June 1, 2020
Hello and welcome to our next installment of Off the Cuff. Today, I’d like to talk a little bit about the loan forgiveness provisions related to the Paycheck Protection Program.
Forgiveness Application
In the last week, the Treasury Department has come out with a loan application for forgiveness, along with additional guidance on how to apply. You can find the application on our resource center, whhcpas.com/COVID-19. In there, you’ll find tips and tricks in applying for the forgiveness. Some unique items were provided within the recent guidance.
The Eight-Week Period Update
You can choose your eight-week period with respect to payroll to start on either on the date you received the funds or the very next pay period starting after the receipt of the funds. The government wanted to assure that you were able to get in a full eight weeks of payroll so that you could maximize the loan proceeds and apply for forgiveness.
Loan Audits Notice
The SBA came out with some guidance relating to the certification process and has noted that all loans under $2 million will be considered certified as intended by the applicant that the applications were true. However, it appears that the SBA will be auditing those loan applications greater than $2 million.
We’re hoping that these videos are timely and informational. Remember to visit our website at whhcpas.com/COVID-19. We’ll be analyzing information as it comes out and checking in with other experts to share the items that will be most useful. Until the next time, stay healthy. Thank you.
Past Off the Cuff Episodes:
Off the Cuff – PPP Tips
Off the Cuff – Intro and the Paycheck Protection Program
By Frank Hambalek, CPA
Partner
Frank specializes in high-level consulting and financial reporting work with medium- to large-sized construction and real estate companies. With his talent in managing systems and people, he has served as an outsourced CFO for many clients. Other specialties include internal fraud prevention, GAAP standards, and new leasing standards.
