You got the PPP? Congratulations!

But you need to be careful now that you have the funds.

Why?

There are many “Tripwires” within the PPP and SBA loan documents that you need to be aware of so you don’t end up owing a big chunk of money to your bank or SBA in 2 months…

This IS a loan.

Forgiveness is NOT automatic.

You have to make sure you follow very specific steps.

And no - it’s not automatically forgiven if you use it for payroll.

What makes it complicated?

The importance is gigantic as you might have to pay it back
You got 10 weeks of payroll but you have to spend it in 8 weeks
There are going to be requirements for documentation
Are you spending it fast enough, if not, it won’t be forgiven
How do you organize the other cash you have to extend your timeline for 9 months instead of 2?
You’re currently competing with 50,000/yr unemployment if you want to hire people back. What if employees don’t want to come back?

Want to walk through these considerations?

Let’s set up a time to talk here.

-Chad

Disclaimer: The bill has recently passed the Senate and we are learning more every single hour about how this bill will be implemented and the interpretations of each component. For the most up to date information and FREE Analysis based on your situation, set up a time here.