Did you know that an estimated $140 billion remains available in the Payroll Protection Program (PPP)? Or that you can apply even if you operate as a sole proprietor? We did not know this, which is why we are glad that Brent Thompson, CPA, CMA, CGMA of Canon Capital Management Group joined us as our guest this week. He helps us wade through the PPP from the perspective of solo practitioners and small business owners.
During this episode, we discussed the parameters of the PPP and the anticipated passing of the "Paycheck Protection Program Flexibility Act of 2020 (PPPFA),” which did become law on June 5, 2020. This new legislation has a significant effect on the forgiveness of the PPP loan, including extending the time to use the funds from an 8-week period to 24 weeks and changing the payroll ratio test from 75/25 to 60/40.
The most time-sensitive item of note is that PPP lenders must have the funding in your bank account by June 30. To allow for enough time for the process, it is recommended to apply by June 10.
Keep up with the latest information about PPP and other elements of the CARES Act by following the Canon Capital Management Group blog.
What has your experience been with the PPP process. Have you applied? Were you approved? Let us know at soloprpro.com.