Ask an Expert: PPP loan program expanded, what this means for small business

Coronavirus

MOBILE, Ala. (WKRG) — Erin Jones, CFP with Wilkins Miller talked with News 5’s Devon Walsh Wednesday about the growing concern for small businesses affected by COVID-19.

The U.S. government expanded the small business loans and grants Monday, allowing more people to apply for loans and grants through the PPP program.

“We are now seeing a lot more businesses that are getting funded by the loan programs,” said Jones. “One of the biggest things we are encouraging our clients and friends to do is to track those funds separately if you can in a bank account so that you know you are using those funds for qualified purposes if your goal is to maximize the forgiveness of those amounts.”

The goal of the funds is to continue the operation of businesses. Owners that use the funds for rent, bills, payroll, over the 8 week period would not be required to pay that money back.

The SBA published guidelines on how to calculate the loan amount for payroll costs.

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