COVID-19 stimulus has not only been a tremendous deal, but it’s also still a highly pressing matter.
Congress and the administration responded to the economic impact of the coronavirus pandemic with a $2.2-trillion stimulus last March.
It was the largest stimulus package ever adopted and amounts to roughly 10% of the nation’s economic value. And I expect that it won’t be the last one, either.
Make no mistake. This is a very complicated package totaling more than 800 pages.
It provided $500 billion in loans for large firms and $377 billion for small ones. Families received $300 billion in one-time cash payments.
No doubt, this was a godsend to millions of workers and employers alike.
But there’s just one problem – accounting for all that cash flow is no simple matter, but, as the Deloitte accounting service company points out, that record keeping is necessary to see all the benefits of the program.
If a beneficiary business wants to apply for loan forgiveness, they need to be keeping track of where all of that money they received is going.