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St. Peter CPA Marie Dranttel knows more than most about navigating the federal Payroll Protection Program that provided forgivable loans to business as part of the CARES Act.
The $659 billion in funding was aimed at providing money for keeping employees on the payroll and for some other qualifying expenses. Businesses can get the loans forgiven after documenting they used them for qualifying expenses.
Drantell received a $23,400 PPP loan to help pay her staff.
âIt helped. It paid wages. Thatâs what it was there for and I used it,â said Drantell, who is also a Nicollet County commissioner. âIt was a big help to businesses early on (in the pandemic).â