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the clock is ticking - PPP loans
Not only are we committed to bringing you the best information we have, we are also committed to understanding the loan forgiveness rules so we are available to assist.
Were you fortunate enough to receive funding through the Paycheck Protection Program (PPP)?
On April 24th an additional $310 billion of funding for the PPP was signed into law. If your application was already submitted, you should still be in line with the bank. If you haven’t completed the loan application process yet, please let us know if you need our help with Payroll or Schedule C information.
We are here to help you, but we can only help those who we know received the funding…
The application process was step one and once the money has been disbursed to your bank account, the clock is ticking. The 8-week timeframe has begun and next is understanding the following:
What is best use for the funds (ie. funds for payroll & related expenses vs. 1% loan)
Definition of payroll costs & how to calculate FTEs
Reduction in wages
Costs eligible for loan forgiveness
Limitations for loan forgiveness
Separating your PPP funds to track related expenses
Each day we are following the CARES Act updates and interpreting the allowable uses of the funds. We plan to offer our services to help you maximize the PPP loan forgiveness and help facilitate the tracking of the related expenses to safeguard the forgiveness of your loan. If this is something you see as value added to your company, please contact us as soon as possible for an engagement letter, and keep in mind the 8-week covered period.
Connolly, Steele + Company has kept the needed coordination between
payroll, taxes and accounting well understood and pinpoint predictable.
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