COVID-19

Since the CARES Act was introduced at the end of March 2020 and the Paycheck Protection Program (PPP) offered small businesses a lifeline, there have been more questions than answers at different times. One question that has remained top of taxpayers’ minds concerns how – and whether – PPP loan funds are taxed.

The impact of the COVID-19 pandemic has resulted in many changes for Atlanta area businesses. It started with the abrupt government orders around business closures and stay at home orders and transitioned to re-opening guidelines that mandate both employee and customer safeguards (facemasks, social distancing, and sanitizers). There are several well-documented loan programs such as the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) designed to help businesses financially thrive.

The good news for DeKalb County businesses is there is a new business loan program, with a loan forgiveness feature, which will soon begin accepting applications. The DeKalb Better Business Loan Program offers qualifying businesses experiencing financial difficulties due to the COVID-19 pandemic access to low-interest loans. Like the PPP, borrowers are required to use loan proceeds to pay certain business expenses including payroll, business interest, rent, utility, and other business-related debts.

The Paycheck Protection Program (PPP) has been an essential source of funding and capital for Atlanta businesses working through the COVID-19 pandemic. Although the program’s popularity seemed to dwindle in recent weeks, the Small Business Administration reported that over 174,000 loans totaling $14.6B have been issued to Georgia companies.

The Paycheck Protection Program (PPP) has been a valuable tool for Atlanta businesses impacted by the COVID-19 pandemic. When originally initiated as part of the CARES Act it was rolled out very quickly in order to disburse funds to applicants. The drawback to this approach is the need for ongoing program updates necessary to provide clarification and guidance.

If there is one word that best describes 2020 it would have to be instability. The COVID-19 pandemic has created new challenges for individuals, businesses, and organizations. Efforts designed to flatten the curve while important to public health have created dire economic conditions. Businesses were hit sharply when forced business closures and modified operation regulations were implemented leaving many without the ability to generate income.

The Paycheck Protection Program (PPP) has been a useful tool in helping construction contractors weather the COVID-19 pandemic. As of June 30th, over 466,000 loans have been issued to industry companies totaling more than $64B. These numbers are stunning and reflect not only the depth of economic impact but also the popularity of the program.

The COVID-19 pandemic has taken its toll on Atlanta businesses and residents. The initial round of forced business closures and stay at home orders required many businesses to terminate, furlough, or reduce employee hours. Driven mainly by reduced demand for products and services these changes were needed to ensure many businesses could survive. Since the restrictions were lifted and businesses reopened many former employees were rehired.

Managing through the unknown is not an easy task, but it is a challenge that Atlanta business owners have been forced to accept. The stay at home orders and forced business closures implemented earlier this year dealt a crippling blow to the economy. In order to stay solvent many slashed jobs and made other cost-saving measures. When searching for a lifeline many decided to apply to the Paycheck Protection Program, (PPP) because of the favorable terms including a forgiveness option.

When the COVID-19 pandemic arrived in Georgia many construction projects were delayed or halted due to new orders and restrictions. Although the CDC has published workplace safety guidelines for job sites, states have been struggling to determine the optimal combination of health and safety requirements.