The U.S. Small Business Administration’s Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) were a financial lifeline to many companies during the early stages of the COVID-19 pandemic. These programs awarded eligible employers grants and loans that allowed them to cover employee payroll and other expenses to aid with job retention and avoid business closure. While many businesses took advantage of the limited funds offered through these programs, some were unable to submit their applications before the funds were depleted.
Businesses now have additional financial recovery options. The Employee Retention Tax Credit provides a pool of funds businesses can use as they work to rebound from the economic impact of the global pandemic. Best of all — funds can be used for any business-related expenses!
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