The latest stimulus package has a number of implications for businesses. Find out what exactly is included and what it means for businesses, as well as you - and your taxes, in our upcoming webinar.
Here’s an example of just some of the items included in the package:
- Additional PPP loan funds
- Deductibility of payroll and other tax-deductible expenses incurred and paid for with PPP funds.
- 100% deductibility of business meals (currently 50% tax-deductible) for tax years 2021 and 2022
Full Transcription:
Amanda: We'd like to welcome everyone to today's webinar, what does the new stimulus package mean to you and your business? We know a lot of you are coming off of a long holiday with some time off and we're kind of jumping right into it with some business information and tax information. We're going to fit as much as we can into 30 minutes. Just a little bit of housekeeping as we get started, we're going to be taking some questions. We're going to answer as many as we can at the end. If we don't get a chance to answer your question, someone on our team will get back to you with an answer. You'll see on your go-to webinar control panel there's a section here where you can type in your question. You can go ahead and put them in throughout the webinar and we'll be taking a few at the end.
So today on our panel we have Henry Rinder. Henry's a licensed certified public accountant in New Jersey and New York with more than 30 years of public accounting experience. We also have Dan Kruesi with us. Dan is a licensed certified public accountant and has been practicing public accounting for over 20 years. And we also have Christine Melilli who's a manager of the firm and who's a licensed certified public accountant. She's also licensed to practice law in New York and New Jersey. And I will pass this along to Henry who's going to be moderating today.
Henry Rinder: Thank you very much, Amanda. Thank you for hosting. So here we go. Again, we have another piece of legislature from Washington designed to address economic hardship due to COVID and it's quite extensive and we're going to cover as much as we can within the 30 minutes. And obviously some of the regulations will come out and clarify different points, but today at least we're going to highlight what was included in the package and what does it mean to you as an individual and what does it mean for your business? We have on a panel, Christine and Dan, who are our superstars from the tax department. They track these different changes on a daily basis. So without any further delay, let me turn over to Christine who will tee off with the topics that will be covered today.
Christine Melilli: Thank you, Henry. Hello everyone. Happy New Year. It's great to be back on these webinars. I have to say this has been a very exciting time for the accounting and tax profession. On December 21st, Congress finally passed a long awaited second COVID relief bill, but that was not without a lot of criticism and frustration from president Trump. President Trump did sign the bill into law though on Sunday, December 27th. The colossal 5,593 page bill, which is ironically known as the Consolidated Appropriations Act and I say that because I wonder what the unconsolidated version looks like. It is loaded with just about something for everyone and I really do mean everyone. I have read it. Just as a point of reference, the Tax Cut and Jobs Act Bill was a measly 186 pages in comparison. The bill provides about $2.3 trillion in funding and assistance to all sorts of enterprises. Of the $2.3 trillion, $900 billion relates to various COVID relief programs, $320 billion relates to tax cost, and the remaining $1.1. trillion is for various government spending programs.
This bill was a wake-up call for me because I have been of the mindset that a divided government means nobody's going to get what they want, when in fact it could actually mean the opposite, that everybody gets what they want. And I think this nearly 5,600 page bill is evidence of that. So for purposes of this webinar, we'll focus on some of the bills key tax provisions that I believe many of you who have joined today will be interested in learning about. So, as I mentioned, the about $328 billion relates to tax costs. The bill does have over 70 tax provisions. Some are related to COVID. In other words, they were enacted in direct response to the pandemic as a way to get some quick cash into taxpayers pockets and some are not. Some of the COVID related tax provisions that we'll discuss today include the direct stimulus payments, clarification of no deduction denied for PPP expenses, an extension of the credit for paid sick and family leave.
There's been an extension along with a clarification and improvement to the employee retention credit and there's also been a temporary allowance for a 100% meals allowance deduction and that's just to name a few. But then the bill does address a lot of non-COVID related items in both tax and non-tax. And you may have heard a lot of criticism about these, but as far as the non-COVID tax items of concern, I'm just going to categorize these for you and give you a very, very board overview of the categories. So first the bill addresses provisions that are set to expire at the end of 2021. This is a win for everyone because historically Congress has allowed extender provisions to just expire and then they backtrack by extending them retroactively. So here Congress has been proactive and has addressed these provisions prior to the expiration.
So Americans can have some clarity and do some proper planning. I've classified these extender items into four different categories. Those being made permanent, those being extended for five years, three years and one year, and then just this fifth category for just everything else, not necessarily an extender item. So just really quickly, first those that are being made permanent include a reduced excise tax rate on certain craft beverages, railroad track maintenance credit, a reduction to the [inaudible 00:05:59] for medical deductions for individuals to 7.5%. The next category is the provisions that have been extended for five years. These include extending the look through rules for related controlled foreign corps, the new market tax credit, the work opportunity tax credit. Three-year extenders include energy credit with some adjustments to phase out schedules in the residential energy and property credit with some modifications.
And then lastly, there's several provisions that were extended for just one year. Most of these are in the energy space, like a credit for electricity producers and certain renewable resources. And then as I mentioned, there's a slew of other tax provisions that are just modifications to other areas of the tax laws that are not necessarily extenders from the Cares Act. So that's a very broad overview of the categories of the tax provisions in the bill. So let's focus on a few items that are getting the most attention from individuals and business owners. And I think at the top of this list is probably the PPP loans and Dan will cover the topic in just a few moments. But first I would like to point out a few provisions that individual taxpayers will benefit from. And so at the top of this list is, probably the most publicized at this point, the recovery rebate credit.
So an additional recovery rebate credit equal to $600 for individual taxpayers making up to $75,000 or $1200 for married filing joint and surviving spouse taxpayers making up to $150,000 plus an additional $600 for each qualifying child is available. Taxpayers without a social security number they're not eligible for this credit. The government, you probably already know, they've already started making these direct stimulus payments based on 2019 income tax filing. Tax payers who receive an advanced payment in excess of their credit will not have to repay the overage. However, taxpayers who receive a direct payment that is actually less than the credit calculated on their income tax return will receive the difference as a refundable tax credit once they file their tax return. So these direct stimulus payments account for approximately $164 billion. So this is about half of the funds that have been allocated to tax costs in this bill.
Next, there is a charitable contribution deduction that's available for 2020 and 2021 for individual taxpayers who normally do not itemize deductions. And this population has grown since the passing of the TCJA. These people may take an above the line deduction of up to $300 for single filers, $600 for married filing joint and surviving spouse filers for any cash contributions made to qualified charitable organizations. In addition, as a side to just even that deduction, the charitable contribution limitation of AGI has been suspended for 2020 and 2021. So this may be a great planning tool for individuals who like to give to charity. Next, there's a reduction to the [inaudible 00:09:08] medical deductions for individuals to 7.5%. This is not COVID related. The threshold for claiming the medical expense deduction was set to climb to 10% in 2021 under the Affordable Care Act with seniors receiving some reprieve. Then the TCJA came in and brought that down, but it was temporary.
So now the CAA has made the 7.5% [inaudible 00:09:33] permanent, finally taking the medical expense deduction off of the list of temporary year-end tax extenders and this provides certainty for taxpayers of all ages. Then there's been a modification to the educator expense deduction. This is in direct response to the pandemic, according to the CAA. Any expenses incurred by educators for PPNE, disinfectant, other supplies purchased on or after March 12th of 2020 that are for the prevention of the spread of COVID, they are considered eligible expenses for purposes of the $250 above the line educator expense deduction. Finally, I thought it's worth mentioning that the special rules have temporarily been put in place for HSA and FSA accounts. Typically these are use it or lose it spending accounts. Since many people were not able to utilize the FSA and HSA accounts because of the shutdowns put in place during 2020, Congress is allowing the 2020 unused benefits to be rolled over to 2021 and 2021 unused benefits to be rolled over to 2022. So Dan, is there anything you want to add here?
Dan Kruesi: Yeah. Focus on and bring attention to the economic impact payment, but I want to add an S to that and say payments as in plural because if you remember back in April, there was a $1,200 stimulus payment that was sent out along with a $500 payment that would go for each child as well. There were a lot of people that did not qualify for that due to their AGI that was in 2018 to 2019. And now you have a payment that's going to go out this week for $600, both for the individual and also for their dependent. And what a lot of people don't know is that buried in this is that you can go and file your 2020 return and if you had somebody that couldn't qualify in '18 and '19, but qualifies now in 2020, maybe they were laid off due to the virus or the pandemic, that person can now go and on line 30 on the 1040, you can now go by the AGI of your 2020.
And I have a friend who used to make a lot of money in '18 and '19 and then was laid off and he was complaining, "Oh. You know what? I need the money and I can't get it." Well he can. He has four kids, he's married. If he goes and puts this down on line 30 on his 1040 in 2020, he'll get $8000 refund.
Christine Melilli: Right. Yes.
Dan Kruesi: And he qualified for the next payment that might come.
Christine Melilli: Right. Yeah. That's a good point. I guess what was never made clear in the media is those payments that went out, they were given out quickly, but they do show up on the tax return and it is in a form of a credit. They were just made in advance, kind of hastily, to get people the money in their pocket, as opposed to waiting for them to file their 2020 tax return.
So to your point, it is line 30 on the 2020 1040 and it's a net. So what'll happen is your 2020 income tax return will compute how much are you due. Like you said, your friend is actually due, I don't know, something like $8,000 and then you put in the economic impact payment that you received and if that's zero, well there's an extra $8,000 refundable credit coming through on your 2020 income tax return. I do have to make mention they haven't addressed how they're going to deal with this next round yet. I'm kind of assuming it's going to be on the 2021 return, but I can tell you, I know taxpayers that received their payment December 31st, 2020, and not to get into cash or accrual, but we're waiting on guidance on that one, but certainly for the payments that were received back in early 2020, you can still get that money for sure.
Okay. So we'll move on to the next one.
Dan Kruesi: Yep. Let's move on.
Christine Melilli: All right, cool. So let's go on to businesses now. So I only have one deduction to discuss because it kind of warms my heart and as much as a tax law and warm anyone's heart, and that's the temporary allowance for a 100% meal allowance deduction. So for as long as I can remember, the tax code has provided for a 50% business deduction allowance. That allowance has been suspended and a 100% allowance has been put in it's place for years 2021 and 2022. And I say hats off to Congress for this one. I really like this one because it gives employers a nice tax deduction, but it also supports the local restaurants. I know some companies are encouraging their employees that even though they're working from home, they're still giving them a meal allowance and they've been encouraging them to go and order from their local restaurant, kind of a social responsibility.
So I really like this one because it provides the employer with a nice tax deduction and it also promotes spending at the businesses that really need it most right now, which is the local restaurant. So now I'm going to look at a couple of tax credits. I only have three. The first is the employer credit for family medical leave. There has been a continuation of paid sick and family leave payments for employees under the Families First Coronavirus Response Act. The Family and Medical Leave Act is the federal law that entitles eligible employees to 12 weeks of unpaid job protected leave during a 12 month period. That is not new to anybody, but in response to the Coronavirus pandemic, family and medical leave has been expanded to include conditions related to COVID to be covered under the FMLA. The relief bill took in effect in April of 2020 and it was set to expire at the end of December, 2020.
This has been extended to March 31st, 2021, but it is not mandatory this time around that employers provide the extension period. So a tax credit will remain in place for those employers who do offer this paid leave through March 31st, 2021. But again, the requirement that employers provide it will no longer be in effect. Employers who do choose to continue to offer the paid leave can receive a tax credit for both qualified sick leave and qualified family leave, but not both for the same period. So that's sort of the extension and modification to the credit for family medical leave. Now a trending item right now is the extension of the employee retention credit. And I'll explain this one to you. The employee retention credit is a refundable tax credit against certain employment taxes calculated on qualified wages and eligible employer pay to employees after March 12th of 2020 that eligible employers can get immediate access to that credit by reducing its employment tax deposits that they're required to make when they're filing forms 940 or 941.
Also, it's a refundable credit. So if the employer's credit is in excess of its payroll tax deposits, the employer may get an advanced payment from the IRS. Now this credit, which was set to expire under the Cares Act on December 31st, 2020 has been extended through June 30 of 2021. So two quarters of 2021 currently. Under the Cares Act this credit was not available to employers who received and accepted PPP loans. This is no longer the case. And so this is why I think this credit is now getting a lot of attention and a second look at by employers. Employers can now receive a PPP loan where there was one you received in 2021 or one you will be applying for in 2021 and still qualify for an employee retention credit as long as the employer does not use the same wages as those used to qualify for both benefits.
So in other words, the wages that you use when applying for forgiveness of a PPP loan cannot be the same wages used to calculate the employee retention credit. So in addition to being extended, the new bill expands the employee retention tax credit and it contains some technical corrections. Bear with me here. Previously the credit was calculated on up to 50% of qualified wages paid including employee health plan. And it was up to $10,000 in qualified wages. So the max credit per employee was $5,000 and that was per year. Also under the Cares Act an employer had to show a year over year reduction in revenue when comparing same quarters equal to 50% to qualify for this. But now for the first two quarters in 2021, the drop in revenue threshold's been reduced from that 50 to 20% and the credit has increased to 70% of qualifying wages up to $10,000 of qualifying wages per quarter.
So a max credit per employee would be $7,000 per quarter. Again, under the CAA an employer can now qualify for this credit even if it received the PPP loan. And that's why many employers are now taking a look at this before filing their 2020 form 941, which are due later this month. And then the last credit I want to discuss is the work opportunity tax credit. The work opportunity tax credit has been extended through 2025. It's a general business credit. It's not refundable. It can be taken by employers who hire individuals who are members of one or more 10 targeted groups under the work opportunity tax credit program. These target groups have been identified as groups who have consistently faced significant barriers to employment. You could find a listing of those groups on the IRS website. An employer must obtain a certification that an individual is a member of one of these targeted groups before the employer may claim the credit.
So it's not as simple as someone just telling you I'm a veteran or an ex-felon or I fall into one of these groups and then you could take the credit, an eligible employer must file. It's a form 8850. It's a pre-screening notice and certification request for the work opportunity credit. It has to be filed with the respective state workforce agency within 28 days after the eligible worker begins work. And the credit is limited to the amount of business income tax liability or social security tax. So again, it is not a refundable credit. And that's all I have. So unless Dan, you want to add something here, I'm going to turn it over to you to discuss the intricacies of the new PPP loans and the developments with section 163(j) and dealing with the limitation on deduction for business interest expenses.
Dan Kruesi: All right. Great. Thanks Christine. So I don't have a lot of time so I'm going to try to kind of blow through this pretty fast and some of the concepts can be a little confusing. The second round of the triple P loan program is very similar to the first one. So if you've already been to that you have a pretty good idea of what's going on. Like the first triple P loan, the second round will be fully forgivable if at least 60% of the loan is spent on payroll and the rest is spent on other eligible expenses. And I'll touch on briefly about eligible expenses because they've expanded that, made it more liberal and it'll make it easier for your loan to be forgiven. If the loan's not forgiven, the loans would have an interest rate of 1% and the term of five years. They did change the maximum amount that an entity can borrow.
So for the first round, the maximum amount was $10 million. They reduced that down to $2 million. Let's just talk about how much you can get for a loan. So it's very similar to how it was with the first round. It'll wind up being, for most employers, it'll be two and a half times the sum of the average monthly payroll cost, just like it was last time, except industries that are in the hospitality business, like restaurants and hotels where you have a code that begins with 72, you can get a loan now that's three and a half times your average monthly payroll costs. All right. So there was something in there that's very important that was put into the law because the first time around with the triple P loan program they basically said, "Okay. You get to have the fiscal 12 year period that exists before you get the money."
"That will be your average gross monthly payroll period want to calculate," or the year before, which was 2019. So now that we're already into 2021, if they kept that same language, you'd have 2020 and your average monthly payroll is probably less, especially if you need to get this loan in 2020 than it was in '19. But the great thing is they still kept 2019. So the language is a one-year period before the loan or 2019, whichever one of those two periods you get to pick and it'll either be 2.5 or 3.5 times your monthly payroll average. That's how much you get as a loan. All right. Now who is eligible? Well it used to be that firms that basically had 500 employees in the first round were eligible. Well they dropped that down to 300 now. And then the most important thing is you have to demonstrate now that you have at least a 25% reduction in gross receipts seats.
Extremely important those two words, gross receipts in the first, second, third, or fourth quarter of 2020 relative to the same quarter in 2019. So you just need to find one quarter when you compare 2020 to 2019 that you have a 25% reduction and you can apply for this loan. If you don't have that, you don't apply for this loan because you won't be eligible. So just for an example, if in the second quarter in 2019 you had a million dollars in gross receipts and in 2020 you had $750,000 in gross receipts and you were the same in all the other quarters, you would qualify. You did it for that one quarter and that is good enough. So here's some attention I want to bring out. The regs are out now, or not out now. They should be out in about six days. What is gross receipts?
It's your cash basis tax payer. Well I think it's just cash that you received. That's easy. But what if you're accrual basis taxpayer? If you go to line one on any business tax return, line one's going to say, "What are your gross receipts or sales?" So if you're accrual basis tax payer, it may be that you're only collecting, I don't know, maybe 60% of what you're normally collecting. If you don't write it off, you might not qualify for that 25% reduction. So the [inaudible 00:25:03] going to be [inaudible 00:25:04] important for a lot of taxpayers especially accrual basis taxpayers to see if they qualify for this or not and we might have to visit it with a new seminar. Okay. So what is the covered long period for loan forgiveness? So what do you do now when you go to apply for loan forgiveness? If you remember, it originally started out with the first loan as eight weeks, then they said, "Okay. For people that filed after a certain date, it will be 24."
And then they came and said, "Okay. You have an option of either eight weeks or 24 weeks of covered expenses that you had. That's what you will qualify for, for forgiveness." That is the same thing this time around. You're going to have a choice between eight weeks or 24 weeks. The only difference is there was buried in there that they basically put in there that said that you can choose a customized covered period that wasn't eight weeks or 24 weeks, if you remember. You could pick 11 weeks or 12 weeks. It doesn't look like you can do that now. going to be eight weeks or it's going to be 24 weeks. Okay. There are additional eligible expenses also. So now when it gets into basically how the mortgage interest, utilities, some local taxes, and rent may now add operational expenses, such as payments with software, cloud computing, human resources, accounting fees, et cetera.
Property damage costs, they added that in. They added in coverage supply costs, expenditures to a supplier pursuant to a contract, a purchase order that existed prior to you actually taking out the loan, those expenses also qualifying and worker protection expenses also qualify. Okay. So let's talk about the tax treatment. I'll try to go through this fast, but I want to give you a little bit of history on this. If you remember basically the Cares Act had stated that income associated with the loan forgiveness is excluded from gross income. That's what it said in the Cares Act. So originally when people were applying for this, they were like, "This is great. Not only do I get what is possibly a grant, but I don't have to pay any tax on it." And then in April, 2020 the IRS came out with notice 2020-32, which stated that no deduction would be allowed for any expense that you received that was forgiven other than triple P loan.
So in essence, the IRS did a back door maneuver to basically make something that was originally supposed to be non-taxable into an event that was taxable. And in November, 2020 the IRS doubled down what revenue ruling 2020-27 that said that if you have a reasonable expectation that you're going to be forgiven then we want you to add back those expenses in 2020 taking away any planning that you have. Well the COVID-19 relief bill now clarifies, and I'm going to read exactly what it says. It says no deduction shall be denied, no tax attribute shall be reduced, and no tax increase shall be denied by reason of the exclusion of the gross income provided by section 1106 of the Cares Act. So this is very important because if they did not have in here that not only is it not taxable when you get forgiven and you can also take the deductions too when you have the expense, but on top of it they put in no basis increase shall be denied.
So if they did not have that in there, everything could have been non taxable. When you got a distribution from your partnership or your S-corporation, it very well would have been a taxable event. Well now it's not because they give you basis for the forgiven amount. So the good news is now for the IRS, for the federal government, and also yesterday on January 6, 2021, the IRS came out with another revenue ruling saying that they revoked their earlier guidance. So that's great news. Not only is the grant money that you receive with the forgiveness, not taxable income, but you get to take a deduction for all your expenses you got [inaudible 00:29:08] spent from the triple P loan program. All right. So I wanted than to talk about the states. All right. You would assume that, "Oh, okay. Great. So everything is non-taxable. I'll just get this money and I'll just do whatever I'm going to do with it."
Well, not so fast because nobody knows what the states are going to do. There is no state that has passed any legislature that's come out and said that they're going to follow the federal government. All right. I want to just give you a little history about how states operate on this. Okay. There were three types of states. Rolling conformity states, static conformity states, selective conformity states. Rolling conformity states a state like New York state. They adopt whatever federal changes are and they follow whatever the federal government does. There's 18 states that have that. You would think if you're a rolling conformity state you're going to follow what the federal government just did. If you're a static conformity, that conforms to the rules of the federal code of a specific [inaudible 00:00:30:03]. There's 19 states that have that. Okay. So they're going to probably have to pass legislature in those states to say, "Okay. We're up to date now."
And then there's selective conformity states like New Jersey and California that basically can do whatever they want. So a lot of tax pundits would say, "Oh, okay. Well under those rules New Jersey is going to wind up taxing this income and New York state is not." Well here's the interesting thing. And this is something that a lot of people don't know that New York state on April 3rd passed a law saying that they decouple from the IRS starting on March 1st, 2020. Why is that important? Because the Cares Act became law on March 27th, which means that the New York state, even though it's a rolling state, will not follow anything that's in the Cares Act, will not follow this COVID bill, unless they pass a law saying that they will.
So right now it is taxable in New York state, this income. In New Jersey legislature was proposed by two assembly men. It's still sitting in committee. It's not on the floor to make it non-taxable. So the way it is right now to summarize, for the federal government it's forgiveness of income is not taxable. You get to take the expenses. For New York state and New Jersey right now it is taxable. So unless something is done, people are going to get a surprise on April 15th. That's all I have Henry.
Henry Rinder: Let's go to the next slide, which is really a slide that opens us up for questions. We are slightly out of time, but I think these are really hot topics. So maybe on Monday we can look at the questions that came from the audience and group them and see which ones sort of representative of most concern that we hear from our clients and our people that are listening to this broadcast. So do you have any questions Amanda like that?
Amanda: Yes. Like you said, this is a hot topic so there's a few questions that came in. So one of the questions and seems like this is something everyone's kind of wondering about is the deductibility of expenses and if this will apply retroactively to that first round of PPP loans or will this only be for that second round?
Dan Kruesi: Yeah. It doesn't matter. When I basically talked and said that it's not only is it going to be forgiven, the income that is forgiven will wind up being tax-free. You'll also be able to take your expenses with the money that you spend. You'll be able to deduct it. That's for both rounds. The second round was really only an extension of the first. If you really read the law, it's really an extension. So in essence, when it comes to tax laws like that applies to both.
Henry Rinder: Good news for a lot of folks who are concerned about it.
Dan Kruesi: But just keep in mind. Right now it's not for most of the states. It's not for New York, it's not for New Jersey.
Henry Rinder: Anymore questions, Amanda?
Amanda: Yes. It sounds like a lot of people are going to be applying for these loans. The question that they had was that they hadn't applied yet for the forgiveness and if they were going to only be doing the eight week period for this round of loans, should they wait until they run through that and then apply for both at once or does it not make a difference?
Dan Kruesi: They can actually go back and apply for the first loan. That's been reopened. So why is that important? It's not so much important of, "Hey. I want eight weeks." Actual the first one around is a little more liberal with what you can get away. It's eight weeks, 24 weeks, or you could pick whatever week you want in between. You're not going to have that with the second one. But the reason why it's so important is it's hard for a lot of, especially accrual basis possibly. It's hard for a lot of companies out there to apply for the second loan. So if you've never applied before, go for the very first one.
Henry Rinder: Makes sense.
Dan Kruesi: If you think that your business isn't difficult.
Henry Rinder: Amanda, we'll take one more question and we'll wrap it up.
Amanda: Sure. So these are kind of tied together. I know that you had mentioned Dan that the round one had opened back up, but for the round two that there was a requirement for the reduction of income. So people were asking if they didn't apply for the round one loan, if they applied to it now, do they have to meet that reduction in income? And if so, what information would they have to provide to the bank to kind of prove that? Would it be their [crosstalk 00:35:11] What would that looks like?
Dan Kruesi: All right. So I am giving my best logical answer on this because the regulations have not come out. But from what I understand and just reading through the code itself, that you should be able to apply for the very first loan, if you've never applied for it before. And if that's the case, then the rules that come about with the 25% reduction in gross receipts wouldn't apply to you. It might be a little harder when you go to talk to your banker, they might not know them. So let's wait and see what happens in a week when the regulations come out if they address it a little bit further, then we'll speak about it again.
Henry Rinder: Thank you, Dan. And thank you, Christine. Terrific job as always. Amanda, thank you very much for hosting and I wanted to thank everybody else who participated in today's webinar. Thank you for attending and joining us. Have a great day everyone. And I'm sure we'll be back shortly with some more updates.