Businesses would do well to start their tax preparation as early as possible, given the complexity of last year's finances for many businesses. (Photo: Shutterstock)
Of all the measures taken by the Federal government to address the economic impact of the COVID-19 pandemic, the Paycheck Protection Program (PPP) probably received the most attention. With many small businesses forced to shut their doors—at least temporarily—millions of employees were left without a source of income. The domino effect of this collapse threatened to trigger the most severe economic downturn since the Great Depression; a prospect that, sadly, came to fruition.
Challenges on top of challenges
The PPP disbursements were intended to inject the economy with cash to mitigate the worst effects of these closures, essentially substituting cash infusions from the government for the lost revenue. As the name of the program suggested, that money was intended chiefly to cover or replace the wages of affected workers.
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