The U.S. Small Business Administration, in consultation with Treasury, unveiled late in the evening of October 8 a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.
“The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs,” Treasury Secretary Steven Mnuchin said in an October 8 press release. “Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the clock to process loans quickly,” he added. “We are committed to making the PPP forgiveness process as simple as possible while also protecting against fraud and misuse of funds. We continue to favor additional legislation to further simplify the forgiveness process.”
Notably, instructions for SBA Form 3608S state that the new application requires fewer calculations and less documentation for eligible borrowers. “Borrowers that use SBA Form 3508S are exempt from reductions in loan forgiveness amounts based on reductions in full-time equivalent (FTE) employees or in salaries or wages,” the instructions state. Additionally, SBA Form 3508S does not require borrowers to show the calculations used to determine the loan forgiveness amount, though SBA may request such information and related documents as part of its loan review process.
The PPP Loan Forgiveness Application Form 3508S can be accessed online along with instructions. Download Form 3508s here.
If you need assistance with your PPP loan forgiveness application, don’t hesitate to contact our office by email:
September 6th was Fight Procrastination Day. Although we missed the opportunity to write something witty around the theme of procrastination, we want you to be proactive in keeping your personal and business finances in order. So, please make sure you meet these important tax deadlines if they apply to you or your business:
- September 15 – Estimated Federal Quarterly Taxes
- October 20 – Pennsylvania Quarterly Sales Taxes (July-September)
- October 31 – Quarterly Employment Tax Payments for 3Q 2020 (July-September)
September also marks the end of the third quarter so if you prepare quarterly budgets now is the time to start preparing your 4th quarter budget.
The 2019 tax filing extension date, October 15th, is fast approaching, so don’t forget to provide your documentation by September 30, 2020. If you haven’t requested your secure portal yet, please email us. Please note if your information is not provided by September 30th, there will be an expediting fee of $100.We are also continuing to offer our free courses for a limited time:
- To track your personal finances, the household budgeting webinar is free through September 30 (use coupon code COVID19).
- For business owners, our webinar “7 Crucial Steps to Starting a Business” is available and we would love to have your feedback!
We hope you will do as we say and not as we did and don’t procrastinate!
Mary T. Austin
CEO, MT Austin and Associates
Please check out our former issues of Financial Freedom Press and contact us if there is a question you have that we can cover in our next issue!
I’ve had to take some time to process all that has transpired this past week. The emotions, the traumatic videos, the grief, the worry and the racist actions and comments on social media all weigh heavy on me and my family. I am a black woman, the mother of a black son and daughter and George Floyd and Breonna Taylor’s murders are my worse nightmare. It is even more terrifying than a nightmare because the probability of it coming true is greater for my children than those who identify white in this country. We are not only tired of the racism and inequalities we experience on a regular basis, the numerous videos of police and random citizens disrespecting black bodies, but we’re tired of feeling that we have to walk around in a world, constantly on eggshells among people who do not cherish us.
So, I’m not here to only write a letter of solidarity, but also of appreciation for my clients who continue to support MT Austin and Associates. Whether you patronize this business specifically because it is a 100% woman and black owned company, or irregardless of that fact, I appreciate your patience this past week as I took time to just be with my family, to step away from the fear, the sadness, the trauma and the heaviness of it all to find some moments of peace. I love seeing the voice of people all over the world speaking out against the injustices and demanding change and I applaud every act of protest seen and unseen.
We appreciate you, and join you in the continued fight for a country that is safe for all of us. If you’re still looking for a cause to support, consider signing a petition to bring justice to Breonna Taylor or fund an organization that helps black men reach their full potential.
Stay tuned as we plan to offer a few of our more popular classes and financial wellness webinars for FREE in order to support our clients as you recover from the COVID19 pandemic. Please visit, like and get notifications from our RESTORATION STATION FACEBOOK PAGE to be the first to know about the dates and classes we’re offering.
Until the next newsletter, stay safe, practice physical distancing, wear your masks and practice radical self care!
As always, we’re here for you!
Many Happy Returns,
Register for a chance to get a 10 minute consultation!
You have the passion, you have the vision but you still worry. Will I ever stop living paycheck to paycheck? How do I manage the finances in my business? I’ve started my business now what do I do? Let me help you activate the wealth within you. I am a business visionary and accounting expert with 30 years of experience. It’s time to get beyond the vision and feel confident about your financial future.
Click the link below to register for this FREE event sponsored by the African American Chamber of Commerce.
Looking forward to seeing you September 12th at 5pm!
In September of 2017, Equifax announced a data breach that exposed the personal information of 147 million people. Under a settlement filed today, Equifax agreed to spend up to $425 million to help people affected by the data breach. If you were affected by the Equifax breach, you can’t file a claim just yet. That’s coming. But you can sign up for FTC email alerts about the settlement at ftc.gov/Equifax.
We like to keep our community informed. You can find more information about credit and money management on our Restoration Station Facebook page.
Read the entire article below:
What good is a budget if you have not first uncovered the reasons behind your frustration and struggle with savings and spending?
Do you want to understand and change your money mindset?
Join M Tonita Austin, the Wealth Activator for a two part money management series at an intimate and judgement-free environment at our Media office.
ONLY 10 seats for this intimate, hands-on event.
In the first session Tonita will teach you holistic tools and rituals, meditations and through journal writing help you discover your money mindset. The goal is to help you understand personal blockages to abundance and wealth in all areas of your life.
The second session, two weeks later will provide you with practical tips and tools for money management and the opportunity to get answers to questions about your personal finances. In the two hour session you will:
- learn new savings and spending habits
- secret tips to balancing your budget and bank account,
- understanding and restoring your credit
- learn how to calculate your net worth
- feel empowered and leave with tools to help you get on the road to financial stability and wellness
- gain confidence and peace of mind around money
All attendees will receive a workbook for the second session and there is an option to pay in two installments. This is the only time this workshop will be offered at this price point.
I hope I get the opportunity to support you! 💙
At the Restoration Station we believe the first step to financial freedom is creating a budget. When you are able to see your income and spending habits you can make better choices and begin to build wealth.
We’ve created for you, a three step video series and an easy to follow worksheet to not only walk you through the steps but to also help you move past the fear and uncertainty that often arises when thinking about your finances.
Sign up for our affordable online webinar TODAY and get on track with your spending!