Good Morning Schiff Clients!
Happy Good Friday to all!
I hope each of you are well and safe!
We are here for you!
IRS Update
Overnight, the Internal Revenue Service created some clarity for when your 2020 Quarterly Tax Payments would be due. So instead of having Payments due June 15, 2020 (2nd Quarter) and July 15, 2020 ( 1st Quarter), the Regulations point to BOTH the 1st Quarter and the 2nd Quarter are now BOTH due July 15, 2020 as one combined payment. To me , that makes sense!
Independent Contractors
Today, April 10th is your day to file for your Paycheck Protection Program (PPP) Loan. We currently, do not have clarification from the SBA nor the US Treasury on how you as an IC , will submit your financial documents. My best advice at this time is , to please contact your SBA Preferred Lender Bank and inquire with them.
MSDA Webinar from TODAY
Will be posted on www.MSDA.com
EIDL GRANTS / LOANS (update)
Yesterday (April 9, 2020) a number of 9,000+ ADCPA Dental Clients, received notification from the SBA, saying they were approved for $25,000. The $25,000 includes the $10,000 EIDL GRANT (which does not have to be paid back) and a preliminary EIDL Loan of $15,000 (30 years Loan at 3.75% Fixed) for their immediate working capital needs. The SBA message went onto say, do you want to accept the $15,000 EIDL Loan or would you like to apply for a greater EIDL Loan? Each of you will have a financial decision, when you receive your SBA notification.
I will continue to update you as the day progresses, if updates are warranted
Please enjoy the weekend!
We are here for you
My best to all
Allen
