It’s as easy as 123!

Topping the charts for 2023 Wedding Dates, NYE into an engagement year makes membership in the wedding chamber even more advantageous

Jason Whaley • May 22, 2020
Dear clients and friends,
The SBA has released its loan forgiveness application to be submitted to banks. Congress is discussing changes to the program and we expect that additional changes will be made to the cost certification requirements. However, as of today, this is where we stand. The pertinent details are summarized below:

-    The payroll period is the 8 weeks (56 days) subsequent to the receipt of the loan proceeds. We can elect an “alternate period” which adjusts the “start date” to the first day of the first payroll period following loan funding. Whichever period is elected, all costs must be consistent, i.e. payroll costs and non-payroll costs must cover the same period.

-    At least 75% of the loan proceeds must be expended on payroll related costs; the remaining 25% can cover non-payroll costs. This is an area we will keep an eye on as congress is contemplating relaxing the requirement that 75% of the loan proceeds that must be spent on payroll related costs.

-    The loan recipient must maintain prior payroll levels for full loan forgiveness. If employee head count or pay rates are reduced more than 25% over previous periods, then the loan will not be forgiven in full and there will be calculations required to determine the forgiven amount.

-    Payroll costs will be considered paid on the day that paychecks are distributed or the Borrower originates an ACH credit transaction. Payroll costs will be considered incurred on the day that the employee’s pay is earned. Payroll costs incurred but not paid during the Borrower’s last pay period of the Covered Period (or Alternative Payroll Covered Period) are eligible for forgiveness if paid on or before the next regular payroll date. Otherwise, payroll costs must be paid during the Covered Period (or Alternative Payroll Covered Period).

-    Same treatment for utility costs – anything accrued for costs incurred but not paid at the end of the end of your 8-week period still count. Ex: Power bill for May is paid on 6/15/2020 and your covered period ends 6/5/2020. You can still use those costs for loan forgiveness.

This guidance is quite detailed and can be confusing. If you feel comfortable tackling this loan forgiveness application, great. If not, we stand ready to assist our clients in this process. However, this will entail significant work for which we will charge based upon our standard hourly accounting billing rates.

As always, we will keep you apprised as changes or additional guidance is available.

PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS APPLICATION

Thank you, take care and be safe,

McCarthy Kaster Guerrero CPAs

mkgcpas.com

The above is taken from the McCarthy Kaster CPAs & Business Advisors newsletter which has been a great source of COVID19 financial information. I recommend anyone looking to keep up to date with the constantly changing financial tools associated with the current pandemic to visit their site and join their newsletter. - Jason Whaley, Vice President
By Amy Vandermark 14 Dec, 2023
It’s as easy as 123 - Joining the Vegas Wedding Chamber. Why business networking groups are integral for small businesses.
The logo of The Vegas Wedding Chamber's Annual Event, Vegas Marries the Military.
By Brian Mills 21 Oct, 2023
Join us as Vegas pays tribute to our military heroes, intertwining tales of love and service. Discover heartfelt stories from couples renewing vows and celebrating love in the Wedding Capital of the World, all leading up to our grand event on November 5th.
Vegas Wedding Chamber Community Outreach Chair poses w/ USO Flag before presenting donations to USO.
By Amy Vandermark 09 Sep, 2023
Vegas Wedding Chamber documents recent community outreach project partnering with TISOH's Cares Project in collecting and presenting donations to local USO office.
Wedding Couple in desert scape wedding photo for summer wedding in desert.
By Bri Absher 31 Aug, 2023
Vegas Wedding Chamber Director of Membership shares best practices for summer weddings in Las Vegas.
Vegas Wedding Chamber event attendees pose in front of Vegas sign on site at Rio Secco Wedding Venue
By Brian Mills 20 Aug, 2023
On Tuesday, August 15, 2023, the Vegas Wedding Chamber invited members and wedding industry professions to the Rio Secco Golf Club, highlighting their wedding services and wedding venue.
A Senior poses for a Prom Picture from Project 150's Prom Closet
By Charity Mills 02 Aug, 2023
Looking for a heartwarming story about community outreach? Read our blog post on the success of the Project 150's Prom Closet project, which made a significant impact on the lives of underprivileged students. Discover how Wedding Chamber Vegas teamed up with Project 150 to provide prom attire to deserving teenagers, and learn more about the immense positive response this initiative received. Find out how this heartwarming effort exemplifies the power of collaboration and compassion in making a difference within our community.
An Eco-Friendly Sustainable Wedding Bride holding flowers.
By Brian Mills 26 Jul, 2023
Discover eco-friendly and sustainable wedding options in Las Vegas. Find green venues, locally sourced cuisine, and sustainable decorations for your dream wedding. Plan a green celebration today!
By Magda Borowicz 14 Mar, 2023
By Ashley Borow The Vegas Wedding Chamber, a non-profit organization that represents the Las Vegas wedding industry, recently announced a donation of over $20,000 in clothing and goods to Project 150 Prom Closet 2023. This donation will be used to provide formal attire and accessories to underprivileged high school students for their prom night. Project[...] The post Vegas Wedding Chamber Donates Over $20,000 in Goods to Project 150 Prom Closet appeared first on Vegas Wedding Chamber.
By Magda Borowicz 01 Feb, 2023
The Vegas Wedding Chamber of Commerce (VWCC) is a group of wedding industry professionals who are dedicated to promoting their industry and supporting the local community. One of the ways that they are doing this is by collecting donations for Project 150 Prom Closet, an initiative that provides prom attire to high school students who[...] The post Wedding Chamber Members Support Prom Closet appeared first on Vegas Wedding Chamber.
By Stephen Falk 01 Jun, 2022
Thank you to all of our attendees, sponsors, volunteers, and entertainment. Thank you to the Gold Spike downtown for hosting this event for us. Thank you to Drago Sisters Bakery (delicious cupcakes) and Nuage Cotton Candy (tasty cotton candy). Thank you to the following businesses for raffle prizes and sponsorships – Virgil’s Real BBQ, Slice[...] The post Happy 6th birthday to the Las Vegas Wedding Chamber of Commerce! appeared first on Vegas Wedding Chamber.
More Posts
Share by: