Guidance to apply to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Loans, IRS Credits & Individual Stimulus
Funding for these programs is limited and will run out fast!
Check the additional information below. Call us at
Families First Coronavirus Response Act (FFCRA)
The act provides eligible employees to receive paid leave entitlements from the employers which will be reimbursed dollar for dollar by the federal government through tax credits claimed on the employer’s quarterly payroll tax return. In cases where the employer’s payroll tax liability is exceeded by the paid leave entitlement costs, there will be a refund of the excess issued to the employer. Essentially, the federal government is reimbursing the employer in full for any FFCRA act entitlement payments made to employees.
Paycheck Protection Program (PPP)
The program helps small businesses keep workers employed. Find out more about eligibility, what lenders are looking for, how much can you borrow, and the requirements for the loan to be forgiven. The program would provide cash-flow assistance through a federally guaranteed loan to employers who maintain the payroll during this emergency. If employers maintain the payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy get back to speed after the crisis.
SBA Economic Injury Disaster Loan (EIDL)
These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance and may be used to keep employees on the payroll, pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent, and mortgage payments.
CPA Services to Enhance PPP Loan Forgiveness
Are you ready to have your PPP loan forgiven? If so, you should seriously consider working with our PPP loan forgiveness experts. They will help you receive the maximum loan forgiveness possible with the least number of headaches to you.
PPP Loan Forgiveness Complexities
The rules governing PPP loan forgiveness are complex. The calculations required to determine the amount forgiven are intricate and highly susceptible to error. The documentation to be submitted with the application is vast and will be time-consuming to compile. Before your loan will be forgiven, your lender is required to review and approve all of the documentation; and, the SBA could conduct an audit to challenge the forgiveness. If anything is incomplete or incorrect, the amount forgiven will be in jeopardy.
The AlldayCPA Group™ has been in business for 40 years. We have helped many businesses obtain PPP, EIDL loans, Main Street Grants, and more. We have prepared our team thoroughly by spending hundreds of hours reading the CARES Act, attending PPP loan webinars, and collaborating with other professionals to fully know the law and the PPP loan forgiveness rules.
How We Can Help You
Each PPP lender has their own application procedures and requirements. We specialize in processing forgiveness applications for PPP loans obtained through several banks. We know the loan forgiveness processes and the documentation requirements.
There is a lot of money at stake here. We are ready to prepare your PPP loan forgiveness application. By knowing all of the rules, and by having contacts at the banks, we can obtain maximum forgiveness for your PPP loan in a quick and efficient manner. Our fees are very reasonable. Just call or email us for a quote to help you with your PPP loan forgiveness application.