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SBA Releases PPP Loan Forgiveness Application

  • by CWA
  • •    May 17, 2020
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Watch our new webinar for an overview on what this means for borrowers

The Small Business Administration and Treasury Department on Friday released the application for business owners to have their Paycheck Protection Program loans forgiven.

Although we are still waiting for additional guidance from the SBA on forgiveness criteria, the release of the application offers some clarity on a few important items. It also gives us the ability to see exactly what borrowers will need to fill out and the documentation that will be needed to receive forgiveness on the loan.

In our new webinar, CPAs Judson Crawford and Scott Clynch discuss the forgiveness application and summarize the following key takeaways for borrowers:

  • Alternative payroll coverage periods
  • Calculating full-time equivalents
  • Owner-employee compensation forgiveness
  • Loan reductions for salary or hourly-wage reductions
WATCH THE WEBINAR

Most importantly, there are no immediate action items for borrowers in the SBA’s release. The borrower will have until Oct. 31, 2020, to complete the application and submit it to their lender, who will ultimately be responsible for assessing forgiveness. The process can be completed electronically.

In the meantime, watch the webinar for additional clarity around forgiveness and to stay prepared with your documentation.

WEBINAR: What You Need To Know About the New PPP Loan Forgiveness Application

LINKS TO RESOURCES MENTIONED IN THIS WEBINAR:

SBA WEBSITE: Paycheck Protection Program Loan Forgiveness Application

CWA BLOG: PPP Qualified Expenses

LETTER TEMPLATE: CEDR HR Solutions Rehire Letter (immediate download)

Our advisors can help you sort through the uncertainty. Learn more about our services:

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Cain Watters is a Registered Investment Advisor.  Cain Watters only conducts business in states where it is properly registered or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.  Request Form ADV Part 2A for a complete description of Cain Watters investment advisory services. Diversification does not ensure a profit and may not protect against loss in declining markets.  Past performance is not an indicator of future results. 

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