Meeting the requirements of the Paycheck Payment Program as a small business owner

If you have received payment under the CARES Act (Paycheck Payment Program) make sure you keep GOOD documentation in preparation for the future audit. For example, if you are a Corporation you should record the reasoning for applying for the PPP and you should record your proposed usage in your corporate minutes. In addition, you may want to open a separate bank account so you can clearly track your expenditures of these funds. Below is a great article on additional strategies to follow by Anchin.com.

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https://www.anchin.com/news/anchin-alert-important-guidance-on-calculating-ppp-loan-forgiveness-and-related-documentation-requirements

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