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How The Paycheck Protection Program Could Save Your Business

| Categories: Accounting Services , COVID-19 , Paycheck Protection

CPA Long Island

To say that COVID-19 is affecting our daily lives would be the understatement of the year, as it’s caused far-reaching consequences. As a result, the economy has suffered, which has forced the government to introduce the Paycheck Protection Program (PPP) to sustain livelihoods.

The Paycheck Protection Program is a small relief measure put in place under the Coronavirus Aid, Relief, and Economic Security Act (CARES ACT). The loan helps small to medium-sized enterprises stay afloat during the pandemic.

It covers up to twenty-four weeks of business expenses, including rent, mortgage interest, utilities, and salaries. Besides, if businesses can fulfill the employee retention criteria, they can apply for PPP loan forgiveness.

It means that the borrowed money and interest rate of one percent can get written off. However, businesses must ensure that they file for loan forgiveness in time, if they want to avail of the full benefits.

Consequently, we can help you prepare the necessary paperwork for submission to the bank promptly. We also stay on top of the current news, as there are constant changes in relief packages. So, if you need assistance, get in contact with us today. 

With forty-three years of experience, Michael J. Berger and Co., CPA’s LLP, will help you with your accounting needs by putting your finances in order.

We are here to help you run your company smoothly and work with you to make it more profitable. Our team is also responsive and can make quick decisions to solve all accounting problems by rendering our bespoke services.

Our services include tax planning, auditing, financial statements, IRS representation, state tax representation, and individual/business tax filing. We also provide estate planning for clients. 

We serve clients across New York, Florida, Georgia, Pennsylvania, New Jersey, Colorado, and Virginia.

If you have any accounting questions, please contact us by clicking here. To learn more about the other services we have to offer, please click here.