On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act, or “CARES Act,” into law. A cornerstone of this landmark legislation is the “Keeping American Workers Paid and Employed Act,” which authorizes $349-billion of Federally guaranteed “Paycheck Protection Program,” or “PPP,” loans to small businesses.
The window of opportunity will slam shut on June 30th.
The CARES Act is an extraordinary opportunity for small business owners because:
- You automatically qualify for an SBA loan equal to 2.5 times your average monthly payroll for 2019.
- Unlike all other loans, your balance can be forgiven for properly documented payroll, rent, utilities, and interest expenses paid during the eight weeks after funding.
- For Federal Income Tax purposes, forgiven amounts will be excluded from gross income.
Essentially, you can run your business for two full months on the Government’s tab.
We can help you maximize your CARES Act benefits, document and report your qualifying payments, and minimize your administrative headaches.
The time to start the application process is NOW!
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