The coronavirus (COVID-19) pandemic has caused companies of all sizes and services to reevaluate their business strategy. During this uncertain time, how do you best serve customers? If you make products, how do you adjust your inventory? Can you keep employees on your payroll? If you lay off employees, how will that affect your Paycheck Protection Loan forgiveness test? These are just a few of the many questions business owners have.
The $2 trillion coronavirus relief package – the Coronavirus Aid, Relief, and Economic Security (CARES) Act – is the largest economic relief bill in U.S. history. The federal stimulus package includes $349 billion in loans for small businesses (to help them retain their employees) while other business provisions address net operating loss (NOL) and interest limitation rules. It is also important that business owners understand the Families First Coronavirus Response Act, which provides employees relief related to COVID-19 and alternatives to layoffs provided through the Texas Workforce Commission (TWC) Shared Work Program.
Businesses with long-term plans in place will come through this crisis best-positioned for success.
The GPP business advisory and tax teams are working with business owners to determine the best path forward during these challenging times.
Our services include assistance with:
- Short-term cash flow planning
- SBA Economic Injury Disaster Loans (EIDLs) of up to $2 million
- SBA Payroll Protection Loans (PPLs): offering loan forgiveness for retaining employees
- Document preparation for submission of loan programs
- Monitor loan forgiveness tests (FTE and Wages tests)
- Forgiveness documentation submission to lender
- Amending 2018 tax returns or filing carryback claims to refund cash taxes paid in prior years
- Proactive Business Advisory Services
We will work with you to develop fluid plans throughout the duration of the pandemic and strategic post-pandemic plans. You can also count on us to keep you posted on timely updates that could impact your business.
For more information about our COVID-19 Business Advisory and Planning Services, please fill out the form below, or email [email protected]