Do’s and Don’ts of PPP
The Paycheck Protection Program
Do:
Use the funds for Payroll, Utilities, Group Healthcare, Rent
Keep track of the use of your PPP to ensure 75% is used towards payroll.
Keep copies on hand of pay stubs, health insurance invoices, commissions, and premium payments, interest on mortgages, and rent in the event of an IRS audit.
Apply with more than one lender if your application is rejected by one.
Reach out to an accountant or bookkeeper.
Don’t:
Use the funds for other things such as personal expenses, you will have to repay.
Misuse the funds by mixing with your personal assets.
Miss a signature. A small oversight will lead to a delay in receiving the funds.
