If you have received PPP loan funds, congratulations! It was a rocky process for many with unclear and changing rules.  In our estimation, there are even fewer rules on loan usage and forgiveness.  We are checking several times a day for new guidance.  We do expect some by the end of next week. In the meantime, please consider these best practices:

  • Set up a separate bank account for loan proceeds
  • Track the detail of employee hours, pay and benefits
  • Summarize the detail when using or requesting reimbursement from the separate account
  • Gather any rent or lease agreements prior to February 15, 2020
  • Gather any loan documents prior to February 15, 2020
  • Determine what items you pay that could be considered utilities

One website that can help is SBA Coronavirus: Small Business Guidance & Loan Resources.  Please don’t hesitate to email or call us as the rules are issued.