Paycheck Protection Program (PPP)

April 2, 2020

Paycheck Protection Program (PPP)

(SBA loan that helps businesses keep their workforce employed during crisis)

Link to New Guidance Released

 

Submission of PPP loans applications for most businesses and nonprofit organizations are expected to start on April 3.

 

If you receive a loan under the Paycheck Protection Program, you will be precluded from also claiming an Employee Retention Credit under the CARES Act. 

 

The Employee Retention Credit gives eligible employers whose business operations are fully or partially suspended due to the COVID-19 pandemic a credit against employment taxes equal to 50% of qualified wages (up to $10,000 in wages) for each employee.

 

Funding is limited, timing is everything!

Link to Application

 

We will continue to update you with significant tax filing changes during these difficult times. Please do not hesitate to contact your SS+G team member if you have questions.

 

Very truly yours,

 

 

tel: 312-648-4844 | cpas@ssgltd.com | www.ssgltd.com | 626 W. Jackson Blvd, Suite 650, Chicago, IL 60661-5670

Schuman Simon & Grodecki Ltd.

Certified Public Accountants

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