04/11/20 – PPP Next Steps

It has officially been over a full week since the SBA’s Paycheck Protection Program opened, and small businesses across the country are continuing to work their way through the application process.  Although the roll-out of this program has been chaotic and frustrating, the opportunity to assist clients in receiving vital funds has been very rewarding.  If you have not looked into this program for your own business or do not know if you are eligible, please refer to our resources listed above and on our other Resources Page for more information. Also, feel free to reach out to us at info@skdocpa.com.

For those business owners that are finishing up the process of applying or have already received their PPP funds… what’s next?

The next steps are extremely important since what you do now will determine how much of your loan is ultimately forgiven. You need to know how you can spend the proceeds, how the loan gets forgiven, how you can maximize the loan forgiveness amount, and how to document the required forgiveness information.  Luckily we’ve got some guidance for you on our Forgiveness Fact Sheet. Once you’ve had a chance to read through everything, please reach out to us so together we can create a plan for the next 8 weeks.