Forgivable Loans to Small Businesses under the Paycheck Protection Program

Published by Doug Chaffins at March 31, 2020

About Us

Banks will soon begin processing loans under the Paycheck Protection Program.

The new program:

  • Includes money for employee salaries under $100,000; paid sick or medical leave; insurance premiums; and mortgage, rent and utility payments.
  • Sets the funds up as a loan that is eligible for 100% forgiveness if used for the above purposes and in conjunction with guidelines related to staff retention.
  • Provides funding for businesses or 501(c)(3) nonprofits with less than 500 employees, including sole-proprietors, independent contractors, and other self-employed individuals.
  • Waves affiliation rules for businesses in the hospitality and restaurant industries, and specifies that businesses with more than one physical location can be eligible so long as no one location employs more than 500 individuals.

Congress is promising quick and efficient fund access for small businesses. Banks may be accepting loan applications as early as the week of April 6th. CPA firms will have a critical role to play in making sure small businesses get these funds quickly. The bill requires eligible borrowers to make a good faith certification that the loan is necessary due to the uncertainty of current economic conditions caused by COVID-19. As trusted advisors, CPAs will have a key role in assisting in the verification of loan eligibility, assembling necessary documentation, preparing loan applications, documenting eligibility for loan forgiveness.   

Over the next few days, we will provide more information on the role we can play, as well as details on how you as a small business can take advantage of all the benefits this legislation offers. Stay tuned.

Throughout this process, our overarching aim will be to keep small businesses running and employees paid. We are happy to report that this bill does that, and we at Fricke &Associates, PC look forward to assisting you.

Explore Our Blog

We have set ourselves up as leaders in the industry to educate our audience on relevant topics in the accounting world.

Film & TV Tax Liabilities for Independent Contractors

September 1, 2023 by William T. Fricke

Independent contractors in the film and TV industry face unique…

Read more

How Fricke & Associates Serves the Film & TV Industry

August 1, 2023 by Doug Chaffins

The film and TV industry‚Äôs tax and accounting needs are…

Why Trust the Experts When Filing Taxes for the Film & TV Industry

July 3, 2023 by William T. Fricke

The process can be overwhelming and confusing when filing taxes…

We can help

If you need a bookkeeping professional for Small businesses in Atlanta, GA, Fricke & Associates, LLC. We have the expertise and experience to understand your needs, analyze your financial data, promote your growth, and ensure your financial future is set on a successful path. Additionally, we are a leader in developing and implementing the latest technology for optimizing accounting, tax, and financial planning solutions.

Join Our Email List

Enter your email address to stay up-to-date on recent tax laws and receive helpful tips!