The first round of funds has been given out & we are awaiting approval for a second round. Whenever you receive yours, consider your short and long term goals before spending the money. Do you need to spend it now to make ends meet or is loan forgiveness more important to you? Clickhereto use our decision tree as you weigh options.
PPP Money: When Should You Start Spending It?
We've got you covered! Click here to plan the next 8 weeks and what types of expenses should be paid in each week. I recommend waiting at least a week to spend any loan money--the SBA is supposed to give long awaited guidance on the spending specifics by April 27th.
EIDL, PPP: What Are You Allowed to Spend the $$ On?
There are differences between "allowable" and "forgivable" expenses. And, EIDL money may not be spent on the same expenses as those paid by PPP money. While we await specific guidance from the SBA, click herefor a list of what you can spend EIDL and PPP money on, based on the most current information.
How Can You Maximize Loan Forgiveness
You will be required to file an application requesting loan forgiveness and will be asked to provide documentation. Thus, choose a process now that will be easy to follow in the coming months. We've created a spreadsheet you can use that will keep track of your remaining balance and help you maximize loan forgiveness. Click here to use it now.