President Trump recently signed into law the Coronavirus Aid, Relief, and Economic Securities (CARES) Act, designed to help individuals and businesses recover from the economic damage caused by the COVID-19 pandemic.
As the first round of PPP funding is now completely committed, it’s time to focus on the payroll forgiveness portion of the package, meaning the amount of funding spent over the next 8 weeks on payroll, mortgage interest, rent and utilities is eligible to be completely forgiven (and tax-free!)if you follow the guidance.
Download this Printable Guide: Paycheck Protection Loan Forgiveness
You’ve got questions; we’ve got answers!
This is a lot of information to consider and you probably have questions running through your mind right now, such as…
- What if your 8-week period to utilize your funds ends before the measurement date of June 30th to have everyone re-hired back to your pre-February 15, 2020, levels?
- What happens if you are not able to spend at least 75% of your total loan on payroll costs?
- What if you cannot get employees to return to meet the required employee count that you once had on February 15,2020?
- What is the criteria to obtain full forgiveness of the loan?
If you are a small business owner or proprietor and you need help with all of the complicated ins and out of Paycheck Protection Program Loan Forgiveness or you’re looking for assistance with business consulting services in the areas of finance, accounting, risk management, internal control processes, marketing and operations, please contact us below.
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The Payroll Protection Program: Your Questions Answered
Payroll Protection Program and Loan Forgiveness Interview