Freed Maxick provides accounting, auditing, tax and consulting services and serves public and private companies, not-for-profits and municipalities to enhance profitability, save taxes, improve accountability and preserve wealth.
In the second of a four-part series, the professionals of Bond, Schoeneck & King and Freed Maxick discuss the practical challenges being faced by employers as the reopening process continues in Western New York.
Now that our region is in the middle of Phase Two, what have employers learned and how can they prepare for what’s ahead? Also, what should employers keep in mind as the rules governing forgiveness of loans under the Paycheck Protection Program continue to evolve?
Freed Maxick Audit Directors Christopher Eckert and Ryan Caster discuss:
Payroll Protection Program Flexibility Act and Key Revisions to the PPP
- Extension of covered period
- Thresholds for payroll costs spent and possible “cliff” on forgiveness
- Extension of loan terms for unforgiven amounts
- Changes to rehire dates for FTE measurement
Main Street Lending Program Overview
- Who is eligible to participate?
- Lending options available
- Certifications and covenants required
- How to apply/timing of program
Bond attorneys Jay Organek and Riane Lafferty focus on:
Managing the Returning Workforce
- Update on the state’s reopening guidance
- Common issues for employers
- Frequently asked questions
Assistance and Guidance from Freed Maxick
The Freed Maxick COVID-19 Resource Center has a wealth of information and guidance on a wide range of topics related to tax relief and benefits, regulatory relief and benefits, and business continuity in the era of COVID-19. Click on the button to explore insights, observations and updates.
If you wish additional guidance, we are available to discuss your issues and concerns. Connect with us here or call Freed Maxick at 716.847.2651.
Please keep in mind that due to the quickly-changing nature of the COVID-19 pandemic, you should always discuss changes with your Freed Maxick advisor or legal counsel.