For any business owner who’s taken a PPP Loan, you know exactly how challenging the application process was. Now that you may be looking to get that loan forgiven, unfortunately, the forgiveness application isn’t any less challenging or confusing. On top of that, if you don’t apply correctly, you will have to pay all the money back.
In a new episode of Absolute Trust Talk LIVE, we are happy to welcome guest Ed Gines, PPP Loan expert, and founder of Strategic CFOs. As the top resource supporting small business leader clients with high-level accounting supports and insights, Ed brings a wealth of information on each step of the PPP Loan forgiveness process like specific time limits, forgiveness percentage calculations, income caps, and more. If you feel like you’re lost in the process, unsure whether a PPP Loan is right for you or need help with the forgiveness application, this episode is for you. Ed’s expertise will ensure your loan is forgiven in full. Listen In!
Big Three from Episode #046:
- Look out for the words FTE Reduction Quotient – Watch out for these words and ask your accountant!
- Remember “Safe Harbor 2”
- PPP Loans and Loan forgiveness is complicated, but there is help – don’t struggle, get the forgiveness you deserve and ask for professional help.
Time-stamped Show Notes:
4:26 – What are some basic things that businesses should know about PPP Loan forgiveness?
6:22 – When is the ideal time to apply for forgiveness?
7:55 – Ed discusses how to calculate or figure out what percentage of you PPP Loan can be forgiven
10:48 – What is a cover period vs. a comparative period?
14:15 – What requirements – calculations, information, and data are required for forgiveness?
17:20 – Ed and Kirsten discuss the importance of spending the minimum amount of money on payroll in a specific 24-week time frame
23:20 – These are the application forms that you should know about for PPP forgiveness
27:18 – When does a business have to repay the portion of a PPP Loan that is not forgiven?
28:22 – How does an employee who was laid off during COVID and didn’t come back impact your forgiveness?
29:50 – Do bonuses paid out to employees’ impact percentage of forgiveness?
31:03 – Do employer 401k’s count in the forgiveness calculation?
Reference Guide 6:
Guest Resource Guide: Paycheck Protection Program Phases & FAQs
Did you know that over 80% of businesses are confused by the entire PPP Forgiveness application process? Yes, that’s right; you are not alone. Today’s guest, PPP Loan expert, Ed Gines, gives exclusive access to his Paycheck Protection Program Phases & FAQs resource guide. This checklist breaks down the process and answers some of the most frequently asked questions about each step, helping you understand the process more thoroughly.
Resources/Tools/Links Mentioned in This Episode:
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