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Loan Application Period for the Paycheck Protection Program Extended

Article Highlights:

  • Loan Application Period Extended 
  • Paycheck Protection Program 
  • Qualifying Expenses 
  • Loan Forgiveness 

If you missed the opportunity to apply for a Paycheck Protection Program (PPP) loan before the program expired at the end of June, Congress extended the application period for a PPP loan through August 8, 2020. Although time is short, you still have time to apply.

If you are unfamiliar with this program, Congress created the PPP as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and authorized the use of the SBA’s small business lending program to provide forgivable loans of up to $10 million per qualifying business. The loans are to support small businesses in dealing with the economic hardships created by the coronavirus pandemic and primarily to assist them with continuing to pay employee salaries.


Small businesses are those with 500 or fewer employees, including those filing Schedule Cs (self-employed, sole proprietorships, or independent contractors), as well as non-profits and veterans’ organizations.

The loans are forgivable to the extent that the funds are used to pay for certain specified expenses, including payroll, rent, lease payments, mortgage interest, and utilities during the 24-week period following the loan being funded or by December 31, 2020, if earlier. To qualify for full forgiveness, a borrower must use the loan proceeds for eligible expenses and meet certain other criteria. The forgiveness may be reduced if an employer does not maintain their employee head count or reduces the pay per employee.

There is approximately $130 billion left in the fund, and the loans are doled out on a first-come, first-serve basis. For more information or assistance, or to determine if your business qualifies for a PPP loan, please give the office a call.



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Get to Know Prestige Accounting Services Group (previously Prestige Wealth Accounting Group)


Offices in Flemington, NJ and Califon, NJ

Our Mission: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we are on a mission to redefine the tax experience for individuals and small businesses. With a focus on personalized service, strategic planning, and expert guidance, we aim to empower our clients to succeed financially with confidence and ease.

Expertise in Action: With a wealth of experience and a team of dedicated professionals, we specialize in individual and small business tax preparation. While we excel in all areas of taxation, our passion lies in serving the unique needs of small business owners in New Jersey. We understand that small business taxation requires specialized knowledge and attention to detail, which is why we go above and beyond to ensure our clients receive the guidance and support they deserve.

Tailored Solutions for Every Client: Whether you're a high-net-worth individual seeking comprehensive tax planning or a small business owner in need of accounting and bookkeeping assistance, we have the expertise to meet your needs. Our team takes the time to understand your specific situation and develop customized solutions that align with your goals and objectives.

Why Choose Us?: What sets us apart from other New Jersey tax firms is our commitment to excellence and innovation in the field of taxation. We don't just prepare tax returns; we provide strategic insights, proactive planning, and actionable advice to help our clients achieve their financial goals. With a team of two CPAs, an EA, and an ERO, we have the expertise and resources to deliver exceptional service and results.

Your Success is Our Priority: At Prestige Accounting Services Group (previously Prestige Wealth Accounting Group), we measure our success by the success of our clients. We are dedicated to building long-lasting relationships, providing unparalleled service, and helping our clients thrive in today's ever-changing tax landscape.

We can't wait for you to experience the Prestige Accounting Services Group (previously Prestige Wealth Accounting Group) difference.

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