“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

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 DeVry University’s Keller Graduate School of Management. 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 this episode, Justin and Thomas join us from Aprio 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 cannot 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 in 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.

“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 the thousand pages.” – Adam Moore

Topics discussed in this episode of Breaking Barriers, Building Hire Ground:

  • How the recent Consolidated Appropriations Act will help small businesses
  • How Employee Retention Credit works and how it is calculated
  • What additional data your company will need to supply for a PPP loan
  • The IRS website link you need to go to if you have not received your $600 stimulus payment
  • How to dine your business clients at zero cost until 2022
  • Advice for solo entrepreneurs and their 2019 Tax Return

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With thanks to

University of Georgia Supply Chain Advisory Board

In addition to ensuring the UGA’s supply chain curriculum meets employer’s needs, the board also connects employers with highly qualified students and joins corporate board members like Johnson and Johnson, Home Depot, and Chick-Fil-A to discover and hire tomorrows supply chain innovators today.

To learn more go to www.terry.uga.edu click on Alumni and find the Supply Chain Advisory Board there!

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