Are you a self-employed individual and a Schedule C filer? Have you received your PPP funds yet?

If you have not received your PPP funds, or if you need to increase your original amount, then listen up!

The Paychex Protection Program (PPP) is now allowing those who are self-employed & Schedule C filers to obtain Paycheck Protection funds using their 2019 or 2020 Gross Income, not Net Income.

The new Borrower Application SBA Form 2483-C is titled “Paycheck Protection Program Borrower Application Form for Schedule C Filers Using Gross Income March 3,2021” – see link below.

The calculation is easy, just take your gross income from 2019 or 2020 IRS Form 1040, Schedule C Line 7 (capped at $100,000), divide that by 12 (capped at $8,333.33), then multiply by 2.5 (plus EIDL). That will equal the Loan Amount (capped at $20,833.33).

If you have not already requested PPP funds, we suggest that you contact your banker and tax professional to discuss your eligibility as soon as possible!

Helpful Links

  • Click Here for the PPP Borrower Application Form for Schedule C Filers Using Gross Income (21-03-03)
  • Click Here for Coronavirus (COVID-19): Small Business Guidance & Loan Resources
  • Click Here to find a lender (check with the bank you work closest with first)

In order to reach the smallest businesses, SBA will offer PPP loans to businesses with 20 or less employees, and sole proprietors, only from Wednesday, February 24, 2021, through Wednesday, March 10, 2021.

It's Time to Assess Your Team

Now may be a good time to assess your professional team that surrounds you. Have they told you about the Paycheck Protection Program? Are they willing to jump in the trenches and help you until you get the money needed to survive? This could be your banker, tax professional, business advisor, attorney, etc. You finally NEED them and they NEED to step up.

If you have any questions, or need assistance, please give us a call at 248-934-0550 or contact us below.

We’d be glad to help!

Please keep in mind that we are in the midst of tax season and are extremly busy. While we are advocating for you to benefit from any program you qualify for, we suggest that you first discuss this program with your banker as they should be the experts in this department.

CONTACT US

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2023 Senter, CPA Year in Review

Here at Senter CPA we had an incredible 2023. We’ve been busy assisting clients, contributing to our communities, and growing our team. We’ve added one full time TEAM member to our team who has greatly strengthened our service and capabilities. We’re looking forward to a wonderful 2024 tax season.

The Rotary Club of Clarkston Needs YOU

As an affiliate of Dolly Parton’s Imagination Library, the Rotary Club of Clarkston is committed to creating a community that works for all children and all families, especially those most in need. Literacy is the foundation of a child’s education and helping kids thrive is our priority.

With generous funding support from our friends in the Clarkston community and Rotary network, we have partnered with Dolly Parton’s Imagination Library Program to mail a new book to each enrolled child under 5 every month at no cost to his or her family.

Imagination Library Needs YOU

As an affiliate of Dolly Parton’s Imagination Library, the Rotary Club of Clarkston is committed to creating a community that works for all children and all families, especially those most in need. Literacy is the foundation of a child’s education and helping kids thrive is our priority.

With generous funding support from our friends in the Clarkston community and Rotary network, we have partnered with Dolly Parton’s Imagination Library Program to mail a new book to each enrolled child under 5 every month at no cost to his or her family.

What is a Tax Extension

As many are well aware, the federal income tax filing due date for individuals, for the 2022 tax year, is approaching fast. Due date is Tuesday, April 18, 2023.

If you feel you need more time, there’s no need to worry. Filing a tax extension is an option, and truthfully, it’s not nearly as frightening as it may sound.

2022 Senter, CPA Year in Review

Here at Senter CPA we had an incredible 2022. We’ve been busy assisting clients, contributing to our communities, and growing our team. We’ve added two full time TEAM members to our team who have greatly strengthened our service and capabilities. We’ve also added an annual tax season TEAM member who is an Enrolled Agent so you (and we) should notice an improvement to our turnaround time come the 2023 tax season. Wow! That will make us a TEAM of 6.

Happy Thanksgiving

Happy Thanksgiving to all Senter, CPA, P.C. clients, team, friends, and community.

Since today is Thanksgiving, I wanted to share a few things that, myself and the rest of the Senter CPA team, are thankful for:

Thank you!

Josh Legant is joining the Senter, CPA team as Staff Accountant.

Rotary Club of Clarkston’s Annual Beer, Wine, Spirits and Food Tasting: 2022

Come enjoy wines from around the world, Michigan beer, select spirits, and food from many great area restaurants. Proceeds benefit the Rotary Club of Clarkston’s many, local community and international service projects.

Team Senter is Going Green

Joining the staff as Office Manager at Senter, CPA, allowed me to take the initiative and make positive changes. One of the first items on my list is paper recycling. Our small complex does not offer recycling. So, how does one start the process when it currently doesn’t exist?

Ice Cream for Books! Fundraiser to Support Rotary Club of Clarkston Imagination Library

Please join us for ice cream as we raise money to support our Dolly Parton’s Imagination Library right here in Clarkston sponsored by the Rotary Club of Clarkston. Each child under 5 in a Clarkston zip code is eligible to receive a FREE book each month.