Payroll Protection Program Borrowers are Being Steered Toward Forgiveness but Should Probably Slow Down

Small businesses that took a forgivable loan this year — as well as their banks — can’t wait to have the balance wiped out, but tax professionals are telling them to slow down. The CARES Act, which went into effect this spring, established the Paycheck Protection Program, an emergency line of funding for small businesses suffering during the pandemic. Applicants are eligible for forgiveness if they devote at least 60% of the proceeds to payroll expenses. Firms that fall short of the amount may be eligible for partial forgiveness. Click the link to read the complete story…

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TimeLinx delivers innovative project & service management software as a complete solution that perfects the sell-track-manage-support-bill cycle that services organizations must have to delight their customers; TimeLinx brings the cycle together in a single application that offers less frustration, better project management, complete reporting, and improved profitability – all specially designed for Infor and Sage.