Here is a bit more on PPP and yet another SBA tool:
Urgent reminder! The deadline for SBA to approve Paycheck Protection Program (PPP) loan applications is Tuesday, June 30. This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
In 2019, 50,477 wildfires burned 4.7 million acres in the U.S., disrupting businesses and displacing people from their homes and communities. It’s essential for small business owners in wildfire-prone areas to make a plan to prepare for and deal with the aftermath of a wildfire. The U.S. Small Business Administration can help with resources and guidance before, during, and after a wildfire strikes. Here are some key tips to get your business ready for wildfire season.
Nine Insights into PPP Loan-Forgiveness for the Self-Employed
Great. Now you need to know how to handle your PPP money so that you qualify for the all-important loan forgiveness! You have two choices if you received your PPP money before June 5, 2020:
If you have questions about how to proceed legally and come out a winner, you need straight answers.
That's exactly what we'll provide when you read my new article titled Nine Insights into PPP Loan-Forgiveness for the Self-Employed.
Question #1: Do I Have to Spend the PPP Loan Proceeds?
Yes, it appears so. The instructions for line 9 of Schedule A for the SBA Form 3508 PPP forgiveness application states the SBA rule. Read the new article for a complete answer.
Question #2: Should I Put the Loan Proceeds in a Separate Bank Account?
With a separate bank account, from which you use the PPP loan proceeds, you can create a perfect paper trail that documents the use of the proceeds. Read the new article for a complete answer.
Question #3: When Do My Eight or 24 Weeks Begin?
According to the latest interim guidance, and consistent with SBA Form 3508, with no employees, your eight or 24 weeks begin on the date the lender disburses the funds to you. Read the new article for a complete answer.