This podcast hosted by Dr. Justin Trosclair talks about paycheck protection program and other loans that help with employee payments and business expenses.
A percent of the loan has to be for employees (75%) and the rest can go for expenses like rent and commercial mortgage interest and other expenses . However if it is less than that 75% spent on payroll, then the difference becomes a loan. Right now the amount of money you can receive is the employee salaries times 2.5.
Also, you can’t fire people or reduce salaries. Make sure you have great records and book keeping. Also, tax filed plays a part in the application process. If they quit, what can you do so you don’t get this forgiveness turned into a two year loan with a 1% interest rate after all.
Show notes can be found at https://adoctorsperspective.net/152 here you can also find links to things mentioned and the full transcript.
If you like to talk to Dr. Justin and see how he can help with Paycheck Protection Program, loans and etc. Call the number Tel:13374535199 or schedule here http://www.drjustintrosclair.com/bookonline.
