The Payroll Protection Program (PPP) loan is a key piece of the CARES Act. The program offers low-interest, forgivable loans to small businesses through their banking institution. The loans are meant to help businesses stay afloat and keep employees on the payroll.
The rapid spread of COVID-19 has created more than a health crisis. The “stay home” directive that quickly spread across the country is creating a financial emergency for many businesses. And, as we continue to self-isolate, businesses need to find a way to minimize the impact.
As the days and weeks have progressed since Governor Cuomo’s orders for social distancing, Boris Benic and Associates continues to work separately, but with a unified purpose: supporting our clients through a most unusual situation.
Although the CARES Act (ACT) covers many areas, I would like to share very important provisions where you may need to take immediate action.
Last week, our team began working remotely under the governor’s orders for social distancing. This week, we’re pleased to give you an update on operations at Boris Benic and Associates LLP. We also have some important tax news you’ll need during this time.