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PPP Processes-Paycheck Protection Program ~Progressively PIVOT Patiently

Updated: Apr 14, 2020

Some small businesses are receiving PPP funding. These business seem to have a strong relationship with the right banker. Here is the this link from the SBA that has a list of lenders.

This is a live link to The U.S Treasury Department's Paycheck Protection Program (PPP) application. There is uncertainty in how and when the program will be fully implemented check directly with The U.S. Treasury Department here.

The PPP funds are distributed directly from the bank. Here is the link to worksheets and more to help calculate your loan. The most recent change to this program is the the portion that does become a loan is a 2 year term and the rate is 1%.

~Progressively PIVOT Patiently~

How can you implement change to take this opportunity to work in your favor? That is a pivot(al) question for your business.

ALL SMALL BUSINESSES can utilize the PPP and EIDL. As information is unfolding we find it is getting easier and the news is promising! There is uncertainty in how and when the program will be fully implemented check the link above for the most recent information.

These funds CAN be forgivable if the proceeds were used for "approved' purposes. The PPP must still be administered by a bank, this link has a list of lenders.

If your lender is on this list start there!

Keeping people paid is paramount. The more people you keep paid; the more forgiveness is available. The spirit behind the Coronavirus Aid, Relief, and Economic Security(CARES) Act PPP program is to provide an immediate stop-gap for the economy. When employees, vendors, landlords and banks are paid timely; the forgiveness part of the program is documented.

2 SBA products in place:

(1) Paycheck Protection Program (PPP) &

(2) Economic Injury Disaster Loan (EIDL)

Do you have a standard operating procedure (SOP) in place for making sure your PPP does not become a loan?

We have SOP Solutions!

JJ the CPA has a series of videos that offer more clarity on this topic. This video compares PPP vs EIDL. The spirit behind this money is keeping employees employed and spending money and paying bills NOW!

If you are Self-Employed, a Sole-Proprietor, an Independent Contractor this video is a must watch and follow for you!

This video was posted April 1st 2020 and the news just keeps getting better!

Start gathering the following information about your business:

• Detailed monthly / annual payroll data and reports for all 12 months of 2019

• If you use a payroll processor, contact them to obtain a report detailing these payroll costs.

• Copies of payroll tax reports filed with the IRS for the entire year of 2019 and first quarter of 2020 (if available) These would be Form 941’s

• Documentation reflecting health insurance premiums paid by your business under a group health plan.

Information and application to the PPP is intended to pay and retain workers, make mortgage, lease and utility payments. YOUR BANKER WILL PROVIDE THEIR REQUIRED APPLICATION FOR THE PPP. Here is the link to the official application.

You Can Have Both the PPP and EIDL

To maximize funding, forgiveness and cash flow there must be a procedure.

A good example of funds utilized by an EIDL is COGS (Cost of Goods Sold), vendors like SOP.Solutions or LendingHand.Biz, and other bills not covered in the PPP. This is the time your unique business can tell their story and realize and refresh their brand.



The bank's role with the PPP is as an administrator. The PPP is a program not a normal loan and possibly fully forgivable. The CARES Act acknowledges a small business as being approved now; and the bank has authority to issue funds. We believe by Friday April 3rd we will have dates of when the funds are available. Should your bank not be able to assist your company with a PPP loan we are happy to introduce you to one of our bankers.


I Am a Small Business with Employees, What Do I Do Now?


1. APPLY FOR EIDL and $10,000 ADVANCE We hope you applied for the EIDL and the $10,000 ADVANCE. The EIDL is a 30 year loan with a 3.75% interest rate. Read our article here for more details. The ADVANCE is forgiven and has no criteria of use. IMPORTANT, if you filed prior to this Monday 3/30/2020, you must, reapply, as the uploading system crashed, and previous applications may not be on file. You will get an application number at the end of the application verifying your application was submitted. Save that number as you can call and check on the application status. 2. Apply for the PPP

If the EIDL is used toward payroll and other eligible expenses it can be paid off by the Paychecks Protection Program, SBA loan 7a. Here are a list of banks. Check with your bank first, but don't wait too long as the funds are given on a first-come, first-serve basis.

For forgivable funds use the formula provided by the PPP or use this spreadsheet at this link as a guide. Then, when you get the PPP, pay the EIDL off. Remember, if you borrow more than you need, the unused amount can be payed off/returned and that will resolve the EIDL debt.

3. To check on your EIDL and ADVANCE application: 800-659-2955, prompt #1, #3, #2, #4-check the status of loan application). There is 1.5 hr wait time. Please follow up on your applications starting Friday April 3rd. We have been told by the SBA office to expect an email from the underwriter notifying us of approved loan amount.

4. Be Patient and Pivot REMINDER you can: 1. defer all loans 2. defer your mortgage 3. defer car payments 4. suspend services for at least 30 days 5. delay paying utilities, credit cards (call to find out what they offer) 7. YOU SHOULD: 1. hold on to your cash 2. Determine and establish your work force prior to 4/2/20. You love your team and we will need them when this is over. The government put many measures in place to help keep your valued team.


If the EIDL loan is approved, how much do I borrow?

We verified with the SBA office, the examiner/underwriter will determine how much you get approved for based on the information you submitted. But if you are asked a specific amount to borrow, the amount will depend on whether you need money just for the criteria that is forgivable or do you need more cash for other things like personal expenses.

We strive to be knowledgeable and serve.


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