Monday, June 15, 2020

PPP Forgiveness

15 minutes into a 2 hour webinar about PPP forgiveness... they just don't know yet. The one big difference is the amount you must spend on payroll was 75%, that's now down to 60%. We have 24 weeks from the date of the loan to calculate that amount in order to get 100% forgiveness. Right now, that date is Thanksgiving day.

Keep good records people! If you need help please don't hesitate to call. We may not know how this is exactly going to wash out at the end of the forgiveness period, but what's not forgiven, the repayment period has changed, it's now 5 years. Your goal now should be to spend on payroll!
If you need help with your record keeping, please schedule an appointment.