Paycheck Protection Plan (PPP) Loans – Refresher and Update
PPP loans continue to make headlines as the SBA continues to publish loan forgiveness clarifications. Some banks may be suggesting you submit forgiveness applications now while others have yet to begin their forgiveness process, but borrowers have ten months from the end of their covered period to submit loan forgiveness application – that time is not yet up. We’ll discuss whether you should be in the first wave of forgiveness applicants or if it might be worthwhile to wait for additional clarification.
Topics for discussion:
• Review which expenses qualify for forgiveness
• Review of the forgiveness calculations & process
• Clarify documentation needed for your forgiveness application
• What borrowers should be thinking about as we approach forgiveness
• Status of full deductibility of PPP loan expenses