Page 29 - BusinessWest February 3, 2021

Accounting & Tax Planning
ReTading the Fine Print There Are Strings Attached to
Many COVID-19 Relief Programs
By Julie Quink
he economic stress created by the COVID-19 pan- demic compelled business owners and individuals
to apply for the relief funds provided by the Small Business Administration (SBA) in the form of Paycheck Protection Program (PPP) loans and Economic Injury
Disaster Loans (EIDL).
The rollout of these programs came at a time when the reality of the
pandemic began to unfold, creating a frenzy for businesses and indi- viduals to apply for the funding, in some cases, before the funding ran out.
Before the ink on the guidance and requirements for these stimulus funds was dry, applications for the funding were being processed, and funds were in the hands of businesses and individuals. To expedite get-
“The rollout of these programs came at a time when the reality of the pandemic began to unfold, creating a frenzy for businesses and individuals to apply for the funding, in some cases, before the funding ran out.”
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