The knowledge you need

The announcement that the initial $349B in funds had been exhausted also served as an important reminder to recipients about the loan forgiveness process. The rules require borrowers to spend at least 75% of funds on payroll expenses and no more than 25% on qualifying mortgage interest, rent, and utility expenses. However, many questions have emerged about best practices for managing loan funds to ensure loan forgiveness.

Like many other industries, the real estate industry has been hit hard by the COVID-19 pandemic. When businesses face economic uncertainty, their financial instability trickles down to landlords, builders, and contractors.

In early March, just as the coronavirus was staking its hold in our large metropolitan communities, the Centers for Disease Control and Prevention (CDC) began encouraging non-essential businesses to operate remotely.

The challenges for certain Atlanta business owners continue to grow as the Small Business Administration (SBA) announced on April 16, 2020, the Paycheck Protection Program has exhausted it’s initial funding of $349B for COVID-19 business relief.

Atlanta businesses seeking a cash flow infusion due to the COVID-19 emergency have federal, state and local loan options. Since not every loan features the same terms and benefits it’s important to closely review terms to determine the best opportunity.

On April 9, 2020, the IRS issued Notice 2020-18 which provides broad extensions for filing and payment deadlines falling on or after April 1, 2020, and before July 15, 2020. The good news is this change applies to many nonprofits offering important relief.

The Coronavirus (COVID-19) emergency has impacted both individuals and businesses. The stay at home and forced business closures have sharply reduced demand for several products and services leaving businesses with no means to generate revenue

The comprehensive nature of the Act has left many confused and wondering how their situation will be impacted. Specifically, many Atlanta nonprofits have been seeking clarification on which programs and incentives apply to them.

To help Congress initiated the Paycheck Protection Program (PPP) a forgivable loan available to businesses to support employee compensation and payroll expenses. The quick rollout of the program has created some issues and confusion leaving many Atlanta business owners with important questions. Although Treasury has issued interim final guidance, there are still questions about loan and employee calculations and the need for application resubmission.

In the construction industry where finding skilled labor has been a persistent issue for years, it appears the disruptions are also taking a toll. According to the Associated General Contractors (ACG) Coronavirus Survey Results, construction employment has reduced by 29,000.