Many small businesses face an uncertain future because of the COVID-19 pandemic. Those businesses that received Paycheck Protection Plan (PPP) loans need guidance around how to qualify for forgiveness of these loans.
With over a million loan applications processed in an historically short period of time, small businesses and their banks must now focus on the forgiveness phase of the program. Unfortunately, this part of the program could be much more complex than the loan application and approval process. Ambiguities about how small businesses can receive forgiveness are creating confusion among borrowers and financial institutions.
When your small business received a PPP loan, you had eight weeks to spend the funds on eligible expenses. If you used the funds to cover payroll, utilities and mortgage or rent obligations, the total amount of these costs may be eligible for forgiveness.
In this session, our banking specialists will provide an overview of the loan forgiveness process and provide tips from the people helping banks implement PPP loan forgiveness processes and systems. In addition, we will provide answers to your loan forgiveness questions including:
• What payments are eligible for forgiveness?
• What are qualifying expenses?
• Can I use the loan to pay myself?
• Can I use the PPP money to pay employees retroactively?
• Do I have to use the money on payroll even if I don’t have work for my employees?
• Do I have to rehire all the same people to qualify for forgiveness?
• What will lower my loan forgiveness amount and how can I avoid forgiveness
In addition to the webinar, we are also offering a limited number of one-on-one COVID-19 SBA loan assistance coaching sessions with small businesses.
Register to learn how you can receive the maximum amount of forgiveness with the least amount of cost and stress.
Senior Director, Banking and Diversified Lending
Business and IT leader with management and hands-on experience in optimizing multi-million dollar, global enterprise IT organizations. Proven ability to leverage the benefits of IT to solve business issues while managing cost and mitigating risk. Spearheaded development and deployment of package software and custom applications driving business efficiency resulting in significant cost savings. Client engagement work includes program management, system selection and implementation, custom software development, global IT strategy, enterprise architecture and organizational change management.
Past Chairman of the Equipment Leasing and Finance Association Operations and Technology Committee, author of multiple industry articles. Capgemini University Qualified Facilitator leading sessions on financial services topics in North America, France and India.