The government just introduced a second round of the paycheck protection program (PPP loan). If you did not receive a PPP loan from the first round, you automatically qualify for this second round. If you did already receive a PPP loan you will have to prove that in at least one quarter in 2020 you were down at least 25% from the same quarter 2019. You can get an application from your bank. The deadline for signing up for this second PPP loan is March 31st. You can find additional information on the SBA.gov site. Let us know if you have any questions or need help filing out the application.
Additional information you will need at your 2020 tax preparation appointment.
In 2020 the government introduced many new programs to help us all get through the Covid-19 Pandemic. If you received any of the following grants or loans, Rick will need this information to complete your tax return.
- PPP Loan information
- EIDL loan/grant from the SBA
- Unemployment insurance. You will need the 1099 they will send you at the end of January
- Seafood Trade Relief Program (STRP) grant
- Any other loan or grant that you received.