Navigating PPP Loan Forgiveness
How to maximize loan forgiveness and understand the implications of new flexibility rules
June 25, 2020 | 1p.m.
MATERIALS
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OVERVIEW
Established by the Coronavirus Aid, Relief and Economic Security (CARES) Act signed into law on March 27, 2020, the Paycheck Protection Program (PPP) offers low-interest loans to help keep small businesses afloat during the COVID-19 pandemic. Administered by the Small Business Administration (SBA), PPP loans are potentially forgivable if businesses use the money for approved purposes.
The SBA initially required borrowers to use at least 75% of the loan to cover payroll to qualify for forgiveness. Many small businesses advocated for a change to this requirement, which prevented them from using the bulk of the funds to cover expenses such as rent, utilities and vendor payments. On June 3, President Trump signed a Senate-approved bill into law that made changes to program, which included reducing that requirement, among other updates.
Herbein is pleased to offer this webinar designed to clarify the large volume of PPP information and how to maximize loan forgiveness, including the role of expense tracking and documentation requirements. Herbein will provide an up-to-the-minute overview that will help attendees sort through the details of the PPP’s loan forgiveness requirements.
Attendees will learn about:
- Managing PPP loan proceeds
- Managing documentation for loan forgiveness
- Understanding the PPP loan forgiveness process and new flexibility in PPP loan forgiveness, including relaxed restrictions on how the loan money can be used and an extended period to use the funds.
- Full-time equivalent employees
- Pulling it all together
PRESENTERS:
- James A. Michalak, CPA, CITP – Partner, Chief Information & Digital Officer I Herbein + Company, Inc.
- David E. Peritz, CPA – Senior Manager | Herbein + Company, Inc.
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Coronavirus Resource Center: Have more questions about the impact of COVID-19 on your business? Visit Herbein's Resource Center for up-to-date information.
