COVID-19 and your business webinar: PPP Fund Utilization – Chamber of Commerce
Posted by Lori Alala on April 28, 2020
View Webinar HERE
The Chamber has taken a very proactive position during this difficult time and we are thankful for their leadership and dedication to serving all businesses in our community. The Chamber is offering a Webinar this Thursday, April 30th at 10 am that will be facilitated by Lindsay Keisler and Lori Alala, and presented by David Smith, Vice President of Compliance and Risk Management for EbenConcepts. Please see the announcement below and register for this informative webinar. You do not need to be a member of the Chamber to register.
PPP Fund Utilization: Important Reminders
· PRIOR TO ACCEPTING THE FUNDS: If you have already laid off employees, you should be sure they will come back prior to accepting the full loan. In order to be fully forgiven, you must maintain full payroll. Employees may be collecting new unemployment benefits that provide an increase in pay.
· Consider creating a separate expense account for paying all “forgivable” expenses
· Consider keeping your PPP loan disbursement in a separate bank account and only make withdrawals to pay eligible PPP expenses
· During the eight week period for forgivable expenses, make sure to track and document your full-time equivalent employees, pay rate, and salaries paid, as well as keep documentation for any other forgivable expenses.
COVID-19 & Your Business Webinar:
PPP Fund Utilization & Getting Back to Work: What You Need to Know
When? Thursday, April 30th from 10:00AM – 11:00AM
This series is brought to you by your Chamber, the Catawba EDC, the SBTDC & the Small Business Center at CVCC.