Like many of you, ACI has been weighing when to return to the office as New York City approaches Phase 3.
Our original plan was to implement a partial return on July 6th. After discussing amongst our staff and weighing the consequences, we have decided to hold off until at least September.
Like many of our clients and colleagues, ACI is looking forward to reopening our office. We are taking into consideration how to ensure our staff remains safe and healthy, while also providing the expected highest level of service.
The government continues to address the concerns of small businesses who have borrowed money through the SBA-backed Paycheck Protection Program (PPP).
New guidance released over the holiday weekend offered more clarity about the conditions for loan forgiveness, while the U.S. House of Representatives yesterday passed a bill to provide more flexibility for borrowers.
This week the SBA eased PPP loan concerns through much-needed guidance. The SBA stated it would trust borrowers of less than $2 million if they stated that they needed the funding as a result of the “current economic uncertainty.”
All ACI clients who applied for a PPP loan were below the $2 million threshold, so this should mitigate the immediate concern about the potential for an SBA audit on the horizon.