My bank is launching a on line app for forgiveness in July. I paid property tax, one of my techs for a few jobs and a couple other things directly with checks from the account. Have a few bucks left but I didn't get a large amount to start with. If I have to repay some of it, I'm good for it
We just burned up the last of it this week. We kept everyone we could, we'll meet our FTE goal so the loan should be forgiven. Waiting on the application for forgiveness to come out.
We had some sharp accountants commit some serious time to following the developing info and tracking every penny and hour of labor to build out spreadsheets for verification to provide in our application process. They have their ducks in a row. I foresee lots of "mom & pops" businesses drowning on the process that is yet to come. Due to the lack of resources some of those mom & pop shops get burned on forgiveness .
The guys I know applied and used it when they could have paid their employees anyway, because this virus BS didn't slow them down enough to let peeps go...they'll make 50k or so off this free for all...
Worked out the way it was intended for us. We've continued to give the guys 40 hours even past the 8 week period but told them today we can't continue doing that. We have the work now so they should be able to get 40 hour weeks.
We have kept all our guys super busy so it hasn’t been a issue to burn up. They gave us 100k then sent us the additional 46k 2 weeks later so not sure how the timing thing will work if they stick to the 8 weeks. In the end if they don’t forgive everything it’s still there to give back. I won’t touch anything extra for a year plus just to make sure lol