Note: New guidance on the SBA Paycheck Protection Program has been released. Please note the changes here.
Our team is closely monitoring the developments of the COVID-19 pandemic and are working to keep you informed of the implications to you and your business. We have dedicated teams and resources to focus on all aspects of the CARES Act so that we can provide you with meaningful guidance and concise information.
If you have questions about how these changes impact your unique individual or business tax situation, please contact your Keiter advisor. We are here to listen and provide sound advice.
Understanding the SBA’s Paycheck Protection Program
The Coronavirus Aid, Relief, and Economic Security Act (H.R. 748) (CARES Act) was signed by the President on March 27, 2020, and is now law. The Small Business Administration (SBA) has begun to implement their portion of the provisions of the CARES Act. In this webinar hosted on March 31, 2020, Matt Austin, Managing Director-Keiter Advisors and Scott Zickefoose, Tax Senior Manager, Keiter, share their insights on one of these provisions, the Paycheck Protection Program.
This webinar discusses the following aspects of the program:
- Who is eligible?
- Loan amount
- What are “payroll costs”?
- Permitted uses of proceeds
- Loan forgiveness provisions
- Potential reduction in forgiveness benefits
- Rehire exemptions
- Documentation required, and more
This webinar was recorded from a live event on March 31, 2020.
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 Authors
The 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.