The Small Business Administration has informed trade associations that as of yesterday, Paycheck Protection Program funding has been exhausted. Their application portal has stopped accepting applications from most lenders.
The agency has reserved about $6B in funding for previously submitted applications placed on holds that are yet to be resolved. Also, about $8B in funding remains for the portion of the PPP program federally mandated to Minority Depository Institutions (MDIs) and Community Development Financial Institutions (CDFIs).
If your application has not yet received an SBA loan number, you are yet to be approved. As such, you should probably take your application to an MDI or CDFI.
Let me leave you with this.
The New York Times is reporting that President Biden is seeking $80B to increase the number of IRS Audits. The increased auditing is one of the ways that he plans to pay for his various spending plans.
The plan supposedly only targets high income tax returns, yet no one seems to be able to define the words, “high income tax return”. Is this for taxpayers over $500K? Is it for returns over $250K? What about someone over $100K? In much of America, someone making over $100K is considered a high income taxpayer.
I just love vagueness, don’t you?
The easiest way to not be audited is to have a good accountant do a reasonable income tax return in the first place. If done correctly, nothing will red flag, and they’ll have no reason to knock on your door.
The taxation agencies focus on returns where they know they can collect enough to substantiate their time. Don’t kid yourselves my Brothers and Sisters, these are collection agencies in the purest sense of the word.
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