The federal government updated it’s guidelines for loan forgiveness for the Paycheck Protection Program (PPP). Here is a summary of changes:
The new guidelines reduce the amount of the loan needed to be spent on payroll from 75% to 60%, thus increasing the amount of […]
You have to admit that your heart jumped when you finally got confirmation that you received a Payroll Protection Program (PPP) loan from the SBA. This meant that your business had an increased chance of making it through the corona economy. But how do you maximize the Payroll Protection Plan loan forgiveness so it does […]
The roll out of the Paycheck Protection Program Loan (PPP) through banks has been a disaster. Millions of small business owners have been left out of securing this vital lifeline during a time when their business is threatened with extinction. At banks, they have been met with confusing processes, failed submissions and an overwhelmed poorly […]
Beginning April 10, sole proprietors and independent contractors can apply for the Paycheck Protection Program (PPP). This is the forgivable loan that is available through your bank. What qualifies is slightly different.
There are specific guidelines if you have a business with no employees. You can borrow 2.5 times your average monthly “payroll costs.”
Payroll costs are defined […]
