Every day dealers contact me trying to figure out how they can “game” the forgiveness portion of the PPP loan. My response, “quit being an ass and stop being so greedy!”.
The PPP loan program was designed to accomplish a few things:
– Allow businesses to continue to maintain pre-pandemic staffing levels (even if your employees aren’t working) through the end of June
– Give businesses the ability to continue paying their employees a reasonable wage for an 8 week period
– Provide some funding to cover rent, utility, and some interest payments
The PPP loan program is not designed to replace lost operating profits. It’s purely to get us past what could be the worst part of this pandemic without driving up unemployment to depression era levels.
If you want to game the PPP loan (without committing a felony) here is my 3-step plan
1 – Stop trying to figure out how to game the PPP program
2 – Focus on your business, identify any opportunities, and work on selling vehicles like your life depends on it (it probably does)
3 – Maintain your staffing levels and keep paying your employees
Do that, and when it comes to calculating your loan forgiveness %, you’ll find that you came out ahead.
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