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PPP loan useage

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Message 41 of 43

I applied for the PPP loan on April 3, 2020.  At the time we were still classified as an essential business in our state (NM)  On April 6, new guidelines came out and by April 8, 2020 we were shut down by order of the Governor.  At that time we furloughed our employees and they applied for the applicable unemployment benefits.  On April 13, 2020 our PPP loan was approved and funding is immiment.

 

My question, since I am now closed by order of the government, do I have to utilize these funds over the next 8 weeks or is there someway to utilize it if and when we are allowed to reopen?  If we have to pay these funds right away to qualify for forgiveness it doesn't really help our business, it seems like it just makes us an intermediary for unemployment insurance.

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Community Manager

Re: Ask the Expert: Small Business Recovery Loans and Small Business Finance Tips

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Message 42 of 43

Felicia Brown @FeeBrown leads AARP’s Entrepreneurship Initiative focused on helping aspiring entrepreneurs understand the risks and rewards of starting a business. She manages strategic partnerships, and researches and develops educational resources for small businesses. She is one of AARP’s Work/Jobs online community experts.

 

David Hincapie @DavidH519566 is Economic Development Specialist at the U.S. Small Business Administration, Washington Metropolitan Area District Office (WMADO).

 

Belva Anakwenze @BelvaA is principal of Abacus Financial Business Management, a minority and female-owned boutique business management firm located in Los Angeles, California. For more than 20 years, she has handled the day-to-day financial affairs for creatives, entertainers, and corporate executives by offering virtual CFO services, accounting and bookkeeping, payroll and tax preparation, and nonprofit management. 

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Ask the Expert: Small Business Recovery Loans and Small Business Finance Tips

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Message 43 of 43

Join us here now through Monday, April 27th!  Click Reply to Post Your Question!

 

Small and diverse businesses are feeling the impact amid this COVID-19 crisis, especially as they try to stay afloat and navigate current economic challenges. This important conversation will help you understand how to navigate through these tough times. 

 

Join AARP Expert Felicia Brown along with guests from the Small Business Administration (SBA) and Abacus Financial Business Management to talk and answer questions related to Disaster Recovery Loans, the Paycheck Protection Program and tips on how to manage your finances now and in the future.

 

 

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