Paycheck Protection Program – Forgiveness or Payback?

Presented by: Bob Patterson

Date: May 27, 2020

 

This Program is about US small business administration handled by Kentucky in partnership with other Institutions with higher earnings. 

 

 For 10 years the company and CPA’s helped businesses navigate difficulties in accounting, tax planning, compliance issues, and business decisions.

 

This link provides the flow of calculation of the loan forgiveness period that has been paid 

 

What if PPP is not forgiven?

 

You don’t have to rush to complete your application because you have 60 days available to apply back to your bank and the bank has 90 days to respond. You can appeal the bank’s decision to the SBA. 

 

There are some strategies on how to manage the Cash Flow: you may request rent deferrals or request deferral on other bank debt/mortgages.

 

The important thing you need to remember when you apply for PPP Forgiveness is that when you sign the forgiveness application, you are certified that you are only going to use it for allowable expenses. 




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