Please take a moment and look at the Paycheck Protection Program. The Department of Treasury has released the Paycheck Protection Program (PPP) application and supplemental information, all available on its website. Download this spreadsheet to assist in calculating the estimated loan amount for the PPP program.
Funds from this program:
- Can be used for employees salaries under 100,000, paid sick or medical leave, insurance premiums, and mortgage, rent and utility payments
- Are 100% forgivable if used for the above purposes; and
- Are available to businesses or 501(c)(3) nonprofits with less than 500 employees, including sole-proprietors, independent contractors, and other self-employed individuals.
Please let me know if we can help with gathering the documentation for your lender, answering questions, estimating loan amounts or anything else.
P.S. The Texas Comptroller of Public Accounts is automatically extending the due date for 2020 Texas franchise reports to July 15, 2020.
If you have any questions, please don’t hesitate to ask.
Tammy Mihail, CPA