As COVID-19 continues to upend nearly every aspect of life in the United States, Congress has been working to relieve suffering Americans. Having passed the Families First Coronavirus Response Act on March 18 in an effort to limit the spread of the pandemic and support relief efforts, Congress turned to stabilize the economy. Contact us if you have any questions.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for 8 weeks or a new optional 24 week period, and the money is used for payroll, rent, mortgage interest, or utilities. Contact us if you have questions.
It is best practice to create a separate bank account to manage your PPP loan funds. All qualifying expenditures should be paid from this dedicated account. This will provide the best audit trail to trace these expenditures. Contact us if you have any questions.