Quick Action Needed by Businesses to Take Advantage of Paycheck Protection Program

Paycheck Protection Program

The Paycheck Protection Program (PPP) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. Although loan terms will be the same across the board for all businesses, there are several requirements to qualify for a forgiven loan.  

  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
  • Employee and compensation levels are maintained.

When Can You Apply? 

ATKG strongly encourages clients to contact your banker and ATKG representative as soon as possible. We highly recommend completing the application process by Friday, April 3rd or Monday, April 6th to ensure your application is received and in the process for approval. 

Helpful Resources

Texas Bankers Association: CARES Act Small Business Assistance
PPP Borrower Information Fact Sheet
PPP Lender Information Fact Sheet

ATKG Coronavirus Newsroom

Visit the ATKG Coronavirus newsroom for a complete listing of articles released by ATKG addressing the fast paced changes occurring in the US as a result of the COVID-19 pandemic. 

Eric Abati is a partner in the firm’s Tax Practice. He has built an incredible CPA practice over the last 20+ years on the national, regional and local levels and has experience in many industries including real estate, construction, retail, restaurants, investment partnerships and non-profits. He is a Certified Public Accountant and graduated from Florida State University