It was just made law that nearly $500 billion in more funds will be allocated to the SBA, small banks, hospitals, and a program for nationwide testing.
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Hey all,
It was just made law that nearly $500 billion in more funds will be allocated to the SBA, small banks, hospitals, and a program for nationwide testing.
What does this mean for you? As we’ve mentioned before, it is imperative that if you intend on applying for the PPP or EIDL loans that you do so NOW if you haven’t already. We anticipate that just like the first round, funds will get used up very quickly.
It’s also important to know that if and when you receive the first disbursement of the PPP loan that you keep detailed records and separately track your payroll, mortgage interest, rent, and utility expenses to prove your entitled loan forgiveness. Up to 25% of the loan forgiveness amount can be for non-payroll costs.
If you are looking for more information, please watch the webinars we did with The Business Journal and check out some other helpful information that can be found here. Our staff has been working around the clock to keep up-to-date on new legislation and do what we can to help.
Tim
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