Pet business coaching topics covering a variety of subjects that aren't frequently discussed. Listen in to Bella, a pet business coaching from Jump Consulting, leading the discussion in a raw and transparent way.
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Episode 221: Will My PPP Loan Be Forgiven?
Many of you have gotten a PPP Loan with hopes that it would be forgiven. Currently, the 28 weeks have passed and you might have started to see some people starting to say my loan was FORGIVEN. What is this all about and how can you do the same?
This week, I moved my regularly scheduled content around to get you this time-sensitive topic. I reached out to Linda and Trevor who have over 60 years of experience combined in the financial services industries. Linda Rey has owned, bought, and sold a business, and Trevor has managed multiple businesses. They have seen what works and what doesn’t work when it comes to business financing especially now with COVID. They have helped many people through the loan process.
The questions they answer:
* Where does one submit their completed PPP forgiveness application?
* What happens if someone received the SBA Economic Injury Disaster Loan (aka EIDL), how does this affect their PPP Loan?
* If someone was approved for a PPP loan and used 100% for payroll, why is there chatter of the SBA saying that they aren’t going to forgive $10k of the PPP loan because of the advance?
* Should I submit my PPP Forgiveness now or should I wait?
* I heard that PPP loans are going to automatically become 100% forgiven. Is this true?