PPP Loan money

1

Hi Chip and Paul,
You guys are awesome.
Just now got an email from BofA that our loan has been approved. Yeaaaa.
Now my questions are

  1. Will SBA start counting the 2.5 months from the time they deposit the money in our bank?

  2. Legal Q.- Our payroll company does a direct debit from our main bank account for payroll which IS NOT BodA. Should I ask the Payroll company to have them set the direct debit from Bank of America going forward? Otherwise if the fund deposited by SBA in BofA is not used while we keep on using the money for Payroll from out other bank then won’t the SBA question that?

  3. HR question- We have reduced the hours of 4 of our full time support staff to half day from 3/27/20. The doctors and biller are still doing full time 40 hours a week. How do I go about the payroll for the half day for support staff or should I pay them 75% of their full time salary with this money even though the office is only open half day.

Thank you all so much for your support.
Keep up the excellent your.
Stay safe,

Piyali S.

2
  1. The Covered Period is 8 weeks, not 2.5 months, from the day you first receive the funds.
  2. This is not necessary. As long as you keep good records, you can pay payroll out of your usual account then reimburse yourself for the approved expenses out of the PPP account.
  3. To optimize your chances at maximum forgiveness, you should pay them at least 75% of their usual full-time wages. You can see how much you can reduce their wages by using a spreadsheet like this or one of the online tools.
2 Likes
3

What @SKB said!

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4

Thank you so much Dr. Berman

5

Thanks Chip. Looking forward to the 8th webinar.
Sorry to bother you, but would like to know also whether EMR company’s payment, FAXAGE company, Nurse Triage company and Answering service will fall under utilities?
Thank you.

6

I don’t think so, unfortunately.

7

Thank you Chip.