Modernize Your Business with PPP2 Loan

Round two of the Paycheck Protection Program (PPP2) allows you to use PPP funds to purchase IT Cloud Services and have the fees completely forgiven!!

While the majority of your PPP funds still need to be spent on payroll (60%), one of the biggest changes in the new round of PPP is the ability to spend up to 40% of funds on other types of pandemic related expenses. Specifically, the “covered operations expenditures” category allows PPP funds to be used to pay for cloud services that run your business.

The PPP defines “covered operations expenditures” as follows:

“payment for any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records and expenses;”

PPP2 creates an interesting opportunity for small to midsize companies to modernize their operations via the use of cloud technology.

Here are a few of the cloud products that are covered:

  • Email delivered via Microsoft 365
  • Data Analytics powered by Microsoft PowerBI to provide insights into your business and start the automation journey for your small business
  • Microsoft Azure for running server workloads outside the walls of your organization
  • Microsoft Teams for calling, file collaboration and communications, and
  • Windows Virtual Desktops to power your Windows desktops from the cloud.
  • Offsite Data Backup Solutions
  • Cloud Based Business Phone Systems (Voice over IP)
  • Secure Cloud File Sharing Solutions
  • QuickBooks Online Solutions

If any of these items have been on your radar to implement, now is the time to start planning because the timer starts for expenditures on the day you receive your PPP funds and you only have at most a 24-week window to spend the funds and achieve full loan forgiveness.

Do not let time run out on this great opportunity to modernize your business and have the costs forgiven. Please call us or use the contact form on the right side of the screen to schedule an appointment today.

This round of PPP funding will conclude after March 31, 2021, so make sure you apply before it’s too late!

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