Webinar: Using PPP Loan Proceeds to Maximize Forgiveness
May 18, 2020
On May 18, Nyemaster attorneys Rod Kubat, Eric Fischer and Dustin Miller presented a webinar discussing loan forgiveness under the CARES Act’s Paycheck Protection Program. Issues covered included forgivable expenses, different types of reductions in forgiveness, exemptions, and best practices.
Read these additional Paycheck Protection Program insights:
The CARES Act establishes a new Paycheck Protection Program under the Small Business Administration’s Section 7(a) loan program designed to help eligible businesses stay open and retain employees by providing loans to pay operational costs during the COVID-19 emergency. These loans are forgivable if the borrower complied with certain conditions on how the funds are spent. This program is different from the existing SBA loans and the SBA Economic Injury Disaster Loan (“EIDL”) under Section 7(b) of the SBA Act established under the FFCRA.
PPP loans are available on a “first come, first served” basis and each eligible borrower can apply for only one loan. A summary for eligible borrowers on how to apply for a PPP loan based upon the SBA’s interim final rule.
Since the passage of the CARES Act and the initial Interim Final Rule issued by the Small Business Administration, additional guidance has resulted in confusion for many applicants. Here are answers to seven commonly asked questions about the PPP.
A review of the CARES Act’s standards for loan forgiveness.
This article suggests nine best practices to ensure maximum forgiveness for PPP loans.
The SBA’s FAQ #46 provides certainty to those borrowers with PPP Loans of less than $2,000,000.
The Small Business Administration (SBA) released the much-anticipated Paycheck Protection Program (PPP) loan forgiveness application and we have a look at the most interesting elements from the application and its instructions.