The Paycheck Protection Program: Forgivable?

The Paycheck Protection Program

We hope you're all doing okay through all of this craziness. As the popular Paycheck Protection Programs continues to get additional funding, it's important to remember the key thing about this loan: it is a loan to begin with and you have to pay it back!

That's right, there's so much talk about it being the "forgivable loan" that you have to remember it is still a loan and you have to spend it in certain ways in order for it to qualify for forgiveness:

• 75% (minimum) of the funds have to be spent on payroll
• If any employees were laid off or furloughed because of the crisis, they have to be rehired, or at least the amount of pay that you were paying before the pandemic has to be restored after the loan is funded (important to consider here if your business is shut down, you'd have to pay employees for not doing anything, essentially)
• The other 25% has to be spent on rent, utilities, or qualified mortgage interest
• You have to use up the loan funds within 8 weeks of funding

On top of this specific spending, you have to apply for forgiveness within the 8 week period and you have to keep impeccable records of this activity to substantiate everything. Doing these things correctly can mean the difference of having to repay the loan or not. This could save you thousands, if not hundreds of thousands of dollars.

How We Can Help!

We created an online program with tons of resources and instruction to help business owners through this crisis. Specific training on how to get your PPP loan forgiven is included. The program will be updated constantly as new legislation is passed. It was the result of trying to figure out how to help as many people as possible.[maxbutton id="1" url="https://courses.nguyencpas.com/courses/covid19taskforce" text="Check out or program!" ]