The COVID-19 pandemic has introduced a wide variety of constraints and complications for businesses across the nation and the globe. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed to help entities recuperate losses and weather through uncertain markets.
Last week, our Senior Accountant Tommy Kleinhans met with Paul Martin to discuss how employers can best utilize the resources created by the CARES Act. One of the resources introduced by the CARES Act was the Paycheck Protection Program (PPP).
The PPP is designed to provide businesses with up to 8 weeks of cash-flow through the use of federally guaranteed loans. In this interview, Tommy shares valuable information on eligibility, the application process, the timeline of disbursement and repayment, and how to maximize the funds provided.
Tommy also discusses the clauses of loan forgiveness in PPP. Understanding what costs qualify for forgiveness is critical to maximizing the proceeds awarded and reducing the debt created from participation. Tommy also outlines the implications of participating in other financial and loan relief programs, and how enrolling in PPP may effect your eligibility for disaster relief and employee retention credits.
The complete interview can be viewed through the link below:
To learn how the PPP can apply to your circumstances, reach out to a Bowman representative through the button below. Make sure to stay tuned in to the Bowman Blog for more updates on COVID-19 related news and regulatory events.