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.