If you received a PPP Loan back in 2020 and have not yet put in for forgiveness, the window of time to avoid payments is coming to an end. For example, if you received the loan drop on April 15th of 2020 and elected the 24 week covered period, you have until the end of August to apply for forgiveness.
If you don’t file for forgiveness, you’ll be responsible for principal and interest payments on the loan. You would still be able to apply for forgiveness at a later date, but you would be required to make loan payments until the forgiveness is filed.
As of last May, 2021, 1.7M PPP borrowers had not filed for forgiveness on their first draw. If you need help filing out your forgiveness paperwork, or on determining the deadline, please don’t hesitate to contact us.
Let me leave you with this.
The series I started last Friday about planning for the future has generated several discussions, so let’s continue along that path.
Auto repair shops may disappear in the future. Combustion engines have around 20,000 parts while an electric motor has about 20. Faulty electric motors won’t be repaired. They’ll be swapped out by a dealer and sent to a regional facility where they’re repaired by robots.
As solar cells continue to improve and prices go down, most homes will produce more electrical energy than they consume, selling the excess back to The Grid that will dispense it to industries that are heavier users. Homes will be heated by electricity which means that you won’t have monthly gas or electric bills. This would mean that the Coal, Oil, and Natural Gas industries would be changed forever ending our foreign dependence on OPEC.
Autonomous cars may become the norm. My grandchildren might never get a driver’s license, as personally owned vehicles become a thing of the past. You tap a button on your phone, a car picks you up and takes you wherever you would like to go, charging you for the mileage.
This would change our cities because we would need substantially fewer cars and they wouldn’t need to park, forever altering the auto industry. Think about all of the space in crowded neighborhoods that would be regained by not needing parking spaces.
Currently we have one accident every 60,000 miles driven which would drop to 1 every 6 million miles once autonomous cars improve. This would radically alter how insurance companies price their insurance, and would also allow us to be productive while in a car…
Only whatever God you pray to has any idea either if or when these changes would occur, but one thing is certain. Change is coming, and you can either profit by it by being properly positioned, or be shut down. Technology isn’t something that we can control. It’s only something that we can respond to.
We’re all going to get through this. Let’s get through it together.
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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