William Brady, DC
Thanks Keith. Please be thoughtful/careful with any loan program. Be sure to understand the details. My biggest concern with this program is the requirement that 75% of the business costs have to be for payroll. Unless you pay yourself through payroll, or have a multiple doctor staff, I would think it is very difficult to hit that large payroll threshold for loan forgiveness. Either way it is a very inexpensive loan, which is good. You do have to compare that with furloughing your employees and having them take unemployment. With the unemployment option you are not paying them to stay home, the government is.
If you don’t meet the 75% threshold for loan forgiveness, then you are borrowing money to pay your employees to stay home. You will have 2 years to pay that back.
I am not a loan expert. Please talk to your loan officer and see the documents for details. Just a perspective to discuss.