By Gerri Detweiler –
If you took out a Paycheck Protection Program loan for $50,000 or less, you may be able to use a new application — Form 3508S — to obtain forgiveness. This application does not make forgiveness automatic, but it will make it easier for some borrowers to qualify for forgiveness.
The big change here is that the application does not require borrowers to calculate a reduction in forgiveness if they reduced employee salaries or wages. The SBA, in the Interim Final Rule announcing this form, notes that this change is likely to have a minimal impact on overall forgiveness:
“There are approximately 3.57 million outstanding PPP loans of $50,000 or less, totaling approximately $62 billion of the $525 billion in PPP loans. Approximately 1.71 million PPP loans of $50,000 or less were made to businesses that reported having zero employees (presumably not counting the owner as an employee) or one employee. To the extent that these businesses have no employees other than the owner… they are not affected by these exemptions.” (more…)
Accepting debit and credit card payments in your business can help you make more money. The more payment methods you offer to customers, the more likely they are to shop with you.
You know that good recordkeeping is part of running a small business, but you aren’t sure how long to keep business records and documents. The last thing you want to do is shred some business documents that you later need… but at the same time, you don’t want to hang on to a lot of paper unnecessarily.
If your business received an Economic Injury Disaster Loan (EIDL) or Paycheck Protection Program (PPP) loan, you may have determined it isn’t a good fit for your small business for any number of reasons: