Taking Advantage of the Paycheck Protection Program Loan vs.
Employee Retention Credits
In an effort to alleviate the economic impact of the COVID-19 crisis on individuals and businesses, Congress passed a sweeping economic relief package (the CARES Act) on March 27, 2020.
The various relief provisions all provide significant economic assistance to employers. However, because some of the relief provisions cannot be utilized together with others, it is important that employers who are eligible for multiple relief provisions, model and analyze their various options.
In particular, businesses with the following factors may want to more carefully analyze the economic pros and cons of the different relief options in light of the interconnection between the various provisions:
Your blum professionals are dedicated to helping you navigate through this time and ensure that you can access the best relief options available to you. Please reach out to your blum engagement team as soon as possible to discuss how we can assist in modeling and analyzing your various options, or contact us here for assistance.
Disclaimer: The contents of this resource are for general informational purposes only. While every effort has been made to ensure its accuracy, the information is provided “as is” and no representations are made that the content is error-free. We have no obligation to update any content, comments or other information for retroactive or prospective interpretations or guidance provided by regulators, financial institutions or others. The information is not intended to constitute legal advice or replace the advice of a qualified professional. There are areas of the CARES Act where additional clarification from the Treasury Department and the SBA is needed. Your judgment and interpretation of the act may be needed. Users should consult with their legal counsel and representatives of the lending institution regarding the proper completion of their application and supporting documentation.