Chaney & Associates

For a few weeks, it's the ONLY thing we were talking about. Now that the dust has settled, it's amazing to see just how many churches and nonprofits were able to continue to meet community needs during the pandemic.

Great summary of the key changes made by the PPP Flexibility Act.

The PPP Flexibility Act has passed the house, but still needs to pass the Senate and Receive the President's signature. This bill seeks to expand the covered period from 8 weeks to 24 weeks, and will relax spending requirements on payroll from 75% to a 60/40 split. This is sure to be a huge benefit to churches and small businesses. We still have our calculator tool available to track expenses, and will update it according to the 24 week rule if the bill passes. You can access... it for free and start tracking now by clicking the link below. https://zfrmz.com/pTcXebvl6xPgYfocITC9 Stay tuned for more updates as things continue to change.

Funded for the PPP loan but not sure what to do next? From qualifying expense tracking, to FTE calculations, to figuring out which covered plan to use, the process is anything but simple. That's why we've created a tool, and made it available FREE to use, that will hopefully simplify things and help you reach 100% loan forgiveness. https://zcu.io/LALN You may recognize this tool if you downloaded our original PPP loan calculator. We have updated it to include a variety of forgiveness tracking, planning, and projection features. Simply fill out the form and you will be redirected to the tool. We've included instructions and a training video within the tool.

There are so many questions surrounding the PPP that we could have spent hours more just trying to get to them all. Here are a few of those questions that we were able to answer during our last webinar. 00.00 - If someone leaves, how does this affect the 25% payroll reduction rule? 00.40 - What’s the timeframe we have to use the $$, and can we prepay payroll? ... 03.25 - FTE Recap. 04.50 - Is ER on payroll based on employer expenses? 05.45 - Is monthly liability payment a qualifying expense? 07.20 - What is included in utility costs? 08.00 - Reminder to be reasonable with spending. 09.08 - How will the government audit all this? 12.05 - Can these funds be used only on full time employees? 13.28 - What will the forgiveness process look like? 14.45 - What if we have extra $$ at the end of the 8 weeks? 16.15 - Wrapping up - Thanks for watching!

When applying for PPP loan forgiveness, documentation is going to be crucial. In this video we're going over best practices on how to make sure you are clearly documenting and organizing all expenses properly.

The SBA has mandated that at least 75% of PPP funds go toward payroll expenses. This short video covers how this will be measured/tested.

When it comes to PPP loan forgiveness, there will be two main tests: 1. Did you spend the loan $$ on qualifying expenses 2. Do you pass the FTE test In this video, Tim and Steve go over how to manage your headcount and meet the FTE requirements for maximum loan forgiveness.

When spending PPP funds, tracking is going to be crucial. One way to do this will be to open a separate account for the funds, and transfering $$ when you incur qualifying expenses.

Tim and Steve discuss the importance of having your books in order prior to receiving the loan, as well as the value of maintaining organized books throughout the covered period.

While the Paycheck Protection Program is at a standstill, there are a few different options available to assist through these times. 1. EIDL Grant 2. Payroll Tax Credits - FFCRA 3. Expanded Unemployment

Here's an update on the status of the PPP loan from our most recent webinar with Tim and Steve. If you haven't had time to watch the entire recording we will be releasing a series of clips from the main video.