How small businesses should manage their Paycheck Protection Program loan money is the focus of a webinar being sponsored by the Greater Hall Chamber of Commerce.
The event, “Small Business Stimulus: Spending & Planning for the PPP Loan,” is set for 10 a.m. Thursday, May 7.
Perry Barnett, partner in Gainesville accounting firm Rushton, plans to “share best practices to ensure (businesses) maximize the forgiveness part of the loan and guidance on using those funds,” a chamber press release says.
Those interested can register online. A confirmation email with the dial-in number and meeting ID number will be sent to the participant.
The initial $349 billion set aside for the federally funded program ran out on April 16, after being available for fewer than two weeks. An additional $310 billion for the program was later approved.
The forgivable loans are meant to cover 2 ½ months of payroll, rent, mortgage interest and utility bills, with a loan limit of $10 million, U.S. Small Business Administration regional director Ashley Bell said.
“If you can show your lender that on June 30 that you kept (employees) on payroll, then we can forgive the entire loan,” Bell said.