On Friday afternoon, the latest stimulus package known as the CARES (CoronaVirus Aid Relief and Economic Security) Act was signed into law. Below we have targeted two provisions we believe are directly and most relevant to our startup clients.
Paycheck Protection Program (PPP)
Cash grants are available to companies who retain their current employees at their regular salaries. Some key points:
The IRS has finally come through and officially fully extended the tax deadline from April 15, 2020 to July 15, 2020. Their original position as stated in our previous update was to only extend the payment due date. We are grateful to receive some good news during these challenging times.
Cash Flow Stimulus Package
Washington is currently very focused on putting cash and liquidity in the hands of small business owners an...