Greetings!
Now that more small businesses have Payroll Protection loans, owners must apply to get loan forgiveness, meaning convert your loan to a grant. You must decide if you will apply for forgiveness within 60 days of receiving the application from your bank.
Business owners may not be able to spend 75% of their PPP loan funds on payroll, lease payments and utilities to meet the requirements to have their loans converted to grants.
Here are some resources to get started now to request the forms from your bank, decide if you will ask for forgiveness and submit the forms with the right backup.
Overview of loan forgiveness process:
SBA form you to request loan forgiveness:
This is a long form. Be sure to read the entire document and work with an attorney or public/non-profit resource to understand all the details.
If former staff turn down offers to return to work, keep a record of all the denials. You may be able to appeal for inclusion of their past compensation to be included in the payroll amounts. Page 10 of the SBA form has some guidelines.
Here is a link to
Small Business Majority
a non-profit organization for additional resources:
This organization has a significant pool of content and webinars
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REMINDER: Webinar tomorrow, May 28 and 2:00 p.m. PDT
