Presented by: Steve Skaggs, Senior VP at Peoples Bank
Date: 9/30/2020
The PPP (Paycheck Protection Program) Flexibility Act of 2020 aims to help small businesses to continue their growth despite financial constraints. Steve Skaggs shares important points for small business owners regarding the PPP Act, why there are frequent changes to the PPP Act, and the essential phrases you need to familiarize yourself with.
Before you file your loan forgiveness, it’s critical to remember the following:
- Always document your use of the PPP funds
- Keep your documents complete and use the worksheets to help you track and catalog your expenses
- Be patient
- Know your covered person and build your application timeline from the end of that period.
There are still several congressional oversights for the program. The tweaks are done to fully address the changing needs of small businesses and to help the economy grow. Steve shares that we will only be seeing more changes to the PPP Act in the coming weeks.