Congressional leaders are reportedly close to an agreement on new legislation providing additional funding for the Paycheck Protection Program (“PPP”). Eligible businesses who have not yet obtained a Payroll Protection Program loan should be prepared for the program to re-open soon. Initial PPP funding was rapidly depleted, and many eligible businesses were unable to participate in the unprecedented program.
Please compile your documents together so you can provide to your lender, as needed, to support your company’s loan request, including but not limited to payroll records. For those companies that did receive the PPP funding, make sure your company is implementing best practices to utilize and document the money in compliance with the applicable rules. Many companies may be eligible for forgiveness of some or all of the PPP funding if they can satisfy certain actions. Remember to expect audits of both PPP funding and the Payroll Tax Credit so the documentation and internal controls you put into place today will serve you later in defending against an audit.
The dedicated COVID-19 response team at Gammage & Burnham is here to help you and your business prepare for the next round of PPP funding, understand whether and how to use the Payroll Tax Credit, take steps to implement the two emergency leaves under the FFCRA, and how to navigate the rapidly changing federal and state efforts to provide relief to businesses during these unprecedented times. Please contact Julie Pace, Chris Raddatz, or Tim Forsman for more information.
You may also go to our dedicated COVID-19 page, where we have listed all of relevant articles. This page is updated daily.
