The Covid-19 pandemic has deeply affected American businesses and their operations. As a result, there are specific accounting and financial reporting issues that have arisen. ARR & Co is dedicated to helping businesses address the unique challenges of financial reporting during this dramatic time. We can help you navigate the implications to your business’ accounting whether your business was affected by:
- Paycheck Protection Program (PPP) Loans
- Employee Retention Credits
- Pandemic relief from stimulus legislation
- SBA emergency loans
- Mandated business closures
- Other financially-related circumstances due the pandemic
ARR & Co can help you with multiple aspects of your PPP Loan, including calculating potential relief funds, the application process, and filing for loan forgiveness.
PPP Loan Forgiveness
If you received a PPP Loan of over $150,000 and want to apply for loan forgiveness, we help our clients navigate the process. Some of the documentation we’ll need in your application will be:
- Original loan application, lender promissory note and application number
- Quarterly payroll documents and forms 941 & DE9
- Detailed payroll reports by number of full-time and part-time employees, and listings by individual with wages and hours
- Expense documents such as health insurance, retirement account statements, business mortgage interest or rent payments, and utility expenses
If you received a PPP Loan of less than $150,000, we can provide guidance on the more simplified process available to you.
Business Tax Forecasting & Recovery
Even if you did not apply or receive a PPP loan, your business may have experienced issues caused by the pandemic such as reduced income, inventory challenges, unexpected expenses to name a few. We can help you sort out the related accounting and financial implications. Now is the time to forecast your business’ year-end income and expenses, calculate your tax liabilities, and implement strategies to avoid unnecessary surprises.
Ever-Changing Tax Environment
Coping with the pandemic has been unpredictable and chaotic. Covid-19 and economic volatility has created an economic environment that’s most likely to have significant financial and accounting-related consequences. If/when legislation and accounting regulations are released, the ARR & Co team remains up-to-date and proactively analyzes and applies those changes accordingly.
Accurate Financial Reports & Strategic Planning
Successfully navigating through tumultuous economic conditions requires accurate reports, expert analysis of financial trends, and the experience to recognize opportunities. With our consulting services, you have the information needed to run your business effectively and make decisions that impact your short-and long-term success.
On-Call Advisory Services
What accounting options are open if your business has been impacted by Covid-19? Are there additional strategies to reduce your tax liability for next year? These are just some of the questions we can answer for you. Benefit from our 30+ years of experience to get the answers to what you need exactly when you need them.