Paycheck Protection Program Second Draw Help

Updated 1/14/21

We are now accepting PPP Second Draw applications through our application portal:

Need PPP2 Application Help?

Need help with your small business taxes? Ask our partners, the local tax & accounting experts at CenntennialTax.com   

We’ve partnered with Centennial Tax & Accounting – a leading Quad Cities tax & accounting firm – to offer loan application assistance at affordable rates. To secure access during tax season, we’ve negotiated on behalf of our small businesses customers. Requests your engagement here: PPP2-Support@centennialtax.com

PPP Application
Support Services
Existing Centennial Clients
PPP Application Support Services
Billed Hourly20% Discount to Hourly Rate
$500 minimum$350 minimum
New clients will be eligible to receive a 10% discount on their 2020 Tax Preparation costs or a $100 credit towards their first bookkeeping or payroll service.

Services performed will include assisting clients with calculations and documentation gathering, allows for borrower self-certification, performed only with a documented understanding of engagement and communication is generally intended for client use only, and will not fall within the scope of peer review.

Change of Plans Needed? A Note on PPP Forgiveness & Taxability:

CLARIFICATION OF TAX TREATMENT OF FORGIVENESS OF COVERED LOANS

Congress specified that business expenses paid with forgiven PPP loans are tax-deductible. This supersedes IRS guidance that such expenses could not be deducted. Please adjust your year-end tax planning accordingly.

Plus, the current legislation offers:

  • An extension the employee retention tax credit and FFCRA unemployment provisions
  • Temporarily will allow 100% business expense deduction for meals (rather than the current 50%) as long as the expense is for food or beverages provided by a restaurant. This provision is effective for expenses incurred after December 31, 2020, and expires at the end of 2022.