Due to local weather conditions, our offices will be closed Thursday, February 3rd.  Please check our website homepage for updates on our office hours for Friday, February 4th.

Utilizing technology, we’re able to continue working remotely despite the office closure. Our staff is available via e-mail, and we will be checking voice mail messages periodically throughout the day.

We appreciate your patience during our winter weather challenges.

Harding, Shymanski Announces Folz as Evansville Region President

Harding, Shymanski and Company, P.S.C., announced today that Matthew Folz, CPA, has been named Evansville Region President for the firm effective January 1, 2022. The move comes as part of planned internal succession for Trudy Stock, CPA, CGMA, who will retire in June 2022. Trudy’s decision to retire will conclude a remarkable career of over 36 years of service to the profession, the firm and our community.

“It has been my honor and privilege to be a part of the HSC team. Matt’s commitment to our culture and his relationships with our team members and clients make him a natural successor,” said Stock. Scott Olinger, CPA, CEO of the firm added, “At the firm, we believe that our core mission is to help our clients, our people and our firm succeed–and Matt emulates that every day.”

Folz, who joined the firm in 1995, has led the firm’s Outsourcing Department since 2007. “Being part of the Harding, Shymanski and Company team for the last 26 years has been such a rewarding experience for me,” said Folz. “I am very humbled to assume the position of Evansville Region President and look forward to continuing to serve our clients, our people and our wonderful community as we move ahead in an ever-evolving world. It is great time to be in the public accounting profession and I look forward to the opportunities that lie ahead.”

Our offices will reopen today at noon local time.

We wish everyone safe travels.

Due to local weather conditions, our offices will be closed starting at noon on Monday, February 15.  Please check our website homepage for updates on our office hours for Tuesday.

Utilizing technology, we’re able to continue working remotely despite the office closure. Our staff is available via e-mail, and we will be checking voice mail messages periodically throughout the day.

We appreciate your patience during our winter weather challenges.

As we continue to work with companies regarding the various stimulus programs available as a result of the Consolidated Appropriations Act (CAA) signed on December 27th, 2020, we wanted to share a planning tip for companies that qualify for both PPP loans (round 1 or round 2) and the newly expanded Employee Retention Credit program (ERC).

The CAA made important changes to the Employee Retention Credit Program that expanded the availability of this credit to many companies that were not previously eligible under the CARES Act. If your business qualifies for both PPP and ERC (see attached flow charts to evaluate your eligibility), planning may help you maximize your benefits from the programs. The following are important to consider when executing your plan:

• Timing of when to apply for and receive PPP funding.
• Timing of wages paid in the PPP program covered period to ensure as many wages as possible remain eligible for the Employee Retention Credit.
• Optimizing which eligible expenses to use when applying for PPP forgiveness.

Evaluate your company’s situation and should you determine that you are eligible for both programs, carefully consider how they interact with each other to maximize your benefit. We are available to consult with you on these programs should you need assistance. Please reach out to your contact at Harding Shymanski if you need assistance.

Employee Retention Credit 2021_FINAL 1-26

Employee Retention Credit 2020_FINAL 1-26

PPP Flowchart 2021_FINAL

For additional information please contact Matt Folz mfolz@hsccpa.com, Scott Touro, stouro@hsccpa.com, Trudy Stock, tstock@hsccpa.com or Kyle Wininger, kwininger@hsccpa.com or by calling 812-464-9161.

On January 20th, the SBA released updated PPP forgiveness forms including a new one-page form for loans under $150,000. These forms may be used for applying for forgiveness for the original PPP loans and 2nd draw PPP loans.

PPP Loan Forgiveness Application Form 3508S (replaces the previous under $50,000 version)

This form can be used for borrowers with loan amounts of $150,000 or less, even those borrowers with combined loans to affiliates totaling $2 million or more. Unlike the long form 3508, SBA Form 3508S requires fewer calculations and less documentation for eligible borrowers. SBA Form 3508S does not require borrowers to show the calculations used to determine their loan forgiveness amount. However, SBA may request information and documents to review those calculations as part of its loan review or audit processes. This requirement indicates that although the $150,000 form is easier to complete, the borrower must still perform the cumbersome forgiveness calculations unless they are under $50,000 or meet the same requirements of the 3508EZ form (did not reduce wages more than 25% and did not reduce FTE’s).

PPP Loan Forgiveness Application Form 3508EZ  

Borrowers can use this form to apply for forgiveness of a First or Second Draw (PPP) Loan if the Borrower’s PPP loan amount is more than $150,000 and the Borrower did not reduce annual salary or hourly wages of any employee (making less than 100,000 in 2019 on an annualized rate) by more than 25 percent during the Covered Period compared to the most recent full quarter before the Covered Period AND The Borrower did not reduce the number of employees or the average paid hours of employees between January 1, 2020 and the end of the Covered Period (when excluding FTE and hours reductions allowed to be excluded under Safe Harbor 1 rules)

Loan Forgiveness Application Form 3508

The third form released by SBA is used for all other borrowers to apply for forgiveness, requires full forgiveness calculations and support to be submitted with the application. 

We wanted to share some information with you about the ERC (a payroll tax credit) and PPP in case you were wondering if either might apply to your business. We will be talking about this as well as other topics and items on our webinar January 12th but wanted to get a few decision flowcharts in front of you on these topics to help guide you if your business is eligible to take advantage of these programs.

Employee Retention Credit: There is a potential payroll tax credit for the first two quarters of 2021 and a potential retroactive payroll tax credit for 2020 available as well. The below decision flowcharts (one for 2020 and one for 2021) will help you determine if you might be eligible for this in either 2020 or 2021 (the rules are different for 2020 and 2021 thus the need for two different flow charts).

Employee Retention Credit 2020

Employee Retention Credit 2021

Did you obtain an original PPP Loan and use (or intend to use) all the proceeds as required? The below decision flowchart will help you determine if you might be eligible for a second draw PPP loan.

PPP Flowchart 2021_FINAL

Register here for our webinar on January 12, 2021,11:00 ET,10:00 CT.

If you have any questions on the decision flowcharts please contact Matt Folz, CPA for ERC mfolz@hsccpa.com or Scott Touro, MBA for PPP stouro@hsccpa.com