Eight weeks after receiving your PPP loan, you can apply to have it forgiven. Therefore, when you do apply you need to have everything in order and ready to submit.
While getting the loan was fairly straight forward, the critical part is taking advantage of the forgiveness option. You’ll find forgiveness has some particular requirements attached to it. Make a mistake here, and it’s one you’re going to have to pay back for the next eighteen months. Typically, getting in front of these items is the job of a CFO. But for a lot of companies in the growth stage, that may be a position that hasn’t been filled yet. Maybe the role is not understood from a value perspective. Maybe it’s not the time for a full staff position. Understanding this role and when it needs to be part of a company’s plan is critical.
Do I need a CFO?
Some CEOs consider the CFO as part of accounting or just another piece of overhead. The reality is the CFO is the financial leader of the company. A good CFO brings significant value to an organization. Above all, it’s value that drops to the bottom line in growth, cash management, taxes, profitability, and banking and financial relationships. CFOs know what information the banks and owners want to see and how they want to see it.
What to look for
Ideally, a good CFO should add enough value to an organization to more than pay for him or herself – making the addition a no brainer. With our help, you can start on that path with one of our outsourced CFOs. The same rules apply, and the same advantages prevail using an outsourced CFO. Pay for what you use and let that person help you grow into the company you want to be.