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Coronavirus (COVID-19) Impact

04/6/2020
What a past few days this has been! The flood gates have opened for the Paycheck Protection Program (PPP) Loan. Many banks were not ready Friday morning, but most should be ready by now. Some banks are still going through their vetting process and will be accepting applications soon. BE SURE TO CHECK YOUR INDIVIDUAL BANKS FOR UPDATES!
 
The US Treasury announced guidance on what constituted as “payroll costs” late Thursday night. Neither the banks, nor payroll providers digested the changes, nor was the “guidance” clear. This left many banks and payroll providers to interpret this guidance. The American Institute of Certified Public Accountants (AICPA) along with a coalition of payroll processors, took a stance over the weekend trying to provide guidance around the PPP details.
 
The situation is fluid, and with this program being new, there are still a lot of unanswered questions.
 
Based on the AICPA’s work with the payroll processors over the weekend, payroll companies like ADP (the largest payroll provider in the U.S.) have made changes to their method for computing average monthly payroll, and we are doing likewise. 
 
As a result of this change, you may be eligible for a higher PPP advance amount. We are revising our calculations to account for the changed methodology. We will be sending updated figures to our clients for whom we’ve previously run these calculations. If you already filed your SBA loan application, you will need to work with your SBA lender to determine if/how you can submit revised information.
 
 

 

Thank you in advance for your patience and understanding as we all are working to get through these times together.
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