Jan 12, 2021
Justin Elanjian is a partner at Aprio and a nationally recognized PPP expert. He has conducted over 100 PPP loan forgiveness educational webinars reaching over 300,000 PPP borrowers and hundreds of CPA firms through strategic partnerships. Justin co-leads Aprio’s PPP loan forgiveness team and is responsible for servicing a growing number of borrowers whose loans in aggregate exceed $300+ million in PPP funds. When Justin isn’t providing PPP loan forgiveness guidance, he serves as a trusted strategic advisor guiding his clients in achieving their goals.
Thomas Scott is also a partner at Aprio specializing in Manufacturing and Technology. He has a BA in Accounting and an MA in Accounting and Financial Management from the Keller Graduate School of Management DeVry University. Thomas provides a wide range of tax services designed to help clients effectively manage risk, identify tax-saving opportunities, and make good business decisions for tomorrow.
In today’s episode, Justin and Thomas join us from Aprio tax practice to discuss the new legislation for the second round of PPP loans and what small and diverse businesses need to consider as we move forward into the second wave of PPP. Justin explains the new rules for tax breaks since the Consolidated Appropriations Act was signed into law by President Trump on December 27th, 2020. He reveals what you can and can’t leverage concerning non-payroll costs, property damage costs, and covered supplier costs, and explains how the Employee Retention Credit system works. Thomas explains a few key individual changes to this new legislation that will impact small and diverse businesses and breaks down how stimulus payments now work and can be accessed going into 2021.
“It's not too late. You can go back, and you can do amendments for 2020, catch those up and then build a strategy for 2021” – Justin Elanjian
“I think we'll see a lot more scrutiny from the FinTech companies this time around because about 75% of the fraud cases thus far are obtained loans from FinTech companies because they didn't know their customers” Justin Elanjian
“You can now deduct a hundred percent of your business meal. And that's going to be huge for all of your business customers” – Thomas Scott
“You do need to have the experts behind you to help you go through some of these more fine-tooth kinds of regulations to read a thousand pages” – Adam Moore
This week on Breaking Barriers:
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