51 - COVID-19: CARES Act - What You Need to Apply for a PPP Loan
If you are applying for the PPP loan, this episode will walk you through the calculation and document requirements. Your bank may have slightly different forms, but the underlying requirements are fairly universal.
In this episode:
Determining your eligibility [:30]
Why this process is long and drawn out [4:00]
if you’ve had loans with your bank you will likely get processed more quickly [5:00]
How they’ll calculate your loan amount [6:30]
How you can use Quickbooks to calculate deductions [7:00]
Calculating maximum loan info [11:00]
Substantiations and documentation [13:00]
Loan forgiveness and what it can be used for [16:00]
Payroll cost documents [18:00]
EIDL and how the two play together [19:30]
Know this will be a lengthy process [23:00]
If you’d like to watch on YouTube, check out our video here:
