PLEASE SEE UPDATED PPP INFORMATION POST ON APRIL 3, 2020. CLICK HERE TO SEE THAT POST.
Applications for Small Business Paycheck Protection Program (PPP) opens April 3
Please click these links to see the PPP program application and related PPP fact sheet.
Businesses who use the PPP are not eligible for the employee retention credit or the deferral of payroll taxes to 2021 and 2022. Businesses with under 100 employees will want to analyze whether the 50% credit on the first $10,000 wages for each employee or the forgivable loan under the PPP program is a better option. It appears the PPP is usually the better option but that may not always be the case.
The Journal of Accountancy has a nice PPP summary as well. To read their summary, click here.