This is the 21st edition of my New Regular series, which is devoted to helping your business survive and thrive to the other side of the weirdest year in the experience of any living person. Normal “put a lid” on itself around the end of March and hasn’t surfaced since.
Earlier this year, to capture what small businesses were going through in 2020, I coined the Three U’s of the Apocalypse: an Unprecedented coronavirus pandemic, precipitating an Unprecedented economic shutdown, necessitating Unprecedented direct government assistance. What follows is a report on changes to the terms of that assistance.
As the CARES Act was signed into law by President Trump on March 27, I posted a preview of the most likely way your business would be impacted by it. A few months later, I updated that information with the new terms of the Paycheck Protection Program (PPP).
So, it’s now time to update that update, with new PPP forgiveness and repayment rules. We’ll span from the old rules to the new, including what you’re expected to do and when you’re expected to do it. My purpose here is to make you better informed when talking with your banker and financial advisor to wrap up these transactions. But first, 60-seconds of history.