Paycheck Protection Program (PPP) Overview from Paychex
SBA PPP loans have been received by our businesses both for profit and non profit, clients. Forgiveness is not assured. Others have applied and are still waiting to hear about approval or simply waiting for the funds. There are a number of borrowers we have heard from who do not expect to take full advantage of forgiveness. The thinking is that even if not forgiven it is non personal recourse borrowing.
If you are interested in forgiveness, PayChex put on a good presentation Friday. There are pitfalls in the forgiveness; keep good records and as best you can calculate what might be forgiven before spending it. PayChex put on a good presentation Friday, 4/24. Here are the slides about PPP (Paycheck Protection Program) and business loan forgiveness.
You can also view the webinar.
These resources include good rule summaries for loan forgiveness along with how they are calculated by Paychex. They promise tools as well on their website.
Expect guidance from your payroll provider, and consult with legal professionals for assistance. This is a forever changing landscape.
Update: PPP Deadline for Applications Extended
The government once again is extending and expanding the funds available for businesses. Speak with your accountant, but if you have employees, if you did not apply for a Payroll Protection Plan, which can be forgiven, get this money to help your business survive and to pay your employees.
The PPP deadline for applications has been extended on July 4 until August 8.
For those who still have not opened, who are having trouble paying their employees or anticipate having trouble paying their employees and certain other expenses such as rent and utilities call your accountant, or call your bank and apply. Some banks are having more success than others. Ask questions.
Here is the application.