Reporting for the CARES Act (H.R. 748) Paycheck Protection Plan

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The Paycheck Protection Plan from the CARES Act authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. For additional information, including what qualifies the loan to be forgiven, please see the The Small Business Administration Loan Application Requires certain Payroll Reports.

NOTE: Sage is closely monitoring government reporting (e.g. 941). This document may change as more information becomes available. Reporting for PPP loans will not be required until Q2. It is recommended to work with your accountant or CPA to determine which program(s) under the CARES act will be best for your business.

For more information including customized reports available to assist you, please see our article Reporting for the CARES Act (H.R. 748) Paycheck Protection Plan