[WEB] UPDATED: Paycheck Protection Program Loan Forgiveness

Highlights

• Define an FTE employee

• Define owner compensation replacement

• Determine who falls within the definition of an owner employee

• Determine what is included in payroll costs and non-payroll costs that may be incurred or paid in the covered period

• Calculate the reduction in an employee's salary that is used in determining the maximum amount of PPP loan that will be forgiven and how to use the savings clause

• Calculate the reduction in FTE employees in determining the maximum amount of PPP loan that will be forgiven and how to use the savings clause to prevent the reduction

• Explain the entries on the PPP Loan form

• Explain the documentation required to be attached to the PPP Loan Forgiveness form when the form is submitted to the lender and the SBA for forgiveness

• Explain the appeals process with the SBA in the event that all or a portion of the PPP loan is not forgiven

Objectives

Participants will be able to use the information provided to assist a client in completing the SBA Paycheck Protection Program Loan Forgiveness application form.  Includes SBA guidance issued on June 22, August 4 and August 12, where the SBA continues to change the interpretations of the rules of the PPP Flexibility Act.