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PUA and PPP updates
The PUA (Pandemic Unemployment Assistance) system for self-employed folks is completely up and running and accepting weekly claims for benefit. We know that people are receiving funds to help make ends meet. We've been waiting weeks to finally feel like this program is doing the job it was intended to do.
PPP (Payroll Protection Program loan program) - some clarification has been provided by the SBA in terms of the certification of necessity for the loan. Loan amounts under $2 million will be assumed to have made the certification in good faith. There has been some concern and wonder if the funds should be repaid by the May 14th safe harbor date. This clarification will provide some comfort to clients who have had questions in this regard.
Also, there has been a bit of clarification about the headcount "gotcha" if you have offered to bring back an employee who declines your offer. This will no longer count against you in the forgiveness calculation.
And the good news is that the second round of funding is still out there if you have not yet applied and received funding from the PPP.
What is Connolly Steele doing to help our clients?
A reminder that we are here to help and have a full-time CPA on staff as our go-to for all COVID-19 impact matters. We will be reaching out directly to all payroll and bookkeeping clients to make sure we know who received the funding.
Tracking your expenses correctly from the beginning is extremely important. Knowing the formulas to the Gotchas, and applying them, is necessary before money is spent or staffing decisions made incorrectly.
Connolly, Steele + Company has kept the needed coordination between
payroll, taxes and accounting well understood and pinpoint predictable.
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