Karin B Orlowski from Concierge Wealth Management Service

Karin B Orlowski

Concierge Wealth Management Service

Clovis, CA
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Can you use the money from the PPP to pay a new employee?
Karin from Concierge Wealth Management Service Answered this on May 13, 2020
SBA guidance remains unclear regarding hiring, employee bonuses and raises that would increase Payroll Costs that are not in the ordinary course of the business. If any borrower wants to use PPP proceeds on such payments, it should have and document a sound reason as to why such expenditures are... (more) SBA guidance remains unclear regarding hiring, employee bonuses and raises that would increase Payroll Costs that are not in the ordinary course of the business. If any borrower wants to use PPP proceeds on such payments, it should have and document a sound reason as to why such expenditures are “necessary to support the ongoing operations” of the business.  As far as replacing employees.... that is a good question.  I'm not sure.
I was approved for the EIDL from the SBA, and it's capped at 3.5% which is not bad 30-year maturity. Are there any downsides to this?
Karin from Concierge Wealth Management Service Answered this on May 11, 2020
If you take the EIDL and get the PPP you will not be forgiven for the EIDL - you can only have one or the other. (more) If you take the EIDL and get the PPP you will not be forgiven for the EIDL - you can only have one or the other.
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PPP LOAN FORGIVENESS As a self-employed and sole proprietor individual.
Karin from Concierge Wealth Management Service Answered this on May 11, 2020
I suggest you go to the Bank you run your business through.  They have a list of documentation needed to complete the application.  The bank will certify you documentation and forward the paperwork to the SBA.  Be aware, the SBA will check your credit. At that time your funds will be approved and... (more) I suggest you go to the Bank you run your business through.  They have a list of documentation needed to complete the application.  The bank will certify you documentation and forward the paperwork to the SBA.  Be aware, the SBA will check your credit. At that time your funds will be approved and deposited in 2 weeks.  I hope this helps.
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