Most of the veterinary hospitals already exhausted their PPP loans by now.
What is the next step?
If you received your PPP loan before June 5, 2020, you have a choice to use 8 weeks period to use the funds or a 24-week period. Those periods are also known as a covered period. If you have received the funds after June 5, 2020, only a 24-week period is available. Just a reminder the funds will
qualify for forgiveness if they were used for qualified expenses. The full name is Paycheck Protection Program. The loans were meant to keep employees employed and cover their pay. Payroll expenses are eligible, retirement contributions paid by the company, employer portion of health insurance, and other nonpayroll eligible costs like rent, utility payments, and more. There is a very good chance if you go with a 24-week period, the full loan will be exhausted on wages unless a major difference in pay or number of employees occurred. For more details on which expenses qualify please tune in to our episode 5 and episode 6 where we discuss those in more detail. How to apply for forgiveness tune in to our episode 9.