New York, NY According to Mazars USA LLP, a leading accounting, tax, and consulting firm, it has launched a tool to help small businesses calculate the amount they are eligible to receive from the Paycheck Protection Program (PPP). This tool is available for small businesses, CFOs, and accounting firms to help them navigate the complex and dynamic program, increasing the speed of the application process.
As part of the CARES Act, the PPP can provide a loan of up to $10 Million to address the damage caused by COVID-19, covering 8 weeks of payroll, rent mortgage interest and utilities. The loan is a lifeline for small businesses with fewer than 500 employees during a very challenging economic environment.
The PPP Analysis Tool, one of the first on the market, helps businesses optimize the greatest loan amount while maximizing loan forgiveness under the provisions of the CARES Act.
The PPP has many nuances and pitfalls that companies need to be aware of. By utilizing this tool, companies can analyze the impact of timing of headcount reductions, furloughing employees, and pay reductions on the loan amount and loan forgiveness.
The PPP has a fixed amount of funding and Mazars USA recommends that companies apply early.
The tool, which is available for a one-time purchase, can be downloaded here: https://mazarsusa.com/ppp
For questions about the PPP or the PPP Analysis Tool, please contact [email protected].