Specific Guidance for Self-Employed Small Businesses & the PPP Loan Application
Many small businesses are feeling the strain created by the coronavirus restrictions. We encourage our clients who would benefit from a Paycheck Protection Program (PPP) loan to take advantage of it. In this Forbes article, author Jason Freeman breaks down the specific steps clients need to follow to correctly complete the loan application process.
Currently, U.S. businesses are waiting to hear if Congress will allocate additional funds for the PPP program. If this is a program your business would like to take advantage of, we encourage you to be as proactive as possible: do your calculations and paperwork now; meet with your bank to make sure everything is in order; generally, be ready to hit “go” once the funds are approved because they will go quickly.
Of course, if you need assistance along the way, please feel free to reach out to your accountant. We are here to help you.