Topics: COVID-19, #covid19, paycheck protection program, SBA loan, stimulus bill, ppp loan
This has been a busy week for business owners applying for the loans and grants in the wake of COVID-19 shutdowns. For purposes of the Paycheck Protection Program (PPP) loan and how it's calculated there has been a lot of discussions around how to properly document your financial need. Recently, the SBA has come out to clarify many of the sources of confusion. Now that we have been given that clarity, we are going back and giving those applications a closer look.
For purposes of the PPP loan and how it's calculated, the SBA has come out and clarified a lot of different points. And so we now have more information than we had to begin with--which is shedding some light on early applications and helping to guide how we handle financial information.
For a lot of people who were first out of the gate and did their applications early may have used an estimate that might not be validated when they go for loan forgiveness. So what we're doing on our end is we're trying to make sure that we are counting appropriately for the cost that should have been submitted as the application amount, making sure that we are reporting that appropriately.
We're letting the clients know as their loan balance is being depleted against those expenses that were actually allowed so that they understand and have a real time reference on what might be forgiven and what their exposure may be if it's not going to be forgiven. Including if they've applied for the wrong amount and they've got to back up and do something different.
We're helping them with that planning. Should they prepay their rent? Is there something else they can include? Do they have other payments that they can make related to payroll? So we're really trying to facilitate that debt forgiveness piece as opposed to some of the applications that have already been submitted.
Topics: COVID-19, #covid19, paycheck protection program, SBA loan, stimulus bill, ppp loan
An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
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