On this episode, Noell Broughton talks to Karen Simmons about how difficult the COVID-19 shutdown has been on his bar and restaurant businesses. Plus, he describes the mountains of PPP paperwork, figuring out the maze of government regulations, and how he is getting his employees back to work and relaunching his operations at only 50% capacity. Karen and Noell deliver a feast of insights for business owners and employees concerning PPP, PPP loan forgiveness, understanding full-time and part-time employment issues, and how to gain access to the newly enacted Paycheck Protection Program Flexibility Act. It’s time for many of us to calm down, get off the ledge, and get back to work, and we hope this show helps out.
Paycheck Protection Program Flexibility Act Ins and Outs:
1. Allow forgiveness for expenses beyond the 8 weeks covered period
2. Eliminate restrictions for limiting non-payroll expenses
3. Eliminate restrictions that limit the loan payment to 2 years
4. Ensure access to payroll tax deferment for businesses that take the PPP
5. Extend the rehiring deadline to offset the enhanced unemployment insurance
Check out Noell’s EP6 Cheers To Business Episode >>> Listen here
Key Takeaways
> Consult with your payroll experts, accountants, lawyers, and business consultants to make sure you are in compliance with PPP loan regulations and rules.
> Look into the Paycheck Protection Program Flexibility Act for more relief in getting your business back open.
> Ask questions, do your own research and share the knowledge with other business owners on all these PPP and other government programs created to help in your business recovery.
> Roll with the punches, be patient, and take all the business that you can at this time, but definitely know and play by all the rules.
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Learn more about Karen Simmons & CFO Consulting
Karen C. Simmons, P.C.
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