The government’s Loan Forgiveness Program

This is what we have learned and the 6 things you need to do right now to get your money quicker and keep your expense down

The biggest problem we as small businesses have right now is payroll. No matter if you have five employees or 500, no doubt you are feeling the pressure.

Good news. Help is on the way.

Our government has put together an aid package called the Paycheck Protection Program loan (PPP). While you may be thinking, “I don’t need a loan, I need free money!” for the most part, that is what you’ll be getting. You’ll need to fill out some forms and probably have a conversation with your accountant, but if you have less than 500 employees, it is something you should apply for.

Here is the short version. You could potentially qualify for up to 2.5 times your average monthly payroll cost calculated. The program includes protection for payroll costs, health benefits, rent, utilities, and other items. That should carry you for a couple of months until the economy gets moving again.

Now. No one likes to fill out paperwork, but this really isn’t that difficult. So here is what you need to do:

1. Download and read the Paycheck Protection Program Facts Sheet and the Paycheck Protection Program Application Form.

2. Get the InCare spreadsheet. If you would like some help filling this out, feel free to call us at 205-278-8112, and we will go over it with you.

3. Fill out the forms. If you have questions, your CPA will be able to answer them.

4. You will need to get with an SBA-Certified Bank. Just do an internet search for SBA Lenders in your area. You’ll find several that you recognize even if it is not your current bank. Make sure they are SBA-Certified and this should make things move faster for you.

5. Contact your accountant for the proper payroll data.

6. Don’t procrastinate. There is a limited amount of money available.

7. All of the paperwork mentioned above can be downloaded below.


 

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