We want to assure you that we take the health and well-being of our community, customers, and associates very seriously. Like you, we’re closely monitoring the quickly developing effects of the Coronavirus (COVID-19) pandemic.
The Firm has been keeping you abreast with information as we receive it regarding the Payroll Protection Program (“PPP”). Just last night the AICPA provided us important information on two significant points:
- The calculation for Payroll costs includes GROSS payroll; and
- Treasury will working on another round of funding to ensure all small businesses that have applied will receive funds.
One thing we are sure of is that new information will be provided and our Firm will update you as soon as possible. We have created a COVID-19 Task Force which includes myself, Christina Ives, Stephanie Swetland and Amy Plant. If you have questions I urge you to contact either of us. Below is the video provided by the AICPA’s President Barry Melancon.
If you or someone you know has questions or needs assistance in creating their package for the PPP program do not hesitate to contact us. We are working with many small businesses and their lending institutions in putting these together.
Any advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.