COVID-19 Additional Reporting Recommendations

Courtesy of Smith Schafer & Associates

In the last three weeks, two major pieces of stimulus legislation have been signed into law:

  1. The Families First Coronavirus Response Act (FFCRA)
  2. The Coronavirus Aid, Relief and Economic Security Act (CARES)   

Both acts provide opportunities for small businesses, but also require additional tracking for proper reporting. Our recommendations for tracking related to payroll tax credits and for tracking related to the Paycheck Protection Program (PPP) Loan are below. 

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Additional resources on COVID-19 can be found on the IMRA website.