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Webinar RECAP: Manufacturing and PPP Loan Forgiveness

Webinar RECAP: Manufacturing and PPP Loan Forgiveness

Webinar RECAP: Manufacturing and PPP Loan Forgiveness
June 23, 2020 I 1:00p.m. ET

MATERIALS

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OVERVIEW

Signed into law on March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides vital financial relief to the manufacturing sector during this challenging period. For manufacturers, understanding the Paycheck Protection Program (PPP) – the Small Business Administration (SBA)-administered employment stabilization component of the CARES Act – can help make business-critical decisions.

Another option is the SBA’s existing Economic Injury Disaster Loan (EIDL) program, which was expanded by the CARES Act and provides for longer-term loans with favorable borrowing terms. Companies in all 50 states, the District of Columbia, and some U.S. territories are eligible for EDILs relating to economic injury caused by the COVID-19 pandemic. While EIDLs do not offer loan forgiveness provisions, businesses that have already applied for or received EIDLs due to the COVID-19 pandemic can seek to refinance their EIDLs under the PPP to take advantage of the PPP’s loan forgiveness provisions.

Many manufacturers have already worked with a SBA lender and have had their loan either submitted, accepted or funded.

The big issue now: how to maximize PPP loan forgiveness.

Join Herbein for an up-to-the-minute “Forgiveness Update” to take a deep dive into the complexities of loan forgiveness. Expect an in-depth discussion on various tax implications enacted under the CARES Act that may impact manufacturers, along with a  look at how the pandemic has impacted the manufacturing industry and how to adapt.

Attendees will learn about: 

  • Cares Act Tax Provisions for Manufacturers
  • Allowable PPP loan expenses
  • Allocation strategies to boost your balance sheet and cash flow
  • Best practices for documentation and third-party verification to ensure spending meets PPP loan forgiveness requirements
  • Forgiven PPP loan tax implications
  • Overall impact of the Covid-19 pandemic on manufacturers

Manufacturing & PPP

PRESENTERS:

  • Christopher Kunkle, CPA – Senior Manager
  • David Peritz – Senior Manager
  • Michael Hermes, CPA – Manager

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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. 

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