SUSAN M. MARTIN, CPA, PC

Creating Lifetime Partnerships

(516) 379-8955

SUSAN M. MARTIN, CPA, PC

Estate and Trust Planning

(516) 379-8955

SUSAN M. MARTIN, CPA, PC

Accounting Services

(516) 379-8955

SUSAN M. MARTIN, CPA, PC

Financial and Retirement Planning

(516) 379-8955

Accounting Services

From start-ups to established businesses, we all rely on accurate financial information to maintain profitability. 

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Financial & Retirement Planning

Susan M. Martin, CPA, PC's function in this area is to assist you in accumulating the funds to maintain financial independence in retirement.

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Estate & Trust Planning

Effective estate and trust planning is essential to minimize estate taxes and maximize the financial security of your beneficiaries.  

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INNOVATIVE ACCOUNTING SOLUTIONS

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Susan M Martin, CPA, PC is a full-service accounting firm serving clients throughout the area, dedicated to providing our clients with professional, personalized services and guidance in a wide range of financial and business needs.

On this website, you will find information about Susan M Martin, CPA, PC, including our list of services. We have also provided you with online resources to assist in the tax process and financial decision-making. These tools include financial calculators, news and links to other useful sites. Whether you are an individual or business in or around Bethpage, Susan M Martin, CPA, PC has years of valuable experience assisting professionals with their accounting needs.

 

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"Real integrity is doing the right thing, knowing that nobody's going to know whether you did it or not." - Oprah Winfrey

 

PPP Forgiveness

My friend Johanna Hearns, District Manager at ADP( This email address is being protected from spambots. You need JavaScript enabled to view it.) has come through again with some very worthwhile information for small business owners.

“As you may or may not know, as of October 8th the Treasury Department and SBA released a simplified PPP forgiveness application (Form 3508S). In accordance with this Interim Final Rule (IFR), qualifying PPP borrowers will not need to document compliance with the targeted FTE and wage level maintenance requirements. Loan forgiveness amounts will not be reduced, even if FTE or wage levels decreased during or after the covered period, as long as the loan was $50,000 or less, and the borrower, when combined with any affiliates, collectively received less than $2 million.

Many borrowers who received PPP loans have already completed their specified “covered period” and spent the PPP loan proceeds and may be ready to submit the related forgiveness applications (SBA Form 3508, 3508EZ or 3508S). The SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. It is not urgent that forgiveness applications be submitted soon. As a reminder, under the PPPFA, loan repayments for any amounts not forgiven are not required until ten months after the expiration of a borrower’s covered period. Borrowers should check with their lenders directly to determine if they are prepared to accept forgiveness applications. ADP clients can obtain the appropriate reports in their ADP solution and should gather other documentation demonstrating how PPP loan proceeds were used, including mortgage interest, rent payments and utilities. ADP will continue to closely monitor federal legislation and guidance affecting PPP loans.”

The link for the actual form and instructions is here.

Please note, I have reached out to several lenders who worked with me to obtain PPP for clients but they are not yet ready to receive any forgiveness applications.  The Best thing to do is reach out to the lender you worked with.