On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, available here. CARES provides an additional $349 billion in funding for SBA grant and loan programs.
Economic Injury Disaster Loan “EIDL” vs Paycheck Protection Program “PPP”
BGO CPAs has put together this comparison in order to help our community navigate the options available to them. While the bill has been passed, guidance is forthcoming, and we will endeavor to keep the material up to date. The calculator and information contained in this comparison is for informational purposes only and should not be construed as financial advice or tax advice, nor is it a guarantee of your ability to qualify or receive any financing.
There are many different provisions contained within the CARES act other than the SBA programs. This section provides a condensed summary of many of those provisions.
Individual Tax Description
While the CARES act had many provisions for businesses, there are several items included that benefit individuals. This section focuses on the provisions of the act that pertain to individual stimulus, including who is eligible to receive the stimulus checks issued from the government.
Business Tax Provision
Outside of the SBA loans, there are many points to be considered in the stimulus packages that have been passed. This section focuses on the other business tax provisions that may affect your business.
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If you would like us to assist you in this process or help navigate this financial challenge please contact us at firstname.lastname@example.org or call to make an appointment at 503-233-1133.