Effective January 1, 2022 DGC merged with PKF O’Connor Davies (PKFOD), the 27th largest accounting and advisory firm in the U.S. Click here for more information.
As expected, the U.S. government has approved an additional $310 billion in funding for the Paycheck Protection Program (“PPP”). The additional funding is welcome news for small businesses after the original amount allocated for the 7(a) loan program through the Small Business Administration ran out.
Have You Already Applied for a PPP Loan? - If you have not applied for a PPP Loan, we recommend that you begin preparing for the filing process immediately because funding is expected to run out quickly. We encourage you to turn to a member of your client service team at DGC who can assist you with the details about this program, qualification guidelines, calculations, and the steps you should take. DGC can also advise you on the most appropriate loan based on your business and situation. DGC’s Paycheck Protection Program team is available to answer your questions about the application process.
Maximizing PPP Loan Forgiveness - If you have received your funds, are waiting to receive your funds or are about to file an application, we have an article available that discusses the four steps businesses should take in order to maximize PPP Loan forgiveness. These steps will help ensure maximum loan forgiveness and should be on business owners’ to-do list. Because the forgiveness rules are complex and financial modeling is essential, DGC has a team dedicated to calculating loan forgiveness and guiding business owners during this challenging time.
Economic Injury Disaster Loans - Additional funding will now be available for Economic Injury Disaster Loans.
Any Questions? - This is such a challenging time for all businesses and DGC is here to help. If you have any questions related to PPP Loans, contact a member of your client service team or George Shaw, CPA at 781-937-5125 / firstname.lastname@example.org or Rick Strout, CPA at 781-937-5716 / email@example.com. You can also visit our coronavirus web page at dgccpa.com/coronavirus which is frequently updated with new resources to help you deal with the impact of the coronavirus on you and your business.