Should You Return Your PPP Loan??? What should the small businesses do?
There's been a lot of talk about whether or not you should return the PPP loan based on FAQ 31 and a recent Treasury interim rule. This is rightfully confusing as the SBA has changed it's tune about receiving the funds if you haven't sought funding elsewhere.
Some things to consider that will help you assess whether or not you should return the loan:
1) Do you have an abundance of cash on hand in your business?
2) Have your operations been business as usual? Stayed open, no interruptions?
3) Do you have easy access to other liquidity that DOES NOT PUT YOU IN DEBT?
4) What do your forecasts look like?
5) Don’t take this money if you are going to just close in 8 weeks.
6) Can you use it for the intended purposes?
We talk through all these things regarding your PPP loan and the things you need to consider as a business owner.
This video was shot as a FB live post. Be sure to follow Clara CFO Group on FB at: https://www.facebook.com/claracfogroup/
If you didn't get the PPP 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.