Now that you have it, what are you going to do with it?
Be Smart. Spend Smart. You don’t have to spend it all!
An obvious goal would be to owe the least amount as possible. But how do you do that? Is it even possible given the current rules and timing? Do all your employees want to come back to work? For sure we expect changes however we need to plan and track for a ‘Smart Spend’.
Don’t be afraid of having money leftover that you may owe as a loan. Spending PPP funds that you thought would be forgiven, but don’t qualify, could put you in a much worse position.
Try to keep your spending simple. You can utilize a separate checking account and spend just on the basics to help track forgiveness. Anticipate a similar but perhaps more stringent underwrite as you exit the PPP. Remember the lenders will be on the hook for any amount that doesn’t qualify so put yourself in their shoes if you come upon a questionable expense.