Many of you may be at some stage of the Paycheck Protection Program loan processing with your bank. Some of you have already received Small Business Administration (SBA) approval, while others are still waiting. For those of you waiting, please don’t despair – the bankers are working around the clock to process these loans, and as you’ve heard, the SBA is overwhelmed.
The next steps you should be focused on are:
- Making sure you are doing everything to qualify for maximum loan forgiveness
- Although not required, we are advising clients to set up a separate bank account for loan proceeds and pay qualified expenses from this account.
- Understand all the variables that drive forgiveness so you can make educated decisions over the 8 week period.
- Analyzing the applicability of the following programs to your company:
- Families First Coronavirus Response ACT (FCRA Credits) – Employer Paid Leave
- CARES Act Employee Retention Credit
- CARES Act Employer Payroll Tax Payment Deferral
- CARES Act Unemployment Assistance