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
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- David@gosucpa.com
- Staten Island, New York, United States
- Certified Public Accountant Partner at Goldenthal & Suss Cpa's & Consultants, P.C.
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To comply with the requirements of Circular 230, which provides regulations governing certain conduct of U.S. tax professionals giving written advice with respect to U.S. tax matters, please be aware that any U.S. federal tax advice contained in this communication (including any attachments) is not intended to be used and cannot be used by you or any other person for the purpose of (i) avoiding penalties that may be imposed under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matter addressed herein.
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