Have you received your PPP loan funds? Here’s what to do next

Posted on April 27th, by Hoberman & Lesser in Timely Articles.

If you are a small business that applied for a Paycheck Protection Program (PPP) loan and received the PPP loan funds, we would like to answer your questions and help determine what you should do next. It is important to develop a plan to properly allocate the money and prepare what you will do after the loan to grant conversion period ends eight weeks from now.

Due to a high level of interest in the SBA, PPP, and EIDL programs, we are pleased to announce the following opportunity for you to engage our Firm to assist you with:

1. Prepare customized worksheets to forecast the expected amount of loan to grant conversion for your PPP loan to help you make financial plans.

2. Explain the rules governing the use of funds under the PPP and EIDL programs.

3. Provide technical support to your staff and answering their questions on how to record and categorize transactions to maximize the benefit to you.

4. Assist with:

a. Filling out the PPP or EIDL applications.

b. Submitting a package to the SBA to determine the amount of the grant calculation when the guidance is issued.

5. Explain the differences between the PPP and EIDL programs and how they interact.

6. Answer ‘Frequently Asked Questions’ related to the PPP and EIDL programs.

7. Monitor the SBA guidance and any changes in the CARES ACT rules for loans or grants.

Hoberman & Lesser has formed a COVID-19 Resources Team and we are here to help you during these unprecedented and challenging times. Our Partners and staff members are closely monitoring tax-related legislation and regulations, and if you have any questions, please contact Robert Hoberman at robert@hobermanlesser.com or 212-463-0900.