Workforce PPPlanning and the Paycheck Protection Program



  • After scouring the Treasury and SBA websites, talking to trusted advisors, and reading and re-reading the PPP portion of the CARES Act and the SBA’s interim rules, I wrote this post to reflect my understanding of the rules on how businesses can actually spend their PPP money. (I’ll try to keep it up to date as the SBA releases more guidance.)

    I’m also working on a loan-forgiveness calculator that may be live later today.

    Hope you find it helpful!

    https://imperativeinfo.com/blog/2020/04/28/workforce-ppplanning-and-the-paycheck-protection-program/



  • Nice content on types of expenses that owners should target.



  • We opened up a separate account just for PPP to make everything clear and easy to understand. Also, remember that Full Time Equivalent is the key phrase. If I have 6 employees that each worked 20 hours/week during a previous cycle, their 120 total hours is equal to 3 full time employees.



  • At some point, you should receive a portal from SBA with instructions regarding your loan. This is important because if you are not compliant you may lose the opportunity to have your loan forgiven. As Carlo did, we opened a separate account and each time we transfer funds for payroll or utility, we make a copy of the transfer, a copy of the payroll and utility statement, as well as the transfer request. This is keep in a PDF file, as well as a hard copy file. Details and documentation will be key for the forgiveness. Bright pink folder LOL!



  • At some point, you should receive a portal from SBA with instructions regarding your loan. This is important because if you are not compliant you may lose the opportunity to have your loan forgiven. As Carlo did, we opened a separate account and each time we transfer funds for payroll or utility, we make a copy of the transfer, a copy of the payroll and utility statement, as well as the transfer request. This is keep in a PDF file, as well as a hard copy file. Details and documentation will be key for the forgiveness. Bright pink folder LOL!



  • Vicki has just given a master class on airtight documentation for the government!


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