Now that you have your Paycheck Protection Program Loan, you have a new set of challenges to consider:
- Should I use the Covered Payroll Period, which begins on the eight-week (56 days) of the day that the loan was disbursed or the Alternative Covered Period, which begins on the first day of the first pay period following the disbursement of the funds?
- Does the Alternative Covered Period include nonpayroll costs?
- How should I consider incurred vs. paid in my calculations for payroll and nonpayroll costs?
- Am I eligible for the “safe harbor” calculation regarding salary and FTE reductions?
- How do I calculate FTEs?
- If I am an owner of the business and didn’t take compensation in 2019, can I take compensation during the covered period and will it be eligible for forgiveness?
- What documentation will be required to apply for loan forgiveness?
- How do I prepare thorough documentation for my lender to support my application for loan forgiveness?
- Will I be “audited” by the SBA? If so, how can I prepare?
With everything else you have on your plate right now; you could probably use a little (or a lot of) help.
WBL is here to provide whatever level of PPP Loan support you might need. Contact us today to discuss what level of support would be the most beneficial for you:
- Project and Monitor: You want a blueprint for how and when to use your PPP Loan funds, reviews of your plan at regular intervals, and help monitoring your execution of the plan. WBL can help you prepare an accurate forgiveness forecast and make recommendations on the timing of payments and staffing decisions.
- Prepare: You got your PPP Loan. Now what? WBL can help you set up and prepare documentation to demonstrate your compliance with the PPP Loan forgiveness guidance, prepare your loan forgiveness application form for your review, and can upload to your lender’s website.
- Review and Consult: You feel confident you are following the PPP guidance, creating the required documentation, and preparing your own application for loan forgiveness. WBL can help by reviewing your plan, checking your documentation, and identifying any issues you may want to address before you submit your loan forgiveness application. If you simply have questions and want an expert to consult with, WBL will be here for you.
Contact WBL today to discuss your PPP Loan Forgiveness questions and support needs. Check out WBL’s COVID-19 Business Support page for more resources including blog posts, presentations, webinar recordings and links to SBA publications.