Follow Up Steps for Payroll Protection Program

Once a business has applied for and been granted funds for the Payroll Protection Program (PPP), there are several considerations to keep in mind as follows

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Due Date Extensions

Tax day is almost upon us, or is it? As a result of the Coronavirus Pandemic, the IRS and most states automatically extended the April 15th due date for 2019 income taxes and forms as well as the 2020 first and second quarter estimated tax payments due. Here is a brief summary of the most common due date automatic extensions.

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SMALL BUSINESS PAYCHECK PROTECTION PROGRAM

The CARES Act provides small businesses a forgivable loan through the Small Business Administration (SBA). The SBA released the following reminder summary to assist in applying for a loan.

The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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