PPP Loan Forgiveness Applications can now be submitted early

As part of the new guidelines submitted by The SBA, borrowers can apply for forgiveness earlier than was originally expected. Specifically, the new rules state…
– Borrowers can file for forgiveness during the 24 week period immediately after the money is spent in sufficient amounts.
– Forgiveness for owners (including S or C Corporation Shareholders) is limited to 15.385% if electing the eight week period or 20.833% if electing the 24 week period.
– Closings required by the state, and a borrower’s inability to rehire or find qualified replacement employees, will be interpreted in a borrower friendly way.
Just take a moment and think about how ridiculous that truly is.
The SBA, in all of it’s might, just issued a rule saying that a lender, when reviewing your forgiveness application, has to be nice. Okay. Now we’re talking about something so subjective that it is completely unenforceable. What happens if they’re not nice? Do you then go into the SBA Appeals Board and say what I used to say at recess on the playground at St. Philip.
In other words, “Mrs. Smith, Johnny’s not being nice.” Where’s that going to get us? Maybe they’ll make me stand out in the hall again.
In other news…
14% of business are expecting layoffs after using PPP Funds
The government has credited the PPP Loan Program with returning 2.5 million Americans to work. But in a survey, 14% of American Business expect to lay off workers once the money is used. In addition to that, 47% of American Businesses expect to need additional assistance as this nightmare progresses.
More than anything, this speaks to the fragility of the once strong American Economy. The Stimulus Packages have turned into the largest welfare programs in American History. Are they going to just keep throwing money at this thing until it goes away? If you had asked any of us three months ago whether or not this was even remotely possible, we would have just laughed in your face.
Now, I’d call it six to five and pick ’em. More on this to come.
Let me leave you with this one thought…
The business of Entrepreneuring is not an easy one. In order to do this successfully, you must be able to look at the world completely differently than everyone else.
It’s no wonder that all of the “normal” people out there think that we are so weird. Of course, they’re the ones asking us for work, but that’s a whole other thing.
We are beginning to see the uglier parts of this shut down. We all knew that many would not survive. Most of the businesses that closed initially were the ones that were going to close anyway. They were Brothers and Sisters already past retirement age that maybe should have closed many years ago.
But now we have many businesses shutting down that were tragically flawed. Maybe there was an Achilles Heel in their business plan. Maybe they were just horribly under-capitalized. Maybe it just wasn’t much of a business from the start.
You now have two options. You can look at the world as everyone else does, get depressed, and hunker in the same bunker as the rest of the proletariat. Or you can see this nightmare as the opportunity of a lifetime. Lot’s of businesses are going to close down, and all of those customers will be up for grabs.
My Brothers and Sisters, you need to realize that if you work this situation correctly, this could be the best thing that ever happened to you and your business. Never before have there been
– So many customers in play
– So many great employees available
– So many facilities vacant
– And so much money coming in from Uncle Sam for you to attain your dreams
Welcome to Paradise.
Don’t be the one that goes out of business. Be the one that doubles or triples their profits. Be the Entrepreneur that you were born to be, knowing that we are here to help in any way that we can.
Accounting Solutions Ltd. stands ready to complete its mission and purpose to protect you, your family, and your business. If there is anything that you need, whether you are currently a client or not, please don’t hesitate to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
Accounting Solutions Ltd.
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