Many of you have applied for the PPP loan being offered by the government/SBA and expect your funds to be available within the next couple of weeks. B.J. Kane & Company, P.C. is advising all of our clients to make sure that any and all PPP funds are deposited into a dedicated Corporate checking account. This means that most of you will probably need to open a second checking account with your current bank. The purpose of having a dedicated PPP account is to have clear and concise tracking of all PPP funds and not to comingle these funds with any other Corporate monies. At some point, the government/SBA will want records and documentation that PPP funds were only used for payroll, rent, and utilities. This will be much easier to prove with a dedicated checking account and will minimize the chances of having to pay back the loan, provided all other requirements were met. Once you open your dedicated PPP checking account, please remember to give your new checking account information to your payroll processing company as well.

If you have any questions or need additional advice, please feel free to reach out to your primary point of contact at B.J. Kane & Company, P.C. Wisihing you all continued health and safety!