…don’t navigate this season alone.

The more we learn about the nuances of PPP forgiveness, EIDL regulations, the Employee Retention credit (an alternative, payroll-tax-specific way to save cash for your North Texas business) … well, the more that we discover that much is still unclear.

Any North Texas tax professional who is honest will tell you the same thing.

In fact, we are seeing colleagues make recommendations and blanket assertions to some (via social media, no less) that might very well get you into trouble.

Yes … so much information is being released at once, that I understand where some of my perhaps less-informed colleagues are making their mistakes.

But I would steer clear from any North Texas advisor who is positioning these relief programs to you as a “money grab”.

Here at Team The Bronson Law Firm, P.C., we are attending professional education webinars (regularly), diving into the code, and getting clarity directly from industry authorities.

YES … there are cash- and tax-saving goodies aplenty buried within these relief bills.

But they only work if you dot your i’s and cross your t’s.

For instance, you cannot use both the EIDL and the PPP loan for the same purposes.

I’ve seen accountants glide past this reality without full knowledge, and they are potentially getting their North Texas clients into hot water — or causing the EIDL loan amount (generous terms of 3.75% over 30 years) to get automatically refinanced into the PPP loan terms, which is payable in TWO years (albeit at a mere 1% rate, which is nice).

OR, I have seen accountants ignore (again, these are in the public declarations I see on Facebook and blogs — hopefully they are properly advising their clients in person) the “headcount haircut” and “wages haircut” provisions within the PPP, thus exposing their clients to the possibility of losing forgiveness eligibility on their loan.

Which would obviously be a bummer.

What are these provisions, you ask?

Essentially, these are calculations designed to limit the amount forgivable if you have less employees now than before and, to limit the amount forgivable if you are paying less payroll than before.

These calculations involve your payroll amounts and headcount from February 15, 2019 to June 30, 2019 AND they involve your payroll amounts and headcount from January 1, 2020 to February 29, 2020.

And, of course, if you are an independent contractor, there are additional considerations.

This is a blog post, not a spreadsheet — so I won’t go into all of the math.

I will make this damaging admission though:

I still don’t know every jot and tittle of how these programs will be evaluated and audited.

That’s because each lender will apply different standards, and FULL guidance hasn’t been issued yet (at least as of this writing) for a variety of questions.

Any advisor who confidently asserts to you otherwise is either a fool or a charlatan.



Bill Bronson

(972) 770-2660

The Bronson Law Firm, P.C.


I’m grateful for our chance to serve you and your business — and we are dedicated to its success, in every season.

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