Dispatch #49 - Coronavirus Q2 Compliance Reminders
The end of the 2nd quarter (Q2) prompted me to check in with clients about our compliance with coronavirus-related government financial programs. Hard to believe how much the regulatory landscape has changed in the last few months.
Here’s the short list:
If employees earned paid sick or family leave under the Families First Coronavirus Response Act (FFCRA), we’re applying for reimbursement through payroll tax credits. The sooner we apply, the stronger our cash flow.
Is our PPP loan on track? “Prepare, but be patient” is how I’d summarize this excellent Journal of Accountancy PPP loan update.
No PPP loan? Calculate whether Q2 revenue qualifies us for an employee retention credit. (See Dispatch #28.)
Need help with this or other financial matters faced by construction contractors? Let’s talk!
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