04/27/2020

If you’ve received your PPP loans and haven’t talked to me about the forgiveness calculation, please be aware of a few things.

1. The 8 weeks begin the day you receive your funds and cannot be extended. It is cash basis.  So, review your payroll dates and ensure they will all fall specifically into those 8 weeks.  Not 2 months, but 8 weeks.
2. Ensure your rent and/or mortgage payments are within those 8 weeks also.
3. It appears you can prepay retirement benefits such as Safe Harbor payments during that 8 weeks too, but you’ll have to prove the payments were made.  There may be an opportunity to prepay more than on the salaries within those 8 weeks, but wait until the final SBA guidance is provided.
4. Collect your rental leases, utility bills, mortgage statements and rent invoices so you are prepared to support your forgiveness calculations.  You must show that you had a lease or mortgage on February 15^th to include the payments during your 8 weeks.

If you are unsure of any of this, feel free to contact me.