Did the bank mess up? Is your PPP loan for the wrong amount?
I am hearing that many people now believe that the bank approved them for PPP loans that were too much or too little! So did the bank mess up? Or was it a misunderstanding? Or was the application incorrect?
Well, it turns out that the banks may not have "messed up" but there's a clear confusion about whose responsibility it is to make sure the calculation of payroll costs was correct. We look at FAQ 1 from these guidelines for the PPP loan: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
Remember that the bank was focused on issuing loans - not necessarily that they were for the correct amount. This was a speedy and crazy process! Of course there were some mistakes along the way.
So did you get a PPP loan that was for the wrong amount? Are you realizing you don't have the costs to reach your payroll thresholds? Make sure you watch this one!
If you having used our PPP Budget planning spreadsheet, get that here: https://clara-cfo-group-llc.ck.page/d5ef5d9b84
Disclaimer: This video is intended for educational purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.