Congratulations on getting this loan. Sadly, many people were squeezed out. The next step is to track the use of the funds so that you maximize the forgivable portion.
Stay tuned for more details, because we are still waiting for clarification of some rules.
Tyler and I had another conversation on Monday, April 27th. You can find it HERE
Also I will post a worksheet to help you track the use of the PPP funds.
In the meantime here are some things to think about:
- The 8 weeks will go by quickly, so plan now how you will use the funds
- Reach out to your lender to find out what they will be looking for. As we have seen throughout this process, every lender is interpreting the rules a little differently.
- Make copies of all bills and checks IRL and put them in a PPP Forgiveness folder. This will save you a giant headache later
- Open a separate bank account for these funds and document every transfer out.