On late Friday, May 14, SBA launched its maiden voyage application for PPP loan forgiveness. This never-seen-before adventure goes a long way to clearing up most of our questions about how PPP loan forgiveness works, yet in true SBA fashion, in part, it leaves us hanging in peril.
 
It’s a bit like playing a game of dodgeball while working through a maze to become free. The object of the game is to make it to the other side without taking a hit. Every hit costs the freedom forgiveness brings. Both safe harbors and peril lurk around almost every corner.
 
This session shines a light on:
 
-       New SBA Form 3508 (Forgiveness App), Schedule A, Worksheet and Instructions
-       Can anything be accrued or paid before or after the 8 week period?
-       Choices, choices as to the timing of 8 the week covered period
-       How to measure FTEs (full time employees)
-       Exactly how the 75% forgiveness rules work
-       Are employees fungible in connection with the 75% test?
-       How important is tracing actual PPP proceeds to expenditures?
-       What questions still hang fire and how to proceed
-       How to handle owners comp or reimbursement
-       Best practices that cannot wait another day