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As a small business owner, managing your financial health is crucial not only for your business but also for your personal wealth. Yet, many business owners make a critical mistake—they wait until January to start searching for a new Certified Public Accountant (CPA).
First off, the funds are expected to be spent before the end of 2021, as an annual report to the SBA will be required at some point in the future. We are still waiting for guidance from the SBA regarding what this annual report will look like. It may make sense to draft a spending plan or budget to make sure all of the funds are spent on time and in accordance with the program rules. GP CPA can help you with this planning, so you can prevent a surprise surplus of funds. Spend wisely and timely!