PPP Advice for restaurant operators By Matt Hetrick
Guidance from CPA Eats breaks down Paycheck Protection Program (PPP) Editor’s comment: The following insights are attributed to CPA Eats, used with permission from the firm. They are edited for conciseness.
If you received the Paycheck Protection Program (PPP) loan, the decision to keep the loan will come down largely to working capital on hand and your expectation of being able to achieve forgiveness. We highly recommend depositing the PPP loan funds into a separate bank account and spending them only on qualified expensespayroll, rent, and utilities, generally. If you spend the funds, keep an accurate accounting of every dollar spent. Determine whether you need an immediate cash infusion from PPP funds by examining your working capital, cash on hand, money in the bank, operating status and sales. 20 District Restaurant News
