Paycheck Protection Program Loans

If you are a business owner or self-employed individual, you have likely heard of the Paycheck Protection Program Loans. Have you ever watched the news on Black Friday when they show Walmart opening their doors and crowds of people rushing in and trampling others to get what they want before it is gone? Well, that is essentially what has happened for business owners over the past two weeks in efforts to get their hands on these loans before funds run out.

By now, most of you have at least “entered the doors” by getting your application filed with your bank. Some of you have received the gift you wanted of a new loan. Others have waited stressful night after night with no word of a successful loan.

On April 16, 2020, it was announced that all the toys, gifts and electronics were gone. The funds had run out. Does that mean if you haven’t yet been funded you are out of luck? Not necessarily, we recommend that you contact your banker to see if your application has received SBA approval to have funds allocated to it. If you have received an SBA authorization number, then you should have funds allocated to you and will receive a loan within 10 business days.

For those of you lucky enough to get your gift, now you turn your attention to what you can do to not return the gift. Otherwise known as maximizing the loan forgiveness.There are many nuisances to the guidelines of eligible costs and what that the loan proceeds can be spent on. We expect there to be further guidance issued by the SBA in terms of the guidelines on forgiveness. In the meantime, enjoy your new gift and review our frequently asked questions for additional information.

For those of you who did not get that plasma TV that you woke up at 4am to get, we are hoping that the store re-stocks its electronics. In other words, we hope that the SBA does indeed, as they have indicated, provide an additional $250B of funds to this program as a “round two”. Who knows, maybe the money will be more useful to you down the road when the economy picks up and you can spend more of it on payroll as intended.

Here’s to hoping that every business owner gets the gift they want and desperately need during these unprecedented times. If not during round one on black Friday, then the gift arrives during round two, a bit later at Christmas time. Once you receive your gift, we highly recommend that you work with RDG + Partners to navigate the guidelines of the loan forgiveness and what the loans can be used for. We also got up at 4am on Black Friday, but our purpose was to have a couple extra hours of reading the CARES act and SBA guidance to do everything we can to help our clients through these stressful times.

More information on the Paycheck Protection Program can be found Here.



RDG+Partners wants to be the primary advisor for motivated business owners. The firm is committed to providing boutique level accounting, tax and business consulting services to the Rochester, NY community.