For government contractors and other firms that succeed in securing government relief during the COVID-19 crisis, an important question looms: What accounting, audit, and reporting capabilities must we have to meet the compliance requirements associated with these new programs?
An article written by Unanet VP of Product Marketing Kim Koster and recently published in Compliance Week provides government contractors with the compliance answers they need to successfully navigate the CARES (Coronavirus Aid, Relief, and Economic Security) Act, the Paycheck Protection Program (PPP), and other federal relief programs.
In the article, Koster identifies four critical areas where companies are likely to need an elevated level of end-to-end visibility to maximize the relief they receive, and to meet the new compliance responsibilities that come with it. She touches on the key data govcon firms will need to segregate and track to claim payroll relief under Section 3610, the documentation they’ll need in order to support their PPP loans and to claim CARES Act workforce retention credits, and other reporting and auditing responsibilities that companies will need to fulfill in pursuing the relief they need — and in justifying that relief with data when the compliance bell rings.
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