The Paycheck Protection Program (PPP), under the newly legislated Coronavirus Aid, Relief, and Economic Security (CARES) Act, provides small businesses with forgivable loans. Administered through the Small Business Administration (SBA), the PPP loan proceeds are to be expended on payroll, rent, mortgage payments, or utilities. Funding spent on covered expenses qualify for PPP loan forgiveness. The (PPPFA) Paycheck Protection Program Flexibility Act of 2020, enacted June 5, 2020, provides borrowers flexibility in their PPP loan. New options include a 24-week covered period, payroll expenditure requirement reduced to 60%, and, for those loans not forgiven, a repayment plan of 5 years.
For assistance with your PPP loan forgiveness or SBA loan (EIDL) compliance, please call our Staten Island CPA office to arrange for a free consultation.
718-227-6035 ext 301
or visit us at www.gosucpa.com

SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on June 15 to qualified small businesses and U.S. agricultural businesses.

For local Staten Island Businesses, this is another way to fund working capital while we wait for NY to re-open fully.  For assistance with your SBA loan and related compliance, please feel free to contact your Staten Island CPA at 718-227-6035 ext 308 or stop by our office for assistance.

For assistance with and information on the corona virus visit https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

https://www.coronavirus.gov/