SBA & PPP Loan Reporting for Forgiveness

When we think of our clients, we are reminded that He makes everything beautiful in its time…as each one of you do with your God given talents….  

Many of you have received, or are in the process of receiving your SBA-PPP loans. We understand the relief that this assistance is bringing and we want to ensure that all relief is forgiven on your behalf. Your Account Manager will be working with you, providing all of the detailed information you need.  

We will be tracking all expenses paid over the next 8 weeks (from the date the funds were deposited into your checking account) with the PPP loans, (payroll - 75%, rent and utilities - 25%) separately and will have reports for you to provide to the lenders when necessary.

Below is new information we learned Monday that will be beneficial. This applies to Sole Proprietors that file a Schedule C and received PPP funds for payroll. 

Depending on how often you pay yourselves. Every week, every two weeks, or monthly.

• Divide the amount by number of pay periods, if paying yourselves weekly, then 8 pay periods, every two weeks then 4 equal pay period, or monthly, then 2 equal pay periods.. 

•  Write a physical check for the same amount consistently and deposit it in a personal account.  

• Provide a report showing consistent payments after time has expired for forgiveness. - In the Memo write "Owner's Distribution".

Stay healthy and always wear your invisible crown,

XOXO
All of us at Business by the Book