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Resources

COVID-19 Resources

Newsletters

Our regularly updated newsletter provides timely articles to help you achieve your financial goals.

Breaking News! June 4th 2020 – The Senate passed the 4th CARES legislation, names it the Paycheck Protection Program Flexibility Act (PPPFA).

The bill now heads to The President for his signature. If signed into law (which is expected), the Paycheck Protection Program Flexibility Act would ease a lot of the limitations in the original loan forgiveness guidelines established by SBA interim final rules:

  • Extends the “covered period” under which small businesses can spend the loan proceeds from eight weeks to 24 weeks, or until Dec. 31.
  • Remove the limits on loan forgiveness for small businesses that were unable to rehire employees, hire new employees, or return to the same level of business activity as before the virus.
  • Expand the 25% cap to use PPP funds on nonpayroll expenses, such as rent, mortgage interest, and utilities, to 40% of the total loan. That lowers the 75% requirement for payroll expenses to 60% to get maximum forgiveness.
  • Allow small businesses to take a PPP loan and also qualify for a separate, recently enacted tax credit to defer payroll taxes, currently prohibited to prevent “double-dipping.”
  • Extend the loan terms for any unforgiven portions that need to be repaid from two years to five years, at 1% interest.
  • Give small businesses more time to rehire employees or to obtain forgiveness for the loan if social-distancing guidelines and health-related actions from the Centers for Disease Control and Prevention or other agencies prevented the business from operating at the same capacity as it had before March 1.
  • Extend the period for when a business can apply for loan forgiveness, from within six months to within 10 months of the last day of the covered period, before it must start making interest and principal payments. Under the new bill, PPP loan interest and payment of principal and fees will be deferred until the loan is forgiven by the lender.

For more information please feel free to contact us at info@millermusmar.com or call us at 703-437-8877.

MillerMusmar CPAs is an established accounting firm with offices in Reston, Virginia, and Manassas, Virginia. We have a twenty-five-year history of providing top quality auditing, tax, and accounting services to clients throughout the Washington Metropolitan area and internationally. By combining the expertise of a mid-sized firm with the personal attention, we are both large and small enough to deliver a responsive service to our clients. For more information, please visit our website at www.MillerMusmar.com. 

Please feel free to contact us to discuss how we can work with you to achieve your goals.
MillerMusmar is committed to the professional standards of
competence, objectivity, and care with every service provided.
Reston, VA Office

MillerMusmar CPAs
2100 Reston Parkway Suite 400
Reston VA 20191
Phone: +1-703-437-8877
Fax: 703-437-8937
info@millermusmar.com

Manassas, VA Office

MillerMusmar CPAs
10502 Crestwood Drive
Manassas, VA 20109
Phone: +1-703-365-8877
Fax: 703-365-8937
info@millermusmar.com

Texas, Office

MillerMusmar CPAs
11908 Yarmouth Lane
Fort Worth, TX 76108
Phone: +1-703-365-8877
Fax: 703-365-8937
info@millermusmar.com

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MillerMusmar CPA’s
2100 Reston Parkway suite 400
Reston VA 20191
Email: info@millermusmar.com
Phone: (703) 437-8877
Fax: (703) 437-8937