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First, let me clarify one thing: I AM NOT THE EXPERT. But there are things about the PPP that concern me. Such as this quote fron the SBA: "Forgeven amounts will be considerded income for federal tax purposes." So, if you get a forgiven loan in the amount of 100,000- that will be added as income? And, the fact that we need to rehire to full staff by June 30, 2020. So, in an area like mine where we don't expect business to return for 6 months or longer, I need to rehire to full staff, with 60% of sales down, use the SBA PPP to make payroll???? This is insane economics. I do not want to rain on anyone's parade here. Being in NY, I got hit early and got hit hard. We are going on more than 8 weeks with little to no business. I too need financial help. Look, the point is take it slow and get all the information from a pro. This is what I need to do too. Please get the advise from your banker, your attorney, financial advisor and your accoutant. The only true way out of this is for business to return to normal, through sales and revenue.
Shop owners, if you are having problems with cash flow due to the Coronavirus or even if you are not feeling the effects yet. It is always a good idea to make preparations to have enough cash on hand. With that said, the government has allocated 8 Billion to assist business owners affected by COVID-19 by offering SBA disaster loans and I am helping shop owners with filing their applications. Please see my article for more info.