Updated 4/1/2020
         

Loan Forgiveness Scams

           

Small business owners are going to want to maximize payroll and rental expenses to increase the paycheck protection program forgiveness.

 

Here are some crazy half-baked ideas that we preemptively know people will try-

  • Adding your spouse or children to payroll during the 8-week period.

  • Adding crazy Eddie to your payroll and having him kickback the paycheck.

  • Prepaying rent to your landlord.

  • Entering into a rental agreement with yourself for the use of your home office.

We suspect the loan forgiveness process will be a mini-audit… and they will probably be approaching it from a “yeah, right” perspective. Let’s not give them reasons to deny the forgiveness.

Strive Tax & Accounting, LLC reminds readers that the information which is summarized herein is for general and informational purposes only, it is not legal advice. It does not take into account your specific circumstances and should not be acted on without full understanding of your current situation and future goals and objectives by a fully qualified financial advisor. In doing so you risk making commitment to a product and/or strategy that may not be suitable to your needs.

   

While we have tried to ensure the accuracy and completeness of the contents of this website, Strive Tax & Accounting, LLC cannot offer any undertaking or guarantee, either expressly or implicitly, including liability towards third parties, regarding how correct, complete or up to date the contents of this website are. We reserve the right to supplement this website at any time or to change or delete any information contained or views expressed on this website.

Please consult us or your legal professionals regarding any specific matters related to the CARES Act that may affect your firm and its portfolio companies.

       

Strive Tax & Accounting, LLC accepts no liability for any loss or damage howsoever arising out of the use of this website or reliance on the content of the website.