PPP Congressional intent is PAYCHECK Protection, not Profit Protection - shame AICPA

[JON]

I have not red the 5000 pages, but I think PPP1 and PPP2 are both covered by the language where there are no reductions of expenses for the forgiveness. That is a great gift to some of my clients who really need it!!!

[BOB W]

Covid bill will not be past................................... Trump will pocket veto it.......

[Scarecrow]

Covid bill will not be past................................... Trump will pocket veto it.......

Likely, Congress will cave, the stimulus checks will increase, spending will increase, and everybody in the end will claim victory....Meanwhile, IRS will say they have to delay tax season until somebody figures out what the 5,000 plus pages actually mean.

[BOB W]

I agree... Hopefully most of the garbage in the bill will be removed before it gets passed and most of the bill goes to covid issues, like Americans and hard hit businesses...

[New York Enrolled Agent]

I agree... Hopefully most of the garbage in the bill will be removed before it gets passed and most of the bill goes to covid issues, like Americans and hard hit businesses...

Clearly, you are clueless about this legislation.

This is the Consolidated Appropriations Act of 2021 - it consists of over 30 Divisions. Agriculture is the primary topic of one Division, Military is another Division and so on down the line. Basically two of these Divisions (N and EE) deal with issues that are of concern to posters on this Board.

I'll let you make the determination of which "garbage" should be removed from those two Divisions. Look for the "Covid-related Tax Relief Act of 2020" and the "Taxpayer Certainty and Disaster Tax Relief Act of 2020" in your rubbish search.

[BOB W]

WOW... You are really up on your stuff... But JUNK IS JUNK... AND I WAS TALKING ABOUT MONEY GOING TO INDIA FOR GENDER ISSUES AND MONEY GOING TO A TREAD MILL TO STUDY REPTILES WALKING ON IT, AS WELL AS MANY OTHER USELESS EXPENDITURES IN THE BILL. AND THAT RELATES TO ALL DIVISION YOU MENTIONED

Our country will be, before long, $30,000,000,000,000 OVER SPENT in now "make believe money". That loaf of bread will be $15.00, or more! Your and my savings will be worth pennies on the dollar before long. Why can't you see with your " UP ON STUFF", that the US has a cash flow problem that will be coming out of your pocket and everyone else down the road by way of inflation and taxes.

Just to say that it is a normal annual process does not mean we can afford anything that we would like, but what our country needs to solve today's problems and do it without spending on pet projects plus funding other countries problems when we have so many here.

I remember when I was a kid and went food shopping with my parents, it would cost $25 to $35 for the week.... Hello... Wake up!! Big inflation is coming with past and current legislation like this.

Dig into the Divisions of the bill and you will see the waste built into it. If you don't see it as garbage then you should run for Congress.

[MichaelDi09]

I submitted my PPP Forgiveness application on 9/9/20, just received full forgiveness on statement dated 12/30/20. I am self-employed , no employees. It was a small loan under 15K , and as a tax professional , kept accurate records and provided when requested. Four months to complete is nonsense , as clients, I assisted , received their forgiveness 100%, before me , and their Applications filed 2 months after mine.

[New York Enrolled Agent]

I submitted my PPP Forgiveness application on 9/9/20, just received full forgiveness on statement dated 12/30/20. I am self-employed , no employees. It was a small loan under 15K , and as a tax professional , kept accurate records and provided when requested. Four months to complete is nonsense , as clients, I assisted , received their forgiveness 100%, before me , and their Applications filed 2 months after mine.

With all due respect, you just got $15,000 of tax free income and you're complaining it took four months. Sorry, not much sympathy on my part.