Employers, be sure to brace yourselves up for the Paycheck Protection Program Loan passed last Friday. The government is releasing $350 billion to assist you. According to our insider knowledge from a well-known local banker, bankers are worried that some of their clients will not receive the loan because it is on a first-come-first-served basis. As a result, we urge every employer to be ready and to constantly check with your banker for the earliest time to submit your application. In the meantime, gather all of your 2019 payroll records, as it is required to qualify for the loan. The government has not yet released detail information about loan forgiveness if the money was used in certain activities.

As COVID-19 continues to affect small businesses, we expect our government to establish more relief efforts. We, the California Public Accountancy Corp, will provide you with updated information as it becomes available.