Key Components for your Business
As we are coming towards the end of tax season, we have started to determine eligibility and reporting requirements on the following financial categories. Below we have outlined the key components and what will be required to process each of these items for your business.
Please be sure to read through each category to better understand your role and the documents that we may require you to submit to our office. We understand that many if not each of these financial categories may apply to your business. The use of PPP funds will need to be balanced accordingly with your payroll expenses to maximize your ERC if eligible.
Our staff will help you prioritize the order in which you should proceed. If you have already received forgiveness for your PPP loans, this is not a problem, just send us the appropriate documentation that you received from the lender at the time of forgiveness.
Retention Employee Tax Credit: Our list of clients that have inquired about receiving the ERTC is continuously ongoing. If you want to ensure you are included on our list, please email Maria at mrodiguez@gpallc.net and she can be sure that your eligibility is reviewed by our staff.
Eligibility requirements:
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- Practice realized a 50% or greater reduction in gross receipts in any quarter of 2020 compared to the same quarter of 2019.
- Business was ordered to shut down either in whole or in part due to an “order from an appropriate Government agency”- (State Specific)
- We will amend Form 941’s for the necessary quarters of 2020
- The tax credit will be applied to your 2021 tax return
PPP Loan/ PPP forgiveness: Forgiveness for round 1 PPP loans can result in entire loan amounts being forgiven. Documents required for processing application are:
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- Any and all correspondence obtained from lender including loan number, loan amounts and banking information.
- Payroll date/ payroll summary for 2019 & 2020
- Include employee totals, 941s for 2019 &2020, Expenses, State Unemployment, & Bank information
*Our staff can assist in making sure that the appropriate documents are provided. *
HHS CARES / Optum Pay: Providers are still receiving the Phase 3 CARES grant distribution. Those providers who have received their distribution are required to complete the Attestation to payment through the PRF portal.
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- Provider Relief Fund (PRF) Reporting Portal
- https://prfreporting.hrsa.gov/s/
- The final reporting deadline is due by July 31, 2021.
- Complete registration and follow prompts
- Additional guidance to completing the reporting requirement for HHS can be found:
- Optum Pay Enrollment Processing:(Timeline from date of enrollment)
- 10-12 business days to review enrollment application
- 7-14 business days for Optum to send account activation code (via email)
- 10-20 days to receive 1st direct deposit.
- Provider Relief Fund (PRF) Reporting Portal
Should you have any questions regarding the information provided please contact our office.