If you think the work is done once you’ve applied for your PPP loan, think again. The only thing harder than applying for your PPP loan is tracking it and completing the Forgiveness Application. Turns out if you track the use of the funds on our worksheet, you will have 95% of the information needed to complete the Forgiveness Application.
This training will show you:
- How to check the status of your loan
- Where to find the latest updates
- How to see distribution info
- How to complete the forgiveness application (coming soon) To receive emails with updates Register Here
This course includes:
- Downloadable Worksheet
- Video Training
- Downloadable Checklist
- Live Q&As (May 14th & June 4th)
Remember to watch your email for the link to join us on Thursday, June 4th at 10am PT for a second live Q&A.
As we know, the banks and lenders are clarifying the rules in real time. As a result, I have made the following revisions to the handouts, but not to the videos.
6/3/20 – Video on Loan Forgiveness
The wineries have several problems that are not address in the Forbes.com article, the Treasury.gov Q&A, and the SBA instructions. The problems are related to the part-time tasting room crew. These are the folks that were typically laid off and who are likely to trigger a Payroll Reduction because you were not able to restore their pay levels. Check out how I solve this problem and discover 2 Get-out-of-jail cards that are buried in the instructions.
6/1/20 – Forbes.com Step-by-Step
I am still working on the update. In the meantime Forbes.com came out with some really good instructions. They don’t cover all of the issues that we face with so many part-time tasting room staff, but if you are eager for those details now, GO HERE.
5/22/20 – Per Treasury IFR Loan Forgiveness
This documents confirms much of the language in the SBA Forgiveness Application, but clarifies a few points
- If an employee’s payroll reduction was due to FTE reduction only, then there is NO payroll reduction (in other words, you are not doubly penalized – this is a big win for the employers)
- You may include accrued utilities
- If you claimed that an employee rejected your re-hire offer, you must inform you state unemployment office
- Exclusions for employees who quit, requested reduced hours, or were fired are excluded from both the FTE and the Payroll reduction (Tyler & I assumed this, but it was officially confirmed)
- I will incorporate this info in the Application video. If you have not already registered to receive an email when I post this video Register Here
5/15/20 – Per the SBA Forgiveness Application
- Use 40 hours/week for FTE (86.7 per payrun for semi-weekly)
- If you pay weekly or bi-weekly, you may use an Alternative Payroll Covered Period that begins the day of your first payrun (instead of the date the funds were deposited) **this is a nice bump for the employers
- You may include accrued payroll
- The application is complicated, BUT the critical information is already in the Loan Worksheet, so stay tuned for a “map” that matches the information in the Worksheet with the Application.
- Remember to register so you will receive updates when I post the new videos Register Here
Assumptions: The payments must clear the bank. Write any manual checks early enough time to mail them. Use an EFT is possible. The exception are manual paychecks: you can submit a paycheck register
Section 5: Tracking the remaining expenses – I re-wrote this for clarity
Download these first
Video #1 – Introduction
Video #2 – Setting up the worksheet
Video #3 – Tracking payroll expenses
Video #4 – Tracking owner’s “payroll”
Video #5 – Tracking other expenses
Video #6 – Tracking employee retention
Video #7 – Using the log to plan
Video #8 – Fini
Forgiveness Application Overview
6-4 Q&A #2