Covid-19 has created a lot of financial worries, which can wreak havoc for entrepreneurs — from business decisions to personal relationships. PPP loans may be a lifeline, but only if there’s plan in place to ensure everything’s done by the rules and the documentation to prove it — or business owners may miss out on loan forgiveness.
Many small business owners have already received their PPP loan — and the clock starts ticking as soon as the money hits their account. But to qualify for 8 weeks of loan forgiveness they have to understand the program’s complexities (there are many) and follow the rules (some of which have changed).
The PPP is meant to help small businesses weather the financial burdens of the COVID-19 crisis by keeping employees on the payroll and helping cover critical expenses. If the applications and paperwork are not executed correctly, they could put small business leaders in jeopardy. Small businesses need to know exactly how to operate according to the guidelines, including meticulous documentation and a clear plan.
Joining us for our discussion Finding Money For Entrepreneur's is Wayne Titus III who is calling in from his Plymouth MI office. Wayne B. Titus III, CPA/PFS, AIFA founded AMDG Financial and AMDG Business Advisory Services in 2002 based on his 15 years’ experience at two large accounting firms working with Fortune 50 clients. Wayne is dedicated to guiding small business owners, and keeps their best interests at heart. He’s been on the front lines providing triage and support for businesses affected by COVID-19, including how to create the meticulous documentation needed for PPP. His new book is The Entrepreneur’s Guide to Financial Well-Being. Welcome back to Mastering Your Money, Wayne Titus III.