NEW PPP Guidance for the Self-Employed!

NEW PPP Guidance for the Self-Employed!

NEW PPP Guidance for the Self-Employed!

SBA Announces Full Forgiveness for Self-Employed Borrowers

As always, PPP stuff is ever-changing.

The SBA announces full forgiveness for SELF-EMPLOYED borrowers and releases the new PPP Loan Forgiveness application as well as the EZ Loan Forgiveness application. What do these new applications include that make life easier for borrowers? Let’s take a look…

Here’s a Forbes article explaining the forgiveness rules for the SELF-EMPLOYED:

That’s key for the SELF-EMPLOYED, who previously with the 8-week time period were limited to 8/52 of their 2019 Schedule C Net Income; now with the new 24 week time period, they can use the original amount from their loan application of 2019 Schedule C Net Income / 12 x 2.5.  That’s lovely for the self-employed.

Now what we’d really like is future guidance on owner compensation for owner-employees (i.e. S-Corp owners), who are still officially limited to the 8/52, although this article makes the assumption that the 2.5 calculation should apply to S-corp owners, we’d really like it to be spelled out instead of an assumption.

New applications, Fewer Calculations, and Less Documentation Bring New Questions

The revised PPP Loan Forgiveness Application is out and is down to 5 pages from 11 pages. In the revised version, Page 1 with the Loan Forgiveness Calc is the same as before, but the Certification includes language about the 24-week Covered Period being used and that the 2.5 calc ($100,000 of 2019 compensation / 12 x 2.5) = $20,833 cap per individual and that if the 8-week Covered Period is used, then the 8/52 calculation cap applies.

Once again, this is where they specifically mention employee or SELF-EMPLOYED individual/general partner but NOT an S-corp shareholder.

The Newly released applications consisted of a revised full loan application and the EZ loan application. The new EZ loan application applied to:

  • SELF-EMPLOYED borrowers with no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number of hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.

Here is a link to the SBA summary of the Loan Forgiveness Application revisions as well as a link to download the instructions and applications themselves:

Here’s one final link to a new summary from the Journal of Accountancy, which includes 2 additional links to both the revised Loan Forgiveness Application and the EZ Loan Forgiveness Application for SELF-EMPLOYED with no employees:

We will release all the updated information this week as it becomes public, so make sure you check back for updates!

PPP Loan Forgiveness NEW Extended Rehire Guidelines Signed Into Law – What Does This Mean?

PPP Loan Forgiveness NEW Extended Rehire Guidelines Signed Into Law – What Does This Mean?

PPP Loan Forgiveness NEW Extended Rehire Guidelines Signed Into Law – What Does This Mean?

PPP Loan Forgiveness Has Been Given! 

Small businesses can officially take a sigh of relief as the Paycheck Protection Flexibility Act was unanimously approved by the Senate and officially signed by President Trump. 

While the new forgiveness guidelines have not yet been released, businesses can finally start to take a second look at how they will allocate their funds. Although the new law eases a lot of the pain around getting up and running, there are still major unanswered questions as new issues arise with hiring back employees. 

Employers are complaining that the federal $600 unemployment benefit was in direct conflict with the purpose of PPP. The new law now makes it so the employer is not penalized if the employee doesn’t return to work. The new changes helping with this concern are:

  1. The rehire date is extended to December 31, 2020 
  2. Can show an inability to rehire individuals who were employees of the eligible recipient on February 15, 2020
  3. Can show an inability to hire similarly qualified employees for unfilled positions on or before December 31, 2020
  4. Is able to document an inability to return to the same level of business activity as such business was operating at before February 15, 2020, due to compliance with requirements related to COVID-19.

It’s still unclear as to what qualifies as the “documentation to show the inability to return to the same business activity” or standard of “inability to rehire individuals” but as the new guidelines are released we hope it will break down what those standards are. 


We will release all the updated information this week as it becomes public, so make sure you check back for updates!

Covid Relief Case Studies: Businesses who went from Uncertainty to Survival

Covid Relief Case Studies: Businesses who went from Uncertainty to Survival

Covid Relief Case Studies: Businesses who went from Uncertainty to Survival

Received funding? Still waiting for approved funds? We get it, there is no same situation for anyone.

We are all struggling with the uncertainty of how or when we will receive funding to keep our businesses afloat. After reading comments from our community asking the what, when, and where’s of how individuals got approved for funding. We decided to create case studies from different types of businesses to shed some light on their Covid lending experiences.

*NOTE: All information provided by the businesses are kept completely confidential*

Here are two case studies from businesses in the CPA MOMS community who graciously shared their experiences.

Case Study #1:
An accounting firm organized as an S Corp has an annual revenue of $600,000 per year and an annual income/net profit of $300,000 per year. The company has 3 employees. They applied for the PPP (Paycheck Protection Program) with Carter Credit Union, as a new relationship. This new bank relationship was actually introduced through CPA MOMS. They applied on Saturday, April 25, 2020, for the amount of $56,000. They were approved within 5 days and received funding for the full amount. 

Case Study #2:
A business organized as a General Partnership (Form 1065) has an annual revenue of $7,600,000 per year and an annual income/net profit of $1,300,000 per year. The company has 18 employees. The company applied for the PPP (Paycheck Protection Program) with Synovus Commerical Bank, in which they had a good existing relationship. They applied on Saturday, April 4, 2020, for the amount of $225,060. The funds were received on April 11, 2020, for the full amount.

Do you have a unique or successful experience with applying for funding? Let us know! Comment below or join one of our Facebook communities below to share it with others.


CPA MOMS Entrepreneur Facebook Group:

CPA MOMS Accounting/Tax Facebook Group:

For more Covid resources or support for small businesses, please visit:

Dealing With Dirty Pain vs Clean Pain

Dealing With Dirty Pain vs Clean Pain

Dealing With Dirty Pain vs Clean Pain

CPA MOMS Podcast with Dawn Goldberg
Ep. 72 – Dealing with Clean Pain vs Dirty Pain

Is it just me or does it seem like wherever we turn, there’s another story of tragedy or loss?  Whether it’s news of accidents, children being mistreated or animals being abused, my mind seems to be having a battle between finding gratitude and allowing gut-wrenching sadness.

Unfortunately, no matter how positive you may try to be, pain is just part of the human experience.  There are going to be breakups, endings and losses no matter how hard you try to bubble-wrap yourself and your family.

As part of my ongoing work with The Life Coach School, I was introduced to the concept of “Clean Pain vs Dirty Pain”.  The understanding of this concept has had a profound effect on how I now handle life’s ups and downs, helping me to manage my life in a much more balanced, and less confusing way.

There’s no longer a need to judge myself and others for how we feel, but instead to allow space for compassion and understanding.  It’s incredibly helpful to delineate between what’s necessary or not, and what’s helpful or not, especially when it comes to pain.

By understanding the difference between clean pain and dirty pain, you will no longer be at the mercy of the natural ebb and flow of your life.  Marriages end, jobs are eliminated and good people die; being able to distinguish between clean pain and dirty pain will help you navigate those storms.

This week I’m going to discuss what clean pain is, what dirty pain is, and how to deal with both.

Clean Pain

No matter how hard you might try to avoid it, life is going to naturally be 50/50 when it comes to  positive and negative emotions. From the minute you were born, you began experiencing physical pain and eventually emotional pain.

As you grew up and experienced more of life, you also experienced more painful “firsts”.  For example, the first time someone said they didn’t want to be your friend, your first punishment, the first time you had a relationship breakup or the first time someone or something in your life died.

Whether you were disappointed when something you were looking forward to didn’t happen, or you were horrified when you read about a child who was neglected and abused, you will experience mental and  emotional pain in many different forms throughout your life. Negative emotions are inevitable.

Therefore, clean pain is the negative emotions you feel by virtue of being human.  We all experience emotions like anger, sadness and disappointment, because those feelings are just a part of life.

The reason that clean pain is described as “clean” is because it’s a cleansing experience; like when you have a “good cry”.  It’s allowing what’s true for you, and experiencing whatever negative emotion is real in the moment.

For example, if your college-aged daughter starts behaving promiscuously, spending time with people you are concerned about, you might feel afraid for her.  Clean pain is allowing yourself to feel afraid, and to acknowledge that she may not be living the life you had envisioned for her.

As a mother, your brain is going to offer you thoughts that create the feeling of fear, especially when it comes to your children.  Allowing the clean pain of fear, instead of resisting it, can be exactly what you need in order to be true to how you feel right now.

There’s nothing wrong with feeling clean pain.  It’s the pain you want to feel, and can choose to feel, because it makes sense to you.

For example, when someone you love dies, you want to feel grief.  The clean pain of grief is often in direct proportion to how much you experienced love for that person and is cleansing to process.

In reaction to what’s happening in your life, you may want to feel loss, grief, sadness or disappointment,  depending on the situation. Clean pain is the pain you choose to allow, without self-judgment, and often comes in waves, lessening over time.

It’s important to understand that there’s nothing wrong with experiencing clean pain because it can actually be helpful.  The issue is when you resist it; that is when it can feel worse than the initial pain.

As the buddhist saying explains, “Pain is inevitable.  Suffering is optional”. Experiencing clean pain is an inevitable and necessary part of a well-lived life.

Dirty pain

While clean pain is inevitable and can be helpful, dirty pain is optional and unnecessary.  It’s the suffering you create when you believe that something is wrong, bad or shouldn’t be the way it is.

Author Byron Katie says, “When you argue with reality, you lose.  But only 100% of the time.” Dirty pain is arguing with reality, and experiencing the resistance of what is.

Pain becomes dirty when we believe things like “This shouldn’t be happening”, “It’s not fair” or “This isn’t how things were supposed to go”.  Dirty pain doesn’t feel better on the other side, but instead leaves you stuck in victimhood.

Dirty pain is described as “dirty” because it feels murky and dismal.  It’s the suffering your mind creates in reaction to clean pain and feels heavy, overwhelming and exhausting.

The following will help show the difference between clean and dirty pain:

  • I feel so sad that my mother passed away and I miss her (clean pain)
  • My mother died too soon and I don’t understand why this happened; it’s not fair (dirty pain)
  • I’m feeling hurt and upset that I’m getting a divorce (clean pain)
  • I will never find love and I can’t imagine being happy again (dirty pain)
  • I’m worried about how I’m going to pay my bills since I lost my job (clean pain)
  • I shouldn’t have lost my job and I have no hope for my future (dirty pain)

While clean pain comes in waves but still makes it possible for you to function in your life, dirty pain is the opposite.  It’s created by a negative thought loop that makes it difficult to function, to find solutions and will drain you mentally, emotionally and physically.

Most of us experience more dirty pain than we realize, and have normalized it because we’ve never been taught otherwise.  The issue is that when you layer dirty pain on top of clean pain, you belabor the uncomfortability and weight of the situation.

Since life is always going to be 50/50 and pain is inevitable, it’s important to understand when you are allowing clean pain or when you are creating dirty pain.  One is manageable and useful, the other is unnecessary and depleting.

How to deal with both

Since your female accountant brain interprets uncertainty and unpredictability as a threat to your survival, you will normally thrive on things being the same and controllable.  Unfortunately, most things in life are not within your control, and some of those things will cause you emotional pain.

The greatest lesson I learned in my work with The Life Coach School was that feelings are harmless, and that I won’t die from having a feeling.  No matter how bad it feels, emotions are just sensations in our bodies, triggered by a thought in our brain.

The interesting thing is that it only takes 90 seconds for an emotion to be processed by your body.    According to Harvard-trained brain specialist, Jill Bolte Taylor, when a person has an emotion, there is a 90 second chemical process that happens in the body; after that 90 seconds, any remaining emotional response is caused by you choosing to stay in that emotional loop.

When you experience clean pain, you can feel the emotion washing over you for as long as you need it to.   Each time you think a thought that creates clean pain, you are allowing a negative feeling; you are willing to feel clean pain, because it’s what’s true for you.

However, when you judge yourself for feeling clean pain or feel uncomfortable with it, when you make yourself or others wrong for the situation, this resistance and unwillingness becomes dirty pain.  This judgment and battle with clean pain winds up hurting you more than you realize.

What helped me tremendously was learning how allowing clean pain can be very healing.  It’s acknowledging that while you wouldn’t have chosen it, you are willing to feel whatever comes with certain situations in life.

On the other hand, when you find yourself experiencing dirty pain, or the pain that’s a result of arguing with the reality of a situation, you always have the option to change dirty pain to clean pain.  Since dirty pain is created by your thoughts, it can be changed with your thoughts.

Unfortunately, when you argue with reality, there is no opportunity for relief.  However, when you know you can feel fear, sadness or disappointment without becoming consumed by those negative emotions, you can process the emotions.

If you’ve ever seen or taken martial arts, you may have noticed when the person being attacked relaxes their body and allows the attack in a fluid-type motion.  This non-resistant stance allows them to be more effective, more flexible and prevents serious injuries.

The same is true when you experience negative emotions.  Allowing clean pain to be experienced, to flow through you, creates a much more effective way to process pain and prevent more emotional injuries.

So the next time you are feeling negative emotions like fear, sadness or grief, notice whether you are arguing with the reality of the situation, and drop the argument.  Since pain is inevitable, it’s also more manageable when you allow the experience of clean pain and drop the dirty pain.

Want to listen to more podcasts with Dawn?

Visit the CPA MOMS Podcast site to get instant access to all of her powerful episodes!

How To Win The Battle With Busyness

How To Win The Battle With Busyness

How To Win The Battle With Busyness

CPA MOMS Podcast with Dawn Goldberg
Ep. 71 How to Win the Battle with Busyness

Whether you are a working mom or not, most people identify themselves and their day, based on a sliding scale of busyness.  It’s as if busyness has become the norm and we use descriptors like “kind of”, “super” and “crazy” to delineate how busy we are and to help others understand what we are saying.

This shared language of busyness can be tempting to use as a badge of honor or as a way to get sympathy:

  • I’m super busy at work, but I’m still balancing all the balls in the air
  • My life is so crazy busy, I don’t know if I can take it anymore

For accountants, busyness seems like a necessary part of the job; like having a computer and a calculator.  An accountant who isn’t describing themselves as busy is looked upon as either lazy or in trouble.

A typical busy day as an accountant and a mom often starts with waking up and already dreading the busy day ahead, walking into the office and getting hit with other people battling busyness and then working through it all in order to get home to keep being busy.  It’s no wonder working moms experience burnout at such a high rate!

But somewhere along the way, accountants seemed to agree to believe that busyness was a fact and that stress was the fuel necessary to get everything done.  If you believe in the formula “accountant + mom = busyness”, then I have a much better way to help you battle busyness, to feel much better and to be more effective.

The heavy weight associated with busyness for accountants and for working moms doesn’t need to be “just the way it is”.  You have more power than you realize to win the battle with busyness, without sacrificing anything in the process.

This week I’m going to share what busyness really is, why it’s a problem and what to do instead.

What busyness really is

As an accountant and a mom, it can seem like you are just stating the facts – you are busy and you feel tired and overwhelmed.  You’re probably surrounded by plenty of people who think and feel the same way.

The important thing for you to know is that busyness is not a fact, even though it feels like one.  I understand that this might be challenging to believe at first, especially for working moms, but if you just let me explain, you’ll realize the truth and the power of what I’m sharing.

To begin with, there is always a thought that proceeds, and creates, a feeling.  Whether you are consciously aware of your thoughts or not (over 80% of your thoughts are unconscious), you have a thought and that thought creates a feeling.

When you describe yourself or your day as “busy” or any other version of busy, you are sharing your thoughts, not a fact.  It will become clear why this is important but for now, just know – busyness is a thought.

When you have a thought like “It’s a crazy busy day”, that thought will create a feeling like dread, self-pity or overwhelm.  When you string together enough days of frustration and stress, you wind up being unable to manage it all and feeling the effects of burnout.

As an accountant you’ve probably normalized thoughts like “This is the busy time of year” or “Once this is done, I won’t be so insanely busy”.  Unfortunately, once thoughts like these are practiced day after day, year after year, they become the default programming in your accountant mind.

Once the belief in busyness is firmly planted in your mind, you will probably find yourself waking up feeling apprehensive, or feeling anxious as you check your emails and possibly feeling angry when asked to do something.  This is all completely normal because you are living at the effect of your default beliefs about busyness.

The reason it’s important to address your battle with busyness is because it’s completely within your control to win the battle.  It doesn’t matter how many clients you have, what time of year it is or how many activities your children are involved in, you can create a much more manageable life.

Why busyness is a problem

The problem with busyness is that it’s subjective.  Think about it:

  • Who decides that a day is “busy”?
  • What defines a “busy day”?
  • What’s the difference between “super busy” and “insanely, crazy busy”?

Since you now know that your thoughts about the sliding busyness scale will create a feeling, it’s also important to understand that your feelings fuel your actions.  What you do and don’t do, is 100% driven by your feelings.

The problem is that once you’ve described your day as “super busy”, that thought will create a feeling like anxiety, stress or overwhelm.  When you feel overwhelmed, for example, you will most likely take an action like complaining or procrastinating.

I’m sure you can see how that ends – you don’t get as much done, you’re more overwhelmed than before, you snap at the people around you and that extra glass or two of wine at the end of the day sounds really good.

If you were looking for a fulfilling, productive day, where you completed your work with energy to spare, you unfortunately missed the mark.  The poisonous thought about having a “super busy day” actually created what you don’t want, and that’s the problem.

When you look at your day as “busy” you make it so much harder on yourself.  It’s like you’re trying to get from point A to point B, but you keep throwing massive boulders in the way; it’s exhausting and unnecessary.

What to do instead

If you are frustrated right now, thinking “But my days are incredibly busy; you should see my schedule!”,  that’s perfectly normal. You have been seeing your personal and professional life in a certain way for a long time and you’ve probably got plenty of coworkers that would agree with you.

If you’ve always believed that stress is necessary for accountants, it’s because you’ve made a connection between being busy, the feeling of stress and getting things done, but that’s not true.  Your brain has just made a thought-feeling connection that you’ve practiced so often, it feels true for you.

The secret to battling busyness that no one tells you about is watching your language.  The way you describe and label anything becomes wired in your brain, making it easier and more efficient to consistently perceive things the way you’ve chosen to.

You may not have control over the things you have to do, but you do have control over what you think about the things you have to do.  With some awareness and a shift in the way you choose to think, you’ll be better able to manage it all.

The amazing thing about your female brain is that it has a powerful filtering system that will show you proof of what you believe.  For example, it’s the reason why you “just happen” to see a lot of red cars on the road when you’ve decided you are in the market for a red car.

Therefore, if you keep thinking you are “super busy” or “insanely busy”, that’s what your brain will show you proof of.  Unfortunately, it then becomes difficult to get off the stress and overwhelm merry-go-round because what you believe will continue to feel true for you, even though it isn’t serving you.

So the important question is – if you couldn’t use the word “busy” to describe your day, your time or your life, how would you describe it?  Since we know that the sliding busy scale makes us feel dread, stress and overwhelm, what is another way to explain what you have to do, or what you have done?

See if any of these resonate with you:

  • Today I got to help my clients with their financial reports/statement/tax returns
  • I’m going to prepare the Form 1099’s for my clients by the deadline
  • I will get my work done, take my daughter to soccer practice and then help with homework
  • I’m going to do what I can today

These statements don’t sound dramatic, do they?  That’s exactly the point! Unfortunately, your female brain is a bit of a drama queen, often seeing things in a very dramatic fashion, in order to protect you; it’s naturally programmed to see everything as dangerous to your survival, especially when you’ve thought the same way for a long time.

By learning to watch your language and remove the drama, you will actually feel much better which will result in you doing much better.  Choosing less dramatic language will reprogram your brain to not automatically think busyness is normal.

The truth is that we all have things to do for work and for our families.  In order to win the battle of busyness, you just need to start choosing thoughts on purpose that give you a feeling other than stress, overwhelm and dread.

You may have a Google calendar full of things that need to get done, but how you show up personally and professionally is 100% within your control, no matter what is on that calendar.  in order to be at your best, you need to become aware of how you describe things and start telling a different story.

When you decide to tell a different story, you naturally get a different ending.  That is how to win the battle with busyness, how to feel better no matter what’s on your plate and how to get more done with much more energy.

Want to listen to more podcasts with Dawn?

Visit the CPA MOMS Podcast site to get instant access to all of her powerful episodes!