Presented on 6/2/2020: The clock has been ticking on the Paycheck Protection Program (PPP) and soon your lender will need your Loan Forgiveness Application. If you’re like most businesses, your 8-weeks might not have gone as planned or is closing with more questions then when you started. Join us as we discuss the PPP Forgiveness process and calculation assistance.
We’ve partnered with local SBA lenders to bring you this platform. Participants will have the opportunity to chat in questions to be answered during the last half of the webinar. Our Christianson PLLP team of experts in Tax, Payroll and Human Resources will be standing by ready to answer live.
The form and instructions (you can access with the button below) include several measures to reduce compliance burdens and simplify the process for borrowers, including:
- Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
- Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
- Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
- Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
- Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined
We encourage you to reach out for support or with questions during the application process. We’re here to help.
Here are the Q&A answers from the webinar: