The Paycheck Protection Program (PPP) portion of the CARES Act is providing millions of small businesses with assistance in meeting payroll during the economic disruption resulting from the COVID-19 pandemic. One of the most beneficial provisions of the PPP loan program is the potential forgiveness of the debt for those businesses who follow Small Business Association (SBA) guidelines for the use of the loan proceeds.
But questions about how much money is available, what the loan proceeds can be used for, and how much might be forgiven have received conflicting and varying answers. The SBA has recently issued new guidance that clears up much of the confusion about who is eligible and what costs are allowable to comply with the loan forgiveness provision of the program. Briefly, PPP loans can be used to pay:
- Payroll costs
- Owner compensation replacement
- Mortgage interest payments
- Rent or lease payments
- Utility payments
During this webinar, Gray, Gray & Gray discusses how to help small businesses who have applied for a PPP loan to better understand their use of the proceeds and potential qualification for loan forgiveness. Learn how to properly manage, verify and document your spending to maximize the amount of the PPP you may have forgiven by the SBA.
Please complete the brief form below to access the “WEBINAR #6: How to Maximize Debt Forgiveness” recording.