News & Announcements:
July 8, 2021
Client Appreciation Day!
Mark your calendars. Davis and Davis Tax Services would like to announce our Client Appreciation Day! We will have sweet treats, free gifts and a chance at UK Football tickets.
If you participate in our UK Football ticket drawing, you will be entering to win a pair of tickets to the Kentucky VS. Tennessee game on Saturday, November 6, 2021. You will be in section 8, row 30, a perfect view to see a touchdown! You must stop by the office on October 29 to enter for a chance to win.
June 22, 2021
Advance Payments of Child Tax Credits
As most of you know the advance payments of child tax credits are set to begin next month. To avoid any surprises with your refund during tax season in 2022, Steve is advising opting out of the advance payments, unless you are in desperate financial need of the money to live on. As of today, the IRS has opened the portal to opt out of the payment. Please click the link below and follow the prompts on the IRS website.
Closure Due to Weather
Due to incoming weather, Davis and Davis Tax Services will be closed on Thursday, February 18, 2021 - Friday, February 19, 2021. If you have any questions or concerns, please contact Elizabeth at email@example.com.
New PPP Loan Information: Courtesy of Intuit QuickBooks
PPP resources for eligible applicants
In an effort to serve as many customers as possible, QuickBooks Capital is creating two ways for eligible customers to apply for a Paycheck Protection Program (PPP) loan.
First, QuickBooks is working on a second PPP loan application for certain eligible QuickBooks and Intuit Online Payroll customers who received a first-time PPP loan within QuickBooks Capital in 2020. These eligible customers will be able to apply for a second PPP loan up to $150,000.
Second, QuickBooks Capital has teamed up with Cross River Bank, an SBA-approved lender, to facilitate PPP applications for a broader group of eligible QuickBooks customers directly through CRB's platform.
PPP Application through Cross River Platform
QuickBooks Capital has teamed up with Cross River Bank (CRB) to provide certain eligible QuickBooks customers with the ability to apply for a PPP loan directly through CRB's platform. For eligible QuickBooks customers, CRB will originate and service the loans as well as manage the forgiveness process. The loan application is now available. Eligible customers can apply here.
The CRB application is for certain eligible QuickBooks customers who want to apply for a first-time PPP loan. It is also available to eligible QuickBooks customers seeking a second-time PPP loan and who don't have an active Intuit payroll account or who don't meet other QuickBooks Capital eligibility requirements. Eligible QuickBooks customers applying for a loan greater than $150,000 can also apply for a PPP loan through CRB. Together, with CRB, QuickBooks Capital helped to fund $1.2 billion in PPP loans for QuickBooks customers in 2020.
PPP Application through QuickBooks Capital's Platform
QuickBooks Capital will soon provide an easy to use, automated, second PPP loan application experience for certain eligible QuickBooks customers seeking a second PPP loan up to $150,000. Eligible businesses will be able to quickly apply for a second PPP loan using their business data already available in their QuickBooks account.
Customers who are eligible to apply for a second PPP loan within QuickBooks Capital include: QuickBooks Online Payroll, Intuit Online Payroll and QuickBooks Desktop customers with open payroll accounts and who last year received their first-time PPP loan of up to $150,000 through QuickBooks Capital. Once the application becomes available, we will inform these eligible customers immediately. Additional eligibility requirements may apply.
December 28, 2020
New COVID-19 Relief Law Signed: Courtesy of ADP
For information about applying for new Paycheck Protection Program (PPP) loans, help accessing PPP loan application reports in Accountant ConnectSM, or if you or your clients already have a PPP loan and would like information about PPP loan forgiveness, visit the ADP PPP toolkit at https://www.adp.com/PPP.
Paycheck Protection Program Reopened
The Paycheck Protection Program is reopened with over $284B in funds available for new loans. For new borrowers, as well as borrowers who have already received a loan and not yet applied for forgiveness, the law expands eligible non-payroll costs to include certain covered operations expenditures, property damage costs, supplier costs and worker protection expenditures. Non-payroll costs remain limited to less than 40% of the loan amount. Additionally, for all borrowers who have not yet applied for forgiveness, the safe harbor deadline to restore wage and employment levels is extended from December 31, 2020, to September 30, 2021.
Second Draw PPP Loans
Second PPP loans are available to businesses that received a PPP loan previously and that meet special requirements, including:
Second-time borrowers must have 300 or fewer employees. The rules of the program may limit participation if your organization has related entities, or if you are in certain industries. Check the Small Business Administration’s PPP website (https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program) for more information.
To be eligible for a second PPP loan, businesses will need to demonstrate a reduction in revenue of at least 25% between corresponding quarters in 2020 and 2019. Special rules apply to businesses that were not in operation for all or part of 2019.
The maximum amount for second draw PPP loans is $2 million.
Borrowers must have fully spent the loan proceeds from their first PPP loan before their second PPP loan is disbursed.