The Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security Act – more commonly known as the CARES Act – passed in Congress with enthusiastic bipartisan support. The Act is a $2+ trillion economic relief package intended to help Americans as well as cities and towns and businesses across the country, who are struggling because of the COVID-19 pandemic.

Applying for a PPP Loan

If you received $1,200 in relief funds, you have already benefited from the CARES Act. If you own a small business or a self-employed gig worker, you may be eligible to apply for a PPP loan.

The PPP is run by the Small Business Administration with support from the Department of the Treasury. It can provide you or your small business with enough money to pay up to 8 weeks of payroll costs. You can also use a percentage of the money to pay interest on mortgages, rent and utilities.

If you use the funds as intended, your will be forgiven by the Small Business Administration. There are a lot of details you’ll want to get yourself familiar with before you decided is it is right for you to apply for a PPP loan.

If you decide that you do want to apply, experts recommend that you do so through your bank. If they won’t work with you for whatever reason, don’t despair. There are a number of other options – including PayPal. 

If you are a sole proprietor/contract employee, you’ll find the figures you need to get started on your 1040 tax return for 2019. If you employ up to 500 people at your small business in Tampa, an accountant can help you. If you don’t have a CPA in Tampa who can assist you, please contact us.

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