Special PPP Loan Provisions for Small Businesses in Las Vegas

loan provisions las vegasStarting on Feb. 24, 2021, the SBA is establishing a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This is according to guidance on the SBA and White House sites. According to the statement, this will give lenders and community partners more time to work with the smallest businesses to submit their applications. These special loan provisions are designed to aid small businesses across the country.

New Loan Provisions for Small Businesses in Las Vegas

The SBA also announced four additional changes to open the PPP to “more underserved small businesses than ever before.” The SBA will:

  • Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants.
  • Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal.
  • Eliminate PPP access restrictions on small business owners who have struggled to make student loan payments by eliminating student loan debt delinquency as a disqualifier to participating in the PPP.
  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use their Individual Taxpayer Identification Number (ITIN) to apply for the PPP.

Goal from Congress for the Latest Round of PPP Loan Provisions

The statement further noted that a critical goal from Congress for the latest round of PPP was to reach small and low- and moderate-income (LMI) businesses who have not received the needed relief a forgivable PPP loan provides. Although Congress set a $15 billion set-aside for small and LMI first draw borrowers, the current round has only deployed $2.4 billion to small LMI borrowers, “in part because a disproportionate amount of funding in both wealthy and LMI areas is going to firms with morhan 20 employees.” The SBA believes this special 2-week window and the other changes will allow the distribution of more funds.

Where to Find More Details About Additional Relief Programs

More details are available on the SBA loan resource site. The program is slated to end on March 31, although additional relief programs are expected before then. Contact us at Layton Layton & Tobler for a free consultation.

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Serving Las Vegas, Summerlin & Henderson

Posted on March 17, 2021 | Published by Ignite Local | Related Local Business

Keeping Receipts for Taxes

Why Keeping Receipts for Taxes is Important. Which Receipts to Keep and Which Not to Worry about?

Keeping Receipts for Taxes in Las Vegas, Henderson & SummerlinThe start of a New Year is time to begin thinking about preparing financial records and employment documents for tax filing. Nobody looks forward to this annual chore, but it unfortunately must be done. Which expense receipts are important and which are not for tax filing is discussed below. Make sure you’re keeping receipts for taxes the right way.

Keeping Receipts for Taxes in Las Vegas

Your receipts are what the IRS refers to as ‘documentary evidence’ of business expenses during the year; expenses you plan to deduct from income or use for tax credits. Generally, tax planners advise you to keep receipts for the following expenses. If in doubt, don’t throw it out! It’s better to have them and not need them than the other way around.

  • Charitable contributions
  • Tuition & student loan payments
  • Fuel purchases if vehicle use was work-related
  • Rent & mortgage payments
  • Childcare payments
  • Office rent, including for a home office
  • Medical expenses related to exams, hospital stays, out-of-pocket Medicare expenses, dental work, psychiatric and chiropractic care, optometry, etc.

Receipts You Can Discard

Generally, receipts for work-related travel are not required to be kept if the amount of the purchase is under $75. If you bought a meal during work-related travels that cost $40, you don’t need the receipt. If the meal cost $80, hold onto it. Take a picture of the receipt with your smartphone, email it to yourself, and store then in a separate email folder if that’s easier for you. Your accountant will need them come tax season.

Let Us Help

Contact the tax experts of Layton Layton & Tobler to get a head start on your tax planning and preparation. Keeping receipts for taxes is just one of many things you’ll want to be ahead of the game on. Not planning and executing your plan in regards to taxes is like not planning and executing in your business operations. Not doing so can land you in a bad place.

Assisting with Keeping Receipts for Taxes & All Your Other CPA & Accounting Needs in Las Vegas

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