We are all facing an extraordinary situation throughout the world. BIGcontrols remains focused on the health and safety of its employees, their families, and our community as a whole.

These unprecedented times led the U.S. government to sign the CARES Act into law on March 27, 2020 – providing much needed relief for America’s nearly 31 million small businesses. One primary component of the package is the Payroll Protection Program (PPP) worth $659 billion. If the funds are used for certain specified expenses, the loans can be forgiven. However, several tests have to be satisfied that require computations, certifications and contemporaneous documentation. While this monetary relief has been a lifesaver for many companies, it comes with a minefield of compliance where formal guidance from the SBA has been spotty at best. Regardless, those taxpayers who have afforded themselves of the PPP should know that all loans over $2 million come with an audit requirement. If an employer is found to have falsified its certifications or documentation, penalties can be assessed for each offense – both civil and criminal.

To help our community remain in compliance with their PPP loans, we are offering our platform for as little as $10 per month. Sign up here.