AN OVERVIEW OF COVID-19 FINANCING OPTIONS AVAILABLE
Provided to BRR by Harris CPAs; Written by Margaret Flowers, CPA, and Josh Tyree, CPA
While it’s still difficult to predict the full extent of the impact of COVID-19, Harris CPAs is closely monitoring this rapidly evolving situation, offering guidance to help you through this time of uncertainty and to help your business weather the storm. We have established a new resource page on our website with a compilation of these resources including information about recently passed legislation, financing options, tax updates, and industry updates. Please visit: harriscpas.com/industry-knowledge/covid-19/
At the top of everyone’s mind at this time are the Paycheck Protection Program, and ultimately, the rules surrounding the forgiveness requirements for these types of loans. The team at Harris is happy to assist you with any questions you may have surrounding the application for the Paycheck Protection Program. On our resource page above, you can also find an overview of this program, as well as the Economic Injury Disaster Loan. There has been some confusion regarding which items qualify to be forgiven, and we are working on our next blog to help clarify these items for you and your business.
In addition, Governor Little has announced that Idaho now has $300 million in grants to award to small businesses through the Rebound Idaho Small Business Grant. Each business will be eligible for an individual grant of up to $10,000. This is targeted at those businesses who did not receive the Paycheck Protection Program, or received less than $10,000 through this program. An overview of this program can also be found on our resource page above. Applications open at noon on May 11, 2020, but we highly encourage beginning the application process as soon as possible, as there are a few steps that must be taken prior to applying.
For more information:
Margaret Flowers, CPA | Partner at Harris CPAs | margaretflowers@harriscpas.com
Josh Tyree, CPA | Partner at Harris CPAs | joshtyree@harriscpas.com
This content was provided by BRR’s accounting firm Harris CPAs. It is provided here for educational and informational purposes only. It is not intended to be nor, should it be used as a substitute for tax advice regarding any specific circumstance. Every fact and situation is different and you should consult with your personal accountant before acting upon the matters discussed in this post.