By Keiter CPAs
How Business Owners Should Navigate the CARES Act With RTD
The Coronavirus Aid, Relief, and Economic Security Act (H.R. 748) (CARES Act, The Act) was signed into law, making available $350 billion to small business through the Small Business Administration (SBA) loan program during the covered period of February 15, 2020, through June 30, 2020.
Matt Austin, managing director for Keiter Advisors, and Scott Zickefoose, tax senior manager for Keiter, shared their insights with the Richmond Times-Dispatch on how business owners should navigate SBA Loans and the Paycheck Protection Program.
Excerpt:
“Businesses should work with their accountant and bankers to access the loans, said those with the Henrico County-based accounting firm of Keiter.
Business owners also should be prepared to have documentation available to apply for the stimulus loans, especially quarterly and annual payroll reports, said Matt Austin, managing director at Keiter Advisors, and Scott Zickefoose, a senior director for Keiter.
Source: RTD
We are closely monitoring this evolving and unique economic situation. We will keep you updated and informed on how to respond to these and additional tax and regulation changes as they are announced.
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About the Author
Keiter CPAs
Keiter CPAs is a certified public accounting firm serving the audit, tax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial services, construction, real estate, manufacturing, retail & distribution industries and nonprofits. We also provide business valuations and forensic accounting services, family office services, and inbound international services.
More Insights from Keiter CPAsThe information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.
