Accountfully Blog

Accountfully Webinar Recording:  PPP Loan Forgiveness

Written by Brad Ebenhoeh | May 22, 2020 12:20:00 AM

The PPP Loan Forgiveness Webinar was a greatly helpful resource for business owners looking to better understand what needs to be done to maximize the loan forgiveness opportunities available for the PPP Loan.  Host Brad Ebenhoeh took the time to review important deadlines, items and answered the many questions that came up during the broadcast.

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A quick recap, for those who missed the initial announcements:  In this presentation, we discussed:

  • SBA published application form and schedules to apply for forgiveness
  • Details on reduction in loan forgiveness due to reduced headcount and reducing wages
  • Safe harbor rules to get headcount and wages back to normal by June 30, 2020
  • Restrictions in owners/partners payroll as part of forgiveness
  • Decisions that need to be made ASAP to maximize forgiveness
  • Other relevant updated details on PPP & EIDL programs
  • Addressed any questions from our clients and followers submitted during the broadcast

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If you missed the event, that's OK - we've got you covered.  You can access both the recording of the webinar and download the helpful workbook that Brad used as an example to help calculate loan forgiveness amounts.

**A few updates or edits on the content:

1) Alternative Payroll Covered Period -- In order to elect this, you need to have bi-weekly payroll or more frequent (like weekly). If you have monthly or semi-monthly, you are unable to select this.
2) Owner's Compensation can be included in the loan forgiveness calculation, but it can only be the maximum of the 8-week equivalent of that owner's 2019 payroll.
3) Owner Employees cannot be included in the headcount calculations for FTE. Because of this, they should not be included in the calculation regarding the covered period & reference period for comparison. This will impact the overall FTE quotient calculation. Specifically, what does it mean to be an owner employee has not been fully defined.
 
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