Some banks have already opened their portals for completing the Paycheck Protection Program application, cueing up for processing the applications tomorrow. We’re hopeful that since this is going through bank portals the system won’t get overwhelmed. Contact your bank today, and be prepared.
U.S Department of Treasury Paycheck Protection Program and PPP Application
COVID-19 Economic Injury Disaster Loan Application
Employee Retention Credits:
We sense most organizations will be pursuing PPP loans, which disqualifies the entity from utilizing the retention credit. If you do find yourself going for this credit, you’ll claim the credit on Form 7200. This form is also used to claim the credits received by employers for the EFMLA and ESPL Acts. See the link below for an article in the Journal of Accountancy explaining the credit and how to report it.
IRS COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs
US Dept. Of Labor -Temporary Rule: Paid Leave under the Families First Coronavirus Response Act
David V Jean, CPA, CCIFP, CExP | Principal
Main 207.772.1981 | Direct 207.518.6832