04/10/2020
PPP Program Critical News:
Payback period 2 years ;
Begins after 6 month deferral (from beginning of the loan)
Borrowing biz will most likely be responsible for interest pmt on forgiven principle;
8 weeks to spend the money from date of disbursement;
Apply for loan forgiveness until end of six month deferral;
Spend 75% of loan on payroll;
25% on rent. Utilities, mortgage interest;
Many banks DO NOT understand the law's requirement that you get your forgiveness documentation CERTIFIED BY AN INDEPENDENT THIRD PARTY. Failure to do so jeopardizes your forgiveness application;
ACCOUNTING FOR EXPENDITURES IS CRITICAL.
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