Hurray! In the past few weeks or the next couple of weeks, many businesses will receive a “welcome surprise” in their bank accounts – much needed funds to help survive this pandemic. That’s the good news… The better news is some of this “loan” may be a non-taxable grant which does not need to be repaid! The bad news is that the funds come with ever-changing rules which seem to change daily. Stay tuned to this blog for updates on the most significant rule changes.
The first rule to understand is the funds must be spent on forgivable expenses (only 25% or less can be non-payroll costs) IN 56 DAYS starting with the day the funds are deposited in your bank account. A ton of information in one sentence. I can imagine everyone has MANY questions about the rules. Contact our office at 888-552-1311 if you need help understanding the PPP forgiveness rules.