trump and mnuchin

PP4: The CARES Act Has Been Rolled Out — 30 Days Later, Here’s How Things Have Changed

PROSPER OR PERISH #4. Click here to read past issues.

We are now 30 days into the Period from the introduction of the CARES Act until today and WOW, have things changed!

$350 Billion in PPP loans have been approved, and the funding is trickling out to loan recipients. The Banks have been tasked with the implementation of the funding, and are carefully trying to provide the funds while not jeopardizing themselves in the process. Distributing the loans are only half the problem- there is an implicit assumption that this is forgivable money provided by the government; however, IT IS NOT THAT SIMPLE.

The law passed by the Congress is vague on how to calculate expenses to be forgiven, and Banks will make their own individual attempts to create documentation requirements, and rules on what can and cannot be claimed for forgiveness. For a detailed explanation of the complexity, I refer you to an article discussing this.

Trump & Mnuchin

Ten Things We Need To Know About Paycheck Protection Program Loan Forgiveness

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Securities (CARES) Act, a $2.3 trillion relief package designed to help individuals and businesses weather the economic damage caused by the COVID-19 pandemic.

Click To Read Article

If you have been approved and received your money, your clock of eight weeks has started. If you have been approved, but not received your money, the clock will start when it is funded. If you have not applied or been approved, you will have to wait until this week when we expect more funding.

BUT, will the rules change with a new bill?

If you are confused, you have a right to be. 

Also, be aware, the Economic Injury Disaster Loans and Main Street Lending programs are still active directly with the SBA.

If you feel helpless, or just confused, give us a call at Trusted CFO Solutions – 855-236-2384. We have a dedicated staff available to assist and consult with you on measures and steps to take to both maximize the help you get, but also have forgiven the greatest amount available in your tax-free reduction of this loan.

Don’t be alone. A team approach at this time is best. Remember, the heavy lifting is beginning. You MUST plan to restart the engine of your business, and reinvent how you serve customers in a permanently altered business climate. We are also here to go down that path with you with eyes wide open as we learn what that new business world will look like together.

About The Author

stephen gross picture

Stephen Gross, CPA, CGMA, CVA, CFE — EVP of Hegemon Holdings and Co-Founder of Trusted CFO Solutions — is a big picture thinker and connector, with 40 years of rich and diverse experience in the C.P.A., business consulting, and venture capital worlds. Steve was an early adopter and evangelist of cloud-based accounting, as well as the concept of a virtual C.F.O. or Controller as a method of outsourcing the position in small businesses and startups. Learn More About Steve…


Outgrowing Quickbooks?

Say goodbye to spreadsheet reporting and manual consolidations and start using a cloud-based financial management system.

Sage Intacct dashboards

Related Content

Sage Intacct for SOX Compliance

Sage Intacct For SOX Compliance

All public companies are required to comply with Sarbanes-Oxley (SOX). Still, there are also several key provisions o…

Build Your Business Portfolio With Sage Intacct

With world-class financial management software and tools, subscription automation, and service, Sage Intacct is the n…

Asked And Answered – Restaurant Chain Accounting Challenges

Restaurants have had to adapt to wildly different business situations during the past several years. Think about the …
Accounting Solutions for Multi-Locatio and Multi-Entity Businesses

Accounting Solutions For Multi-Location and Multi-Entity Businesses

Multi-location and multi-entity businesses face unique problems when it comes to accounting. Some of the most common …
Say Good-Bye to QuickBooks With Sage Intacct

Say Good-Bye To QuickBooks With Sage Intacct

QuickBooks is recognized for being a great basic accounting tool, and it is used by a lot of small businesses because…
5 Signs And Symptoms You’ve Outgrown QuickBooks

5 Signs And Symptoms You’ve Outgrown QuickBooks

QuickBooks is the preferred accounting solution for over five million users. It’s the industry standard for start-up …
Trusted CFO Solutions

Trusted CFO Solutions is an advisory and accounting solutions firm with a proven track record of helping clients create... Click to learn more.

Sage Intacct Partner

Contact Us

400 Interstate North Parkway, #310 Atlanta, GA 30339  855-236-2384

© Trusted CFO Solutions — Sitemap.

Site by JSM.