May 20, 2020
Throughout the last few weeks, we talked extensively about the CARES Act and the paycheck protection program. This week, we have another exciting episode with more updates on the paycheck protection program. A few days ago, the SBA released the PPP forgiveness application. Grant is here today to talk about what numbers they’re going to use to determine whether you’re eligible for forgiveness and how much will be forgiven. Stay tuned until the end of the episode, where Grant shares some opportunities that have come up as a result of this updated guidance.
[04:33] Take Action ASAP – Why you should take a look at this application and run your numbers as soon as possible.
[07:04] Application Structure – Grant explains the components of the application.
[09:34] Non-payroll Expenses – Grant starts a detailed explanation of the application with what you should consider when you include non-payroll expenses in the application.
[12:30] Payroll – How to include payroll and payroll equivalent expenses, and tips for documenting payroll.
[16:58] Section Two – Grant reviews the second section of the application, where we determine whether the forgiveness on the listed expenses will be reduced.
[19:23] Clarifications & Options – Clarifications for some of the ambiguities surrounding full-time equivalent employees and available options for calculating full-time equivalent employees.
[24:50] Re-hiring Employees – Options for employees you have laid off.
[30:14] Planning Opportunities - Grant shares his take on some of the opportunities you can use to make the best of the forgiveness program.
Resources:
Download PPP Forgiveness Application: bit.ly/2LKHU3u
SBA’s PPP FAQ for Lenders & Borrowers: bit.ly/2ZlXTwY
The CARES act: bit.ly/39x1A47