At Bookkeeping Plus, we have been tracking the new federal Coronavirus Aid, Relief, and Economic Security Act (CARES), just signed into law. One of the provisions, the Paycheck Protection Program (PPP), is particularly important for small businesses and other for-profit or non-profit organizations.
PPP provides government-backed loans from private banks. These loans can subsequently be forgiven (apparently at least in part) if you meet certain requirements. Other provisions make changes to tax policies, create an employee retention tax credit, allow delaying certain payroll tax payments, make changes to paid sick leave and FMLA, etc., all subject to various conditions.
Bookkeeping Plus has notified its clients about PPP and provided information and assistance on how to apply. We will continue to work on obtaining and disseminating the most up-to-date information. Sometimes it seems like accounting and financial laws are a moving target, and we’ll keep trying to stay on their trail! —Beth A. Marsh, CEO