Paycheck Protection Program and Economic Injury Disaster Loan Assistance Services
In response to the COVID-19 pandemic the federal government passed the CARES Act which includes many components. Components include the Paycheck Protection Program (PPP) as well as the Economic Injury Disaster Loans (EIDL) through the SBA, the Pandemic Unemployment Assistance as well as the Families First Coronavirus Response Act (FFCR).
Many businesses have yet to submit their loan applications while others have already received their loan funds. It cannot be overstated how critical it is to begin loan forgiveness planning as soon as you receive those funds. Proper planning right now could ensure that you receive the maximum amount of loan forgiveness. It is important to note that as soon as the loan is disbursed, it begins your 8-week payroll protection period.
Davis & Hodgdon Associates CPAs loan forgiveness planning services will help you comply with the requirements of your loan so that you can maximize the amount of loan forgiveness. Through various calculations that include all of the loan usage requirements we can help you show how the funds were used for allowable expenses. We can also design and implement a strategy to best utilize the loans, tax credits, and grants created by the Families First Coronavirus Response Act (FFCRA) and Coronavirus Aid, Relief, and Economic Security Act (CARES).
Specific services may include, but are not limited to:
- Assistance in preparing loan applications and compiling related supporting information;
- Preparing calculations to support loan and tax credit amounts;
- Participate in any necessary virtual meetings with private and SBA lenders in support of loan applications;
- Prepare calculations to determine any steps necessary for future Paycheck Protection Program loan forgiveness; and
- Assist in determining whether or not staff should be furloughed vs. receive payroll through the company via benefits provided by the FFCRA and/or CARES Acts.
For more details about the PPP please click here to view Frequently Asked Questions.