Editor’s Note: An earlier version of this article ran on ATM Marketplace, a sister publication.

You spent hours compiling information and filling out forms to be considered for the Paycheck Protection Plan. You crossed your fingers every time the phone rang or the mail arrived. You met with your bank and your accountant and your employees and then you waited. And waited. And waited.

And like the perfect ending to a Disney movie, you discovered you were the recipient of a PPP loan. You got the golden ticket!  You can finally breathe a sigh of relief. You’re approved. Let the funding begin, right?

Well before you start high-fiving everyone around you, keep in mind that being approved is just the first step of this brand-new process. And it’s a process that is still being formulated, argued over and interpreted on a day-by-day basis. The Small Business Administration itself, the administrator of the program, was changing requirements at the 11th hour for the second wave of funding. Why? Because this process has no precedence. There’s no book that explains how to manage a PPP loan in a global pandemic. Although the process may seem chaotic, everyone at least is on the same learning curve together.

Communication is a key concern for everyone. Although the SBA site has a lot of information with the intention to help borrowers and lenders navigate the ins and outs of the funding program, it can be both confusing and overwhelming to sift through the information. For instance, the SBA’s  Frequently Asked Question  page for the PPP reads almost like a law brief.  Here is a sample of one of the questions as well as its answer.

Question: The affiliation rule based on ownership (13 C.F.R. 121.301(f)(1)) states that SBA will deem a minority shareholder in a business to control the business if the shareholder has the right to prevent a quorum or otherwise block action by the board of directors or shareholders.  If a minority shareholder irrevocably gives up those rights, is it still considered to be an affiliate of the business?

 Answer:  No. If a minority shareholder in a business irrevocably waives or relinquishes any existing rights specified in 13 C.F.R. 121.301(f)(1), the minority shareholder would no longer be an affiliate of the business (assuming no other relationship that triggers the affiliation rules).

If you’re trying to decipher the text, you’re not alone. So, what’s the best possible way to navigate through this informational legalese? Bring someone on board who speaks the language.

 If you received a PPP loan, chances are you had a tax professional lend a hand. If you didn’t, pat yourself on the back and consider becoming a CPA because even the savviest of business professionals seemed to struggle with calculating the percentage of payroll costs over an eight-week period and understanding the ever-changing rules of PPP funding.  

Bringing a tax professional on board may seem like an unnecessary expense, but it can ultimately be a time and money saver. Tax pros can be instrumental in deciphering legal lingo and help maintain the documents necessary for loan forgiveness.

Even if you haven’t seen any information on what documentation you need to provide for loan forgiveness, you can bet at some point, you’re going to have to produce it. Forgiveness for the PPP loan will only go to businesses that use the funding for the intended purpose, which is payroll, rent, mortgage interest or utilities. However, forgiveness will only be granted if you can document that all your employees were kept on the payroll for eight weeks and no more than 25% of the funding went to non-payroll costs. And since you’ll be busy trying to get your business up and running again, let the tax pro deal with the documentation. Finance gurus have even suggested getting separate bank accounts for your PPP loan so expenses can be easily tracked and documented. Not a bad idea and one probably most lending institutions would be glad to help you with.

In the coming weeks, let’s hope more small businesses will be able to get the funding they need to survive and that the rules, regulations and information about the PPP will become easier to understand and interpret.

But just in case, I’d keep a tax professional on speed dial.