Article Posted on 07/12/2021
Hopefully the summer of 2021 is looking more normal for you, your family and clients! Many individuals and business received some type of financial assistance related the pandemic.
Now is the time to assess how your funding sources need to be coordinated, and what action if any is needed.
Did you receive a Paycheck Protection Program (PPP) 1st draw loan in 2020? If so, your lender has most likely reached out to you to initiate the forgiveness process. You will want to make sure you coordinate this with any Employee Retention Credit you may be eligible for. Your payroll $’s can only be used once, no double dipping!
For business who received a Paycheck Protection Program (PPP) 2st draw loan in 2021 you will want to makes sure you know how long you have to use the funds and what are eligible expenses. Again, coordinating your PPP payroll $’s with the Employee Retention Credit for 2021 if applicable is important as you near the end of your covered period and when working with your lender to apply for forgiveness.
COVID-19 funding provided a vital cash flow for many businesses. Kopsa Otte is here to help our clients if you need assistance in coordinating the reporting or filing requirement related to funding received.