WEBINAR #6: How to Maximize Debt Forgiveness

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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.

Webinar content is intended for educational purposes only. Webinars provide a brief summary based on our understanding and interpretation of current law.  All tax references are to federal tax law only, unless otherwise stated.  The information contained in the webinars is general in nature and is based on authorities that are subject to change.  It is not, and should not be construed as accounting, legal or tax advice or opinion provided by Gray, Gray & Gray, LLP.  The material presented may not be applicable to, or suitable for, specific circumstances or needs, and may require consideration of non-tax factors and tax factors not described herein.  Contact Gray, Gray & Gray or another tax professional prior to taking any action based upon this information.  Changes in tax laws or other factors could affect, on a prospective or retroactive basis the information contained herein; Gray, Gray & Gray assumes no obligation to inform the reader/webinar attendee of any such changes. The material presented is not intended to, and cannot be used to, avoid IRS penalties.  This material supports the marketing and promotion of accounting services.  Seek advice based on your particular circumstances from independent tax, legal accounting, insurance, investment and financial advisors.

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