Businesses today have to make tough decisions and search for funds to keep doors open and employees paid. Many applied for the SBA’s PPP loan to offset losses during the COVID-19 shutdown. The loan offers short-term relief, but there may be another opportunity for businesses to find additional monies in the form of unclaimed Mississippi state tax incentives.
The true stimulus of the CARES Act is realized when PPP loan forgiveness is achieved. However, how that forgiveness will work is far from clear. New guidance is released regularly leaving many with questions about how their companies will be affected.
In addition to changing guidance, forgiveness will require businesses to strategically plan the eight-week covered period after receiving their funds. Deciding how and when to bring employees back and what your funds can and can’t be used for are just the beginning.
Forgiveness is not automatic. The borrower must request it and submit required proof. The SBA’s PPP forgiveness application will be complex, and most businesses will need assistance to maximize their forgiveness amount.
Are you concerned about longer-term cash flow? There’s another potential source of funds that may already be yours. Many manufacturers have left money on the table in the form of unclaimed Mississippi Tax Incentives.
In fact, the Mississippi Department of Revenue’s 2019 annual report listed over 6,100 manufacturers registered with the state but noted only 21 took advantage of the manufacturing investment tax credit. Many of these incentives and credits can even be claimed retroactively.
HORNE’s SALT team is led by the former Bureau Director of Corporate Tax with the Mississippi Department of Revenue. The SALT team can help ensure businesses capitalize on all incentive opportunities offered by the State of Mississippi.
HORNE recently helped a large client claim more than $5 million in manufacturing investment tax credits. We offer a complete, no-cost review* to find available incentives not being utilized and prepare application and renewal forms.
Discover if you have unclaimed incentives and how our SALT team can help.
HORNE is a Mississippi-based company committed to helping businesses with, forgiveness considerations, tax implications and state tax incentive funds.
See HORNE's additional COVID-19 Resources
*The review and filings are at no-upfront cost. Client must agree to share a percentage of tax refund or go-forward savings with HORNE.