By Keiter CPAs
Our advisors are closely monitoring the business impacts related to COVID-19. We are here to provide valuable resources as well as sound advice and strategies to move your business forward through this economic downturn.
What Small Businesses Need to Know About the Second Round of Paycheck Protection Program Funds
A second round of Paycheck Protection Program funding is included in the recent passage of the Consolidated Appropriations Act, 2021.
Scott Zickefoose, Keiter transaction advisory and tax partner, shared his insights on the updated PPP program, qualifications, and the application process for small businesses including restaurants, hospitality, and retail that have been impacted as a result of the pandemic.
Topics:
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Which borrowers qualify for additional Paycheck Protection Program loans
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Modifications made as a result of the most recent legislation
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Ways borrowers can prepare ahead of applying for the second draw of PPP funds
This webinar was recorded from a live webinar on December 30, 2020.
Update January 7, 2021
Clarification: The extension referenced on slide 26 relates to the payroll tax deferral that Trump authorized earlier this year, not the payroll tax deferral originally authorized by the CARES Act. This allowed an employee to stop paying Social Security, but then had to pay it back in the first quarter of 2021. They now allow the employee to pay it back by December 31, 2021, instead of April 30, 2021.
Disclaimer: This content has been prepared for general guidance and informational purposes only based on the date published.
The FFCRA, CARES Act, and SBA Paycheck Protection Program (PPP) are continually releasing new guidance that may change the information provided within this content. Keiter recommends that you perform your own independent research and/or speak with a qualified accounting professional before making any financial business decisions. © 2021 Keiter, All Rights Reserved.
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.
