Your Access to EIDL Portal & Records Ends May 16! (Access to PPP/PPP2 Reporting Also Ends Soon)
The SBA is Closing the EIDL Platform on May 16th
Did your small business receive a rapid covid Economic Injury Disaster Loan (EIDL)? The Small Business Association (SBA) will shut down the EIDL online portal on May 16th, 2022. If you haven’t downloaded the documentation for your records from these platforms you’ll want to do it ASAP.
Payroll Companies Are Eliminating the Reports Required for PPP Forgiveness
If you received a Paycheck Protection Payment (PPP or PPP2) loan, it’s a good time to download any documentation for your records. Check with your bank, payroll company, or accountant for your records. You’re required to maintain your PPP records for a period of 7 years.
PPP 2 will continue through the end of 2022, but payroll companies have already begun dropping reporting capabilities from their databases. PPP2 loans have more strict requirements for calculations than PPP1 loans so you’ll want clear documentation of how you calculated those numbers.
You Can Still Apply for the ERC
If you haven’t applied for the Employee Rentention Credit (ERC), your company could be missing out on (basically) free money. Most businesses are eligible for multiple ERC credits, but calculating your numbers and following the government guidelines can be intimidating.
If you’ve already calculated your ERC but now you’re sweating whether it’s correct. We can review and amend your ERC to make sure you have the right numbers and detailed records.
Miscalculating your ERC could cost you if you are audited and you don’t prepare yourself now. We offer full-service ERC calculation and we create detailed records for all of our clients in preparation for an audit, whether it happens or not.