I’m a small business CPA, started my firm in 1999, have 4 CPA’s on staff, and 8 other para-professionals. We are the outsourced CFO for about 150 small businesses, and manage about $100mm in investors assets.
We have been waging a war the last several weeks to help my 150 small business owners stay afloat. Friday we had a bank send a loan officer to my office, she sat up in my conference room, and started passing out PPP Loan checks to clients. Tomorrow, we do the same. We are securing millions of $$$ for clients. Here is what you need to know:
Many Banks are shucking and jiving on SBA loan “approvals”. If your loan package is approved, you get a check almost immediately. If the bank is not saying “come get your check” you are not approved.
If bank has a STRONG relationship with SBA, loans are moving, if not, they are lost. I’m getting loans approved in 10 minutes with minimal documentation, because I know which bankers are SBA guru’s and who are not.
The PPP money WILL run out, probably the end of this week. It’s a first come, first served program. Democrats WILL hold up funding and let small business fail as they try to get abortion funding, no id voter laws, and the like. Jump on this ASAP or risk no funding.
Eventually there will be more funding, but only after a LOT of small businesses fail. Don’t be one of them.
Democrats ARE playing politics with this to hurt the Trump Administration. It’s the swamp, the SBA putting out horrible guidance, creating a concept of net vs gross wages, which the law never spoke to.
No info on EIDL loans, SBA is completely dark on these, March 29th I applied for 150 of these for clients with $10K to be deposited in 3 days. No one in the country has gotten that advance.
As soon as you use up the PPP Loan money for payroll, rent, utilities, and mortgage interest, pivot to tax credits if you are shut down by government edict. Don’t use payroll tax credits until using PPP Loan money appropriately or you will have to pay it back.
DO NOT use PPP money in ways that won’t get forgiveness, SBA is talking criminal fraud.
National Emergence declared means you can give cash to employees to cover reasonable and necessary expenses, think accountable plan with no accountability. Don’t abuse this, use it to pay for remote work cost, internet, cell phone, a laptop/printer to work from home.
Disclaimer: This is a guest post and it doesn’t necessarily represent the views of IWB.