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Posted on: February 4th, 2021

How Your Business Can Use PPP-2 Loans and Qualify for Forgiveness

The second round of Paycheck Protection Program (PPP-2) loans are about to roll out. If you’re planning to apply, it’s important to understand that the federal government has made some changes to the requirements for this round.

In order to qualify for a PPP-2 loan, your business must:

PPP-2 loan applications are being accepted from January 19 through March 31. If you’d like to take advantage of this opportunity, it’s crucial that you begin the application process right away to ensure you don’t miss the deadline.

Criteria for Getting Your PPP-2 Loan Forgiven

paycheck protection program (PPP-2) loan forgiveness application

You may be eligible for loan forgiveness if you meet the following criteria:

The “eligible costs” that will qualify for loan forgiveness include:

This is a significant change from the first round of PPP loans. You’ll now be able to spend up to 40% of your PPP-2 money on technology expenses associated with keeping your business going and still receive loan forgiveness. This might include:

As long as you’re able to demonstrate that your 40% of allowable expenses beyond payroll are necessary for your company to be successful, you should be able to qualify for loan forgiveness.

Upgrade to a NetSuite ERP System with Your PPP-2 Loan Money

Cloud computing services such as an enterprise resource planning (ERP) system provide tremendous benefits to your business, allowing you to automate many aspects of your operations. This can simplify your processes and reduce your overall costs. By using 40% of your PPP-2 loan to fund your ERP system, you can make a serious upgrade to your technology with a minimal expenditure of your own financial resources.

NetSuite has become the leading ERP system on the market. This cloud-based solution will allow you to:

Your business will experience a variety of important benefits from using NetSuite, including:

In addition, the software will manage a variety of important applications, including:

NetSuite provides an ideal solution for small to mid-sized businesses. Eliminate the use of multiple platforms and streamline the way you gather your data and run your business. By keeping all of your data on the cloud, you avoid the need for ongoing upgrades and eliminate IT hassles.

Prophet One Can Help You Get the Most Out of Your ERP System

Maximizing your ROI on an ERP system such as NetSuite can be challenging. Installation and setup are complicated, and ongoing management of your business applications takes a bit of savvy. At Prophet One, we have the experience necessary to help you implement your new ERP system. We’ll create a roadmap that allows you to harness the full power of NetSuite in a way that maximizes your results and boosts profits.

We’ve created our exclusive Client First Integration™ Approach to help you achieve better outcomes. We accomplish this by:

Our top priority is to provide the smart tools and systems that will allow you to make your business more successful. This is why your unique needs will drive the solutions we create for your business. By building a lasting relationship with you, we’ll help ensure your new system not only meets your current needs, but accommodates the directions your company takes as it grows over time.

Please contact us today to schedule a consultation.

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