As of July 6, 2020, approximately $517 billion dollars have been issued in the form of PPP loans. While the program has been riddled with problems, confusion, and myriad changes, the reality is, it is largely hitting its mark in providing small businesses with the funds necessary to weather the coronavirus storm.
Now that the dollars have been dispersed, the focus is turning to loan repayment and forgiveness.
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020, providing PPP loan borrowers flexibility in obtaining forgiveness on the PPP loans, in some instances making it easier to obtain full forgiveness of the loan.
With the application deadline now extended until August 8 and an influx of new applications expected, PBI has invited a duo of business and tax professionals to answer some of the most frequently asked questions about both programs.
Join the pair for a lively discussion on the most talked-about provisions of both programs:
- Considerations for requesting a loan
- PPPFA provisions – what has the new Act changed?
- Eligibility and considerations for loan forgiveness
- Applying for loan forgiveness: how soon can you do it?
- Preparing to be audited
- What’s next?
Recorded live on July 28, 2020.