Santa Clarita Accountant Matt Denny of Denny & Company has explained ongoing financial developments throughout the COVID-19 pandemic on recent episodes of KHTS radio show “Common Ground.”
In an episode which first aired April 10, Denny described the intent behind, and the process to qualify for, the “Paycheck Protection Program” to aid small businesses dealing with the economic fallout of the coronavirus pandemic.
Denny explained that the PPP, as a part of the CARES Act, aimed to keep small businesses from closing doors by providing them “to have enough cash at this point for eight weeks worth of payroll.” The Santa Clarita accountant further said that due to the large number of companies filing for the loans, some banks had already stopped accepting applications at the time of the interview.
Additionally, Denny discussed the eligibility requirements for small businesses hoping to apply for a PPP loan and correctly predicted that the government would extend the application period past its original end date.
In this and other episodes of “Common Ground,” Denny has discussed further financial issues in light of the COVID-19 pandemic, such as the federal stimulus package, rent extensions, tax refunds, unemployment eligibility changes and more.
Specifically, in an episode which aired on April 13, the Santa Clarita accountant described the requirements for employees and self-employed individuals hoping to file for unemployment insurance during the coronavirus pandemic.
Denny said that while physical income tax returns are unnecessary at time of file, workers should have documentation of all work done during the 2019-2020 tax period when trying to file for unemployment benefits under the expanded program.
“You would have W-2s for any quote-unquote jobs that you did last year,” the Santa Clarita accountant said. “If you had 1099s, I don’t believe they’re requiring you to list who your clients were during that period, so if you worked for Uber … then you wouldn’t list Uber, you would just say that you’re self-employed as a driver.”
Denny also explained that some of the record unemployment numbers that have been reported during the coronavirus pandemic can be explained by the fact that self-employed individuals are not usually able to file for unemployment insurance.
“I haven’t seen any statistics … on how many folks out of all of these millions of people who are filing are self-employed, who wouldn’t have filed during the recession because they weren’t allowed to file,” Denny explained. “This is new territory for us.”
The Santa Clarita accountant noted that only some of the self-employed people who are filing will actually be eligible, and that individuals in this category may wish to consider whether they’re still able to operate their businesses before applying for benefits.
For the latest coverage surrounding financial news in the era of COVID-19, Santa Clarita residents can tune in to Matt Denny and other guests on “Common Ground with Jason Downs” on KHTS FM-98.1 & AM-1220 every Monday from 1:00 to 2:00 p.m.
The Santa Clarita CPA firm Denny & Company, LLP was established in 1984, and is a full-service firm of Certified Public Accountants in Santa Clarita, including Partners Matt Denny and Carolyn Denny. The Santa Clarita accountants work with small businesses and individuals, specializing in catering to each client’s unique needs and desires using a flexible approach. As a CPA in Santa Clarita, Matt Denny shares his knowledge and experience regularly on “Common Ground” on KHTS Radio. Those looking for the best CPA in Santa Clarita or a “CPA near me” can contact Denny & Company, LLP for more information today.
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