The full article appears in the February 1, 2021 edition of Edge, Chattanooga Times Free Press Magazine.
One challenge of these stimulus infusions has been how much the rules changed in the early weeks and months of their launch, says Justin Follis, a CPA who oversees East Tennessee for LBMC.
“A lot of practitioners probably felt this, that all of a sudden we’ve become experts on this ever-evolving program,” he says. “There was no precedent. I don’t know what you could have possibly compared it to.”
For the time being, waiting to apply for forgiveness is typically the best guidance, Follis adds.
“My advice continues to be, unless you just absolutely need to, wait as long as you can on applying for forgiveness,” he says. “That has less to do with what might happen legislatively and more to do with gaining more insight into this process before you go rushing into it.”
There is a timeframe to work inside, though, he adds.
“Ten months after you got the cash you have to make the application. The clock starts when you got the cash,” he says. “If you didn’t get a loan until May or June, you’ve got some time on the clock — take some time and see how this plays out a little.”