“If you’re counting on loan forgiveness for that money, you will need to make sure your payroll remains at its current level – or maybe even higher – in the months after you receive the funds, even if your revenue is lower,” Carlson, the founder of Ad Meliora Consulting, said.

“We’re not suggesting it’s a bad idea for shops to apply for the program,” McCreight of Collision Resources said. “But it’s important to understand going in what determines whether you may need to repay the loan or can have it forgiven.”

The factors that play into that decision will be one focus of an April 15 webinar McCreight and Carlson are hosting. The free, 45-minute webinar is entitled, “Now That I’ve Applied for My PPP Loan, What’s Next?”

“We’ll share updates on the PPP and some simple calculations that may improve the likelihood you will remain eligible for loan forgiveness,” Carlson said.

The webinar will also include information to help shops project and protect profits if revenues remain lower and on how to determine when it makes sense financially for a shop to close temporarily during the pandemic.

“We’ll also walk through some specific things you can do during the slowdown to become a better leader and to strengthen your business,” McCreight said.

The webinar will take place at Noon (Eastern) / 9 a.m. (Pacific) on Wednesday, April 15. Visit www.CollisionResourcesInc.com to register.

Carlson and McCreight each have more than two decades of experience helping body shops grow and improve through business coaching, software solutions, and marketing and management services. For more information, visit www.collisionresourcesinc.com.