Peters CPA, LLC

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Business owner ..

Have you received your PPP Fund???

Some steps that you may need to consider:

1. Forgivable expenses should be the priority
It is recommended to spend your PPP money on the right expenses to maximize forgiveness. The amount of money will vary and if it is necessary, a separate account would help you to conveniently track and focus on paying:
a. Payroll for 8 weeks after receiving the loan
b. Rent or mortgage interest for 8 weeks
c. Utilities (check for approval)

2. Record/document everything
It is essential to keep records of the spending of the PPP loan. This would include documenting the number of employees who are still working since February 15th. If there are employees who are laid off or who are granted for absences after receiving the loan, re-hiring to receive full forgiveness would be appropriate, starting from April 26th until June 30th. Additional information, such as at least 75% of the PPP roll needs to be used for payroll also needs to be considered.

3. Create updated projections for at least through the end of the year
The purpose of this projection is to certify that your business needed the money due to the impact of the COVID-19 crisis. By creating this projection plan, you will be able to estimate your Profit and Loss Statement and Cash Flow Statement. This projection will help you to:
a. How the PPP loan helps your cash flow
b. How to plan the PPP money spending correctly
c. Additional money support if it is necessary for your business

Need assistance? call us at 214-954-1040 or email at [email protected]

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