SVOG vs The PPP
The IRS recently updated the information regarding the Shuttered Venues Operator Grant or SVOG. This grant is for venues, management, agencies, theatrical producers, and other live entertainment related companies.
This provides a grant of up to 45% of the entities revenues from 2019 topping off at $10 million. This is a grant rather than a loan which does not need to be repaid.
In order to receive the grant, and entity
1 – Must have been in operation as of February 29, 2020.
2 – Must NOT have received a PPP Loan after December 27, 2020.
3 – Must not be a publicly traded company
4 – Must not provide entertainment of a prurient nature
From an operational standpoint, the problem on this one is probably going to be timing. 45% of your operations from 2019 will probably be more than anything you would get from the PPP, but you cannot apply for both. Initially, only the entities that were down 90% can apply and the PPP Loan program applications end March 31, 2021.
Additional information can be found at this web address.
Let me leave you with this.
Am I the only guy who got a kick out of watching Tom Brady school Patrick Mahomes yesterday? Brady is 43 years old still winning the Superbowl in the NFL. Am I the only middle-aged guy out there who was inspired?
Many think that I’m certifiable for actually loving what I do. I can’t wait to wake up, come here, and help people. It’s my calling in life, what God intended for me to do. The fact that I can practice my profession at such a high level surrounded by people doing the best work of their careers and still be able to help people in the process is a great feeling.
Unlike a professional athlete, I should be able to continue doing well into my eighties. One of the nicer things about my profession is that, as long as your mind holds up, you’re generally needed. The younger CPA’s and EA’s need you experience and expertise in handling difficult cases. They don’t teach what I do in books or in school, frankly because the professors don’t know how. If they did, they probably wouldn’t be lecturing to nineteen-year-olds.
Mahomes will certainly be back. He might even learn something from the experience. The question now is how long Brady will be able to continue at this level.
At least he won’t have to run around with underwear on his face like the half-time show.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and i remain,
Accounting Solutions Ltd.
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