KPMG Spark Blog

Paycheck Protection Program (PPP)

Small business stimulus funds are back with $284 billion in forgivable loans. Eligible businesses can receive 2.5x their 2019 payroll up to $2 million in forgivable PPP funds. Join us to see how you can get access to these funds.

Small business stimulus funds are back with $284 billion in forgivable loans. Eligible businesses can receive 2.5x their 2019 payroll up to $2 million in forgivable PPP funds. Moreover, for the first time, even the smallest businesses are included. Now businesses with under 10 employees, businesses in rural or low-income areas, and small community lenders are all eligible. If your gross receipts have declined by 25% or more during any quarter of 2020, you could be eligible for a PPP loan.

Get your books in order

With all of this in mind, your books must be in order before applying for a loan - because they will be scrutinized! The Small Business Administration is busier than ever, so any small issue with your accounting records could turn into a delay in receiving your stimulus funds. With the help of KPMG Spark, we’ll make sure your books are ready to handle a PPP loan.

Manage the PPP application process

If you’re in line to apply for PPP funds, having organized real-time financials can cut down on processing time, getting funds into your hands considerably faster. KPMG Spark gives you access to advisors who can help get your books in order for the PPP application process. Having up-to-date books for the Small Business Administration can help reduce delays in receiving your loan.

Access your PPP funds

In a time of uncertainty, having quick and convenient access to a PPP loan could be the difference in maintaining a successful business. These time-sensitive relief funds could be yours, so take advantage of this opportunity by bringing in the accounting specialists at KPMG Spark - who will chat with you about your books as well as the entire PPP process. Don’t hesitate to book a call and let us help you get your books ready for stimulus applications!

Paycheck Protection Program (sba.gov)

 

The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG LLP.

This blog article is not intended to address or provide advice concerning the specific circumstances of any particular individual or entity and does not constitute an endorsement of any entity or its products or services.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser.

Trevor ReillyMay 18, 2021Posted In: Business Tips

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