EDITORS’ NOTE Paul Goodman, MBA, PFCI, and Derrick Myers, CPA, CFP, PFCI, love a good financial management challenge, however big or small. Send your questions to fmeditor@safnow.org, and we’ll challenge the experts to tackle them in an upcoming article.


Paycheck Protection Program Forgiveness FAQs


Advice on how to make sure


you understand the shifting


mandates of PPP BY PAUL GOODMAN, MBA, PFCI


discussing with your lender. Here are the biggest modifications: O


1. Amount required to be spent on payroll. Originally, participants were required to spend at least 75 percent of the money borrowed under the PPP on payroll costs. This threshold was lowered to 60 percent. Payroll costs are defined as gross payroll (not including company portion of pay- roll taxes) plus company paid benefits for health insurance and retirement plans. You can now spend up to 40 percent of the funds received on rent, utilities, and interest on mortgages. Each of these three obligations must have been in place by February 15, 2020, to qualify.


36 FLORAL MANAGEMENT | July/August 2020 | WWW.SAFNOW.ORG


n June 5, the Paycheck Protection Program (PPP) Flexibility Act was passed, which made several modifications to the original program that are beneficial to most florist business participants. There were four major changes that you should note, as well as several small adjustments worth


SHUTTERSTOCK/ VISUAL GENERATION


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