The organizational impact of COVID-19 has given way to a variety of relief provisions. These relief provisions are designed to help keep employees on payroll, maintain operations and keep the doors open in the wake of the pandemic.
One of the most popular options for relief provision funding is the Paycheck Protection Program (PPP). Paycheck Protection Program loans are available to assist organizations in maintaining a workforce during the COVID-19 pandemic. While initially structured as a loan from an SBA approved lender, a recipient can take steps to achieve potential or total forgiveness of the PPP loan. A key provision for the PPP loan forgiveness is that the majority of the funding (75 percent) must be used for eligible payroll costs.
Maximize Your Loan Forgiveness Now
Steps to Maximize Loan Forgiveness
While many organizations may qualify for some level of forgiveness through the PPP loan program, good planning and proper documentation can help ensure you maximize your loan forgiveness potential.
Key steps include:
PPP loan forgiveness will be complex.
With more guidance issued related to PPP forgiveness criteria, it’s important to understand how to get the most return.
While one of the most popular relief programs, the PPP has also caused substantial confusion as guidance on both eligibility and forgiveness continues to be issued. We have developed tools and resources to help organizations understand this guidance and how it impacts them and their PPP funding.
PPP loan forgiveness continues to be a constant topic of discussion among borrowers, lenders and business advisors alike. Guidance continues to be issued regarding PPP forgiveness and eligibility. Eide Bailly’s Adam Sweet has been monitoring the PPP and will provide weekly updates on what to do and what to expect.