The SmallBizChat Podcast: Understanding PPP Loans with Dawn Brolin

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Dawn Brolin is a certified public accountant, fraud examiner, and the Chief Executive Office of Powerful Accounting, a nationally recognized accounting, tax, and consulting firm. Dawn has in-depth accounting and business expertise, working in the field for more than nineteen years. She is a QuickBooks expert, a former member of the Intuit Accountant Advisory Council, and a speaker with an entertaining style at webinars and live conferences. She has a Bachelor’s degree in Business Administration and a Master’s in accounting from the Eastern Connecticut State University. Her accolades include being named Top 25 Most Powerful Women in Accounting and selected as a Top 40 Under 40 by CPA Technology Magazine in 2009.

Dawn joins me today to discuss the Paycheck Protection Program loans and small business finances in light of the COVID pandemic. Dawn discusses the problems surrounding the first release of PPP loans and why many sole proprietors did not get access to PPP support. We discuss doing things the right way going forward, including financial reporting and bookkeeping, and having a legitimate business with a business bank account and EIN. Dawn shares the paperwork that every business should hold in a permanent store and where you can find bookkeeping services at an affordable price. She also discusses taxes on self-employed unemployed payments and what you need to consider if you are contemplating making a 401k withdrawal.

“The world will never, ever be the same after COVID. Period. And because of that, if you’re a small business owner, you need to change the way you approach your business.” – Dawn Brolin

Listen to the podcast below:

Here’s what you’ll learn in this episode:

The problems of the first round of PPP loans and PPP fraud
How some small business owners took PPP loans and did not do the right thing with the money
Why only five million of the 28 million small businesses got PPP loan money
The paperwork you need to qualify for government-funded resources
Why small businesses need to change the way they approach their business
How to store your financial paperwork and the documents you need to keep in your permanent file
Affordable solutions to get started with bookkeeping
The latest rumors on PPP loan forgiveness
Why you should start preparing your finances now, ahead of election time
Why it is vital to run a legitimate business with an EIN and a business bank account
Why you should opt for having taxes taken out when applying for unemployment
The waiving of penalties on drawing on your 401k and why you need to be smart about taking those withdrawals