What Entrepreneurs Need to Know to Not Pay it Back
Great, you got the Paycheck Protection Program loan.
It can be forgiven, but it’s NOT automatic.
Let me repeat:
IF YOU DO NOT DO THIS RIGHT YOU WILL HAVE TO PAY THIS MONEY BACK TO THE GOVERNMENT PARTIALLY OR IN FULL.
And I don’t mean to scare you.
And it very likely will be possible for you to get it forgiven.
That was the intent.
Here are the main steps you need to go through for forgiveness:
Make A Plan To Maximize The Amount You Will Be Able To Forgive
Determine The Eligible Costs Incurred & Paid During Next 8 Weeks
Calculate The Employee Floor For Forgiveness
Determine Any Percentage Decrease In FTEs During 8 Weeks
Calculate Reduction In Payroll > 25% of Prior Quarter
Consider Changes For Employees “Restored By June 30th”.
Prepare The Final Package For Submission To The Bank For Forgiveness
Answer All Questions For Lenders & The SBA
If you are ready to take the next step and make sure you loan is fully forgiven let’s talk.
DO NOT MISS THIS ONE.
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More about Pauline:
Paulina Beck is a tax strategist focused on helping businesses get through this pandemic.I’m here to take the guessing game out of the SBA funding & help you create a financial game plan so you can feel in control of your finances year-round & avoid any unwanted surprises that set you back from reaching your business & personal goals. If you’re ready to see how we can get you the right SBA funding… Go to beckensonfinancial.com to book your free consultation today!