<?xml encoding=”UTF-8″>
These loans can be converted to grants, meaning you do not have to pay them back. This would be a game-changer for most small businesses and the SBA created a PPP program. The idea was that loan would end up being forgivable. It makes it far more attractive to small businesses who may or may not have taken on debt as a small business owner when you’re trying to determine how you can best repair to get your loan forgiven. Most important thing is determining what expenses you’re going to be able to apply for the end of the period so planning out.
Click Here To Apply For The ERC Covid-19 Business Grant Refund 2020-2021
Your payroll is looking at what your rent expenses are going to be another applicable costs after you’ve considered your expenses. I would start to think about how you would document these so that at the end, you know you have all the documentation to support those costs and you can adequately apply for forgiveness with your lender. The SBA has also established a safe harbor days. Essentially, the deadlines: do you have to restore those previous levels of either employees or pay to not be penalized on your forgiveness amount for those retraction to see if our bure date essentially means you have to revert back to a prior level of staffing or pay? If you reduced either of those in the meantime, [ Music ], it’s a hugely complicated process, very hard to determine exactly what your forgiveness about is.
But it’s encouraging to hear from small business owners how these funds have helped them keep staff that otherwise they would have had to let go or been able to support themselves as a sole proprietor when they otherwise wouldn’t have had any income coming in. For a period of months, these loans are continuing to be approved for everyone to kind of stay tuned and follow the program closely. [ Music ] Read More 3 Hidden Grants in the American Rescue Plan, | GoDaddy