COVID-19 HR Toolbox OverviewApril 23, 2020
Rehiring Your Team MembersMay 27, 2020
Many of our clients have applied for PPP Loans through the
CARE Act and the SBA. The Payroll
Protection Program (PPP) was designed to help small to medium sized businesses
maintain operations and payroll during the first few months of the
pandemic. Many clients have already
received their funding and have begun running payroll for the 8-week “covered
period” for using the money.
Pinnacle has already provided numerous reports and analysis for our clients. Further data is available on your DNet online portal. For many owners, the next phase is preparing to document payroll expenses so that you can provide your lender proof of the money spent properly under the SBA’s rules.
If you haven’t already seen it, on May 16, 2020 the SBA released the following instructions for borrowers and lenders to use in applying for loan forgiveness. See: https://www.sba.gov/sites/default/files/2020-05/3245-0407%20SBA%20Form%203508%20PPP%20Forgiveness%20Application%20FINAL_Fillable.pdf
The document clarifies several key points that were unclear from their earlier guidance. Pinnacle is fully committed to assisting clients with reporting and documentation to make the loan forgiveness process easier.