You Don’t Have to Participate in A Downturn
With the PPP funds exhausted, we thought it would be helpful to share some of the high level loan data from the SBA. Approximately 87% of the approved loans were less than $350,000, with the average approval being ~$200,000 per applicant. Approximately half of the total approved loans went to the following industries:
1. Construction – ~13%
2. Professional, Scientific and Technical Services – ~13%
3. Manufacturing – ~12%
4. Healthcare and Social Assistance – ~12%
While specific business categories were not provided, you could assume that the companies in these industries were either considered essential or are likely to be the first to come back online once the economies open up. I think that is vitally important that you continue working the ramp up or reopen plan for your business or organization once we get the green light.
This article may help: The Reopening Challenge: 5 Tips For Getting Back To Business
Here are some other important updates and resources:
- Trout CPA Covid-19 Resource Page: The two latest additions may be of most interest for PPP recipients (thanks to Brian Wassell for sharing with us)
- PPP Loan Forgiveness Calculator Template
- FAQ – PPP Loan Forgiveness
- PA Unemployment portal is open for self employed individuals, independent contracts, and so on. Time will tell if S-Corp owners will eventually be included.
- What are the tax consequences of stay at home orders for people that live in one state and work in another? Check out the article sent by Chad Bumbaugh from Stambaugh Ness.
- Upcoming Webinars
- RKL Weekly Coronavirus Webinar Series (Fridays): Here is the link for the upcoming and prior webinars.
- Stambaugh Ness Town Hall (Tuesdays 2-4pm): Here is the link for the webinar registration
- National Small Business Town Hall presented by Inc.com and the US Chamber of Commerce (4/24 @ 12pm) Here is the registration link.
I will wrap up tonight’s update with the following message that has helped me get through prior tough economic times (author unknown, but wise):
You don’t have to participate in a downturn.