The most popular relief loan in the US is the Paycheck Protection Program loan or PPP loan. Unfortunately, in a rush to get the funds out to agencies and other businesses, the Small Business Administration and Treasury Department forgot to define how the loan and its forgiveness will work.
There’s a lot of grey area surrounding the PPP, so in this episode of Build a Better Agency, tax advisor Craig Cody joins me to explain what we do know and what we’re still waiting to discover.
Craig is a Certified Public Accountant, Certified Tax Coach™, and business owner who has been following developments since day one. Many of us have applied, many of us have received funding, but not one of us knows all the rules. Craig is here to change that, to the extent that he can.
We’ll talk about the SBA’s forgivability application released on May 15th, other forgivability factors, whether or not the expenses we pay for with PPP funds will be deductible and how to manage our finances to weather whatever rules come down.
A big thank you to our podcast’s presenting sponsor, White Label IQ. They’re an amazing resource for agencies who want to outsource their design, dev or PPC work at wholesale prices. Check out their special offer (10 free hours!) for podcast listeners here.