Tom Kleinhans of Bowman LLP on COVID-19 and the Accounting Industry | HIG COVID-19 Series
HIG President Jon Sharp spoke with Tom Kleinhans of Bowman & Company LLP about how COVID-19 is affecting the accounting industry. He offered a ton of great advice and insight into what's going on with the recent passing of the CARES Act in regards to business owners:
- For the PPP program, small employees with less than 500 employees, sole proprietors, and independent contractors all qualify, but some may have to wait to apply depending on their situation. The loans require no collateral and are equal to 2.5x your average monthly payroll cost.
- In regards to the payroll calculation, the maximum payroll that you can use is $100,000.
- Once you receive the loans, you have an eight week period that you're allowed to use the proceeds. The loans don't have to be used solely on payroll, but also on rent, utilities, mortgage interest, and other business interests.
There's a lot more information packed into this video, so be sure to check it out!