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The new loans will be tax deductible and available to any lawn care and landscape contractor or business with fewer than workers.
Sole proprietors, independent contractors and the self-employed are also eligible, and can apply even if they previously applied and were granted a PPP loan from the first round. The PPP loans are designed to provide a direct incentive for contractors and other small businesses to keep their workers on the payroll.
Although the funds were allocated to the Small Business Administration SBA , a lawn care and landscape contractor can apply through any existing, qualified SBA lender, federally insured depository institution, federally insured credit union or Farm Credit System institution.
In general, the loans will be forgiven if all employee retention criteria are met and the funds are used for eligible expenses. And, best of all, neither the government nor lenders will charge any small business fees.
The new round of PPP, or PPP2 as it is being called, is similar to the first round but with several important differences. In general, PPP2 will permit first-time borrowers from the following groups:. Most importantly, borrowers that returned all or part of a previous PPP loan can reapply for the maximum amount available to them.
It is only on or before forgiveness is applied for that those revenue losses will need to be documented. As with the earlier PPP, the costs eligible for loan forgiveness in PPP2 include payroll, rent, covered mortgage interest and utilities. Plus, under PPP2, the following are potentially forgivable:.
As mentioned, borrowers may be eligible for loan forgiveness if the PPP funds were used for eligible payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or week period after the PPP funds were dispersed. A borrower can apply for forgiveness once it has used all loan proceeds for which forgiveness is being requested.
PPP borrowers may receive an amount of up to 2. The SBA is creating a simplified application form and is not expected to require additional materials unless necessary to substantiate revenue losses or relevant records related to employment for four years and other records for three years, as the SBA may view and audit these loans to check for fraud.
PPP2 includes set-asides to support both first and second-time borrowers with 10 or fewer employees, first-time PPP borrowers that have recently become eligible, and for loans made by community lenders.
Although the CARES Act excluded PPP loan forgiveness from gross income, it did not specifically address whether the expenses used to achieve loan forgiveness would continue to be deductible. The IRS was quick to announce that no deduction would be allowed for any if the payment of the expense resulted in forgiveness of a PPP loan.
A Warning: Although the COVID-Relief bill, as mentioned, contained a provision allowing contractors to deduct expenses paid for with PPP loan proceeds forgiven by the government with out incurring a tax, the states may not go along with this treatment. And, because the state may not go along with allowing these deductions together with tax-free loan forgiveness, the result may be an unexpected state tax bill.
Many aspects of this round of PPP are, in general, the same. The new PPP expands the types of expenses covered to include costs such as those for cloud computing or remote-work software and equipment for government-mandated sanitation and social distancing, such as sneeze guards or air filtration systems.
Originally, businesses that got PPP loans were not eligible to claim the employee retention tax credit, the CARES Act provision that encouraged employers not to shed jobs. Now they are. Thus, now might be a good time to discuss the opportunities presented under the re-constituted program with your banker or financial advisor.
Battersby is a freelance writer who has specialized in taxes and finance for the last 25 years. Working from offices in the suburban Philadelphia community of Ardmore, PA, he currently writes for publications in a variety of fields, syndicates two weekly columns that appear in over 65 publications as well as regular columns in ten fields.
He has also written four books. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Business Management Industry News Resources. Turf Editors , April 8, A Spanish-English Landscaping Dictionary? Christine Menapace , March 23, Winter Weather: Were You Prepared? Smith , March 24, Design-Build Thrived In Will It Continue? Schipper , March 23, Mark Battersby � January 11, Battersby is a tax consultant in Ardmore, Pa.
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