHS Provider Relief Fund
Employee Retention Tax Credits
Consolidated Appropriates Act of 2021 Expands CARES Act Employee Retention Credit
Employers, including tax-exempt organizations, are eligible for the credit if they operate a trade or business during calendar year 2020 and experience a “partial suspension” of the operation of their trade or business during any calendar quarter because of governmental orders limiting commerce, travel, or group meetings due to COVID-19. The coronavirus (COVID-19) outbreak has forced the cancellation of trade shows throughout the world and according to studies, airplane passenger numbers dropped by 60 per cent in 2020 as a result of the COVID-19 pandemic.
According to IRS FAQs, a business that can open (but with restrictions) would still be “partially” shut down due to a governmental order. For example, if a restaurant dining room normally has 100 tables, but due to “social distancing” orders, the restaurant is only permitted to have 50 tables, the employer is still subject to a partial shutdown order and would be eligible for the ERC.
We provide complete, rapid and uncompromising advice around Employee Retention Credits and will help you identify all the ways your business has had impact on commerce, travel and group meetings to qualify for ERC.
Maximum Amount Per Employee (2020 & 2021) $5,000 for the current year of 2020. For the year 2021 the maximum amount available is $7,000 per employee for Q1 of 2021, $7,000 per employee for Q2 of 2021, and $7,000 per employee for Q3 of 2021.
Of the first $10,000 in payroll costs covered by ERC/ERTC in Q1 and Q2 of 2021
Hire a professional and take the worry out of your ERC credit claim
We help create the business documentation related to partial suspension of operations
We file amended 941-X returns with the IRS as a paid preparer on your behalf