June 24, 2020

PPP, EIDL, and understanding your options, with Craig Cody

Episode 948:

Craig Cody is a Certified Tax Coach and the owner of the New York City based accounting firm, Craig Cody & Company. Craig belongs to a select group of tax practitioners who’ve undergone extensive training and continued education on various tax planning techniques and strategies. Craig is passionate about helping business owners understand the difference between tax planning — and tax paying — by helping them save significant money. Craig is also the co-author of the Amazon bestseller, “Secrets of a Tax Free Life.”

What you will learn from this episode:

  • How the Paycheck Protection Program (PPP) loan has changed recently, and what you need to know about the program
  • What further changes Craig anticipates the government making to the PPP loan and forgiveness requirements
  • How the government has created new options for partnership business that could result in those businesses getting still more money
  • How to reach out to Craig if you have any other questions or need clarification on these new changes
  • Why additional money for business partners may not have any cap, starting at around $40,000 for the first partner and going up
  • Why Craig sees the Economic Injury Disaster Loan (EIDL) as “cheap insurance” to help protect against whatever may happen in the near future
  • What changes Craig believes might happen to the EIDL, and why it is taking a while for small businesses to get approved for EIDL
  • How the use of the EIDL funds can potentially increase your business tax liability due to the use of EIDL funds cutting into your tax deductions
  • How many of Craig’s clients are operating under business-as-usual with relatively minor changes, with the exception of restaurants which are still struggling
  • How to access Craig’s free course “The Five Simple Ways to Save Thousands on Taxes and How Business Owners Can Start Today”

Resources:

Additional Resources:


Stephen Woessner

Stephen is the CEO of Predictive ROI and host of the Onward Nation podcast. He is the author of two bestselling books, speaker, trainer, and his digital marketing insights have been featured in SUCCESS, Entrepreneur, The Washington Post, Forbes, Inc. Magazine, and other media.