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re: PPP forgiveness - What will banks want?
Posted on 5/12/20 at 8:40 am to Enfuego
Posted on 5/12/20 at 8:40 am to Enfuego
ironic that I start this thread yesterday and last night whitney emails me a generic what they think will happen update last night.
basically says that at the end of 8 weeks I will get with them with corresponding info/proof that I spent the PPP loan in the correct fashion to get it forgiven.
main thing I'm worried about which I have not seen any info on is that us depositing income that is still coming in and spending money out of the checking account on things that are not covered by the PPP loan during the 8 week period will somehow mess up the forgiveness aspect. obviously I will only turn in payroll reports and receipts of the bills that qualify for PPP.
praying that everything is gonna go smooth and work out doing it this way but it is the government we're dealing with and they really should have explained how us small business owners should handle this better from an accounting purview.
basically says that at the end of 8 weeks I will get with them with corresponding info/proof that I spent the PPP loan in the correct fashion to get it forgiven.
main thing I'm worried about which I have not seen any info on is that us depositing income that is still coming in and spending money out of the checking account on things that are not covered by the PPP loan during the 8 week period will somehow mess up the forgiveness aspect. obviously I will only turn in payroll reports and receipts of the bills that qualify for PPP.
praying that everything is gonna go smooth and work out doing it this way but it is the government we're dealing with and they really should have explained how us small business owners should handle this better from an accounting purview.
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