Track & Spend Your PPP Money to Maximize the Loan Forgiveness Provision Under the PPP Law

To assist our clients and business partners, S&G put together a dedicated team to study the guidance that’s been issued to date, stay current with additional updates, and provide advisory services with the most up to date knowledge possible.

Foremost in business owners minds is, now that they have received the loan proceeds how do they track and spend it to ensure they maximize the loan forgiveness provisions. To that end, we are ready to answer your questions and offer our assistance. In preparation we have created various templates that can be used to run what-if projections to ensure you meet the laws spending requirements and for your convenience, we will be offering two webinar opportunities for you to join us, as we will walk you through common questions and concerns and some of our worksheets to assist you in quantifying your payroll costs, payroll cost percentage to the total funds received and comparison of full-time equivalents. We will also be taking questions at the end of the webinar. The webinar dates are May 12th and May 15th, both from 10 AM to 10:45 AM. Hopefully, one of these dates will fit your schedule. The number of participants are limited, so we encourage you to register early.

These are trying and confusing times for many businesses and individuals between tracking the COVID-19 virus and understanding all of the government’s relief efforts. The volatility and damage caused by the virus united Congress to quickly pass legislation to help out both small businesses and individuals by getting needed cash into their hands to help owners keep people employed and assist those who were unemployed.

Unfortunately in the rush doing so, there was no or limited guidance to the programs when they initially started. This caused great misunderstanding and much confusion as different interpretations ran rampant. Since then more guidance has been given, but there is still great uncertainty and a lot of questions that remain unanswered, creating a lot of misinformation to be circulated on-line or via unsolicited emails.

In the meantime, we invite you to visit our Corona Virus Resource Center on our website for our law analysis, tax changes and law updates. We stand ready to assist you in any way we can, please reach out to us with any questions you have.