Are you trying to determine how much money a Paycheck Protection Program loan will save your business and whether or not you should apply? In this video Andy, the owner of Numberwise Accounting, walks through an example to show the business savings and also points out a downside in one scenario (hint: it has to do with payroll taxes).
Keep in mind – your business can either take advantage of a Paycheck Protection loan, or claim the Employee Retention Credit.
Paycheck Protection Loan Guide and a video walk-through of that guide.
Employee Retention Credit Guide from the US Chamber of Commerce
Employee Retention Credit FAQ from the IRS.
Check out our COVID-19 resource page for more blog posts, videos and helpful information for businesses during the Coronavirus pandemic.