We have been working to keep our clients abreast of important CARES Act assistance available to both individuals and businesses. This includes the Payroll Protection Program (“PPP”) which has authorized up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. In previous emails we have discussed how this can be beneficial to small business and what the requirements are to apply.
The most attractive part of this loan is that it is forgivable for certain expenses. If you have recently received or will be receiving your PPP monies, we have important information we would like to share with you in order for you to meet the loan forgiveness qualifications set forth by the SBA.
Please click here to download our presentation regarding loan forgiveness. The content of this presentation includes what your goals should be as far as utilizing your loan money, what expenses are allowed for loan forgiveness, and what documentation needs to be provided in order to substantiate the expenses for the loan forgiveness.
If you or someone you know has questions or needs assistance in regards to a PPP loan or loan forgiveness, please do not hesitate to contact us by clicking here.
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.