Getting Ready for the CERTS Application
The CERTS portal has only been open a few days, but questions and panic is setting in. Like most of the government programs over the last 15 months, there has been vague guidance and more information is likely to come out in the future. It’s good to remember that the CERTS grant is non-competitive, so the only date that is truly important is July 19, 2021. That’s the day the portal closes, so any applications submitted after that will not be processed.
So what can you do to get the ball rolling on the application?
- Create an account with ID.me
- Instructions were provided here
- Start gathering information needed for the application
- corporate information to validate identity
- bank information
- financial information from 2019 and 2020
- employee information to validate eligibility
- Information related to other COVID-19 Federal assistance
- Start working through the application.
- Be sure to understand the certifications and questions
Some of the information needed will take some time to pull together, and some of it may not available yet (think 2020 tax returns).
Treasury also provided an FAQ on how to apply under different corporate structures here
When in doubt, reach out to an advisor for help.
Andy is a CPA and trusted advisor with 15 years of experience providing tax, accounting, assurance, and consulting services to transportation industry owners and operators. He is a tax principal with CLA in the Minneapolis, MN office. He also consults with high net worth individuals and owners of closely-held transportation businesses on all aspects of tax planning, estate planning, and retirement planning. Andy is also the tax leader for transportation industry across CLA.
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